Farragut home prices Archives

Knoxville and Farragut TN Real Estate Market Snapshot – March

April 3, 2015 By Troy Stavros

Here are the most recent (March) statistics for the Knoxville and Farragut TN real estate markets.

Here are the Knoxville TN real estate market stats for March. The highlighted stats are:

Median sold price of Knoxville homes in March = $153,000
Median list price of Knoxville homes in March = $159,900
Median days on the Market for Knoxville homes = 74 days
Homes sold in Knoxville in March = 1097
Homes listed in Knoxville in March = 2569
Absorption Rate in March for Knoxville = 8.55 months
Year to Date Knoxville home sales are up 4.4% through March compared to last year.
Year to Date Knoxville home prices are up 10.74% through March compared to last year.

Here are the Farragut TN real estate market stats for March:

Median sold price of Farragut homes in March = $308,750
Median list price of Farragut homes in March = $409,000
Median days on the market for Farragut homes in March= 42 days
Homes sold in Farragut in March = 40
Homes listed in Farragut in March = 74
Absorption Rate in March for Farragut = 4.23 months
Year to Date Farragut home sales are up 24.7% through March compared to last year.
Year to Date Farragut home prices are up 14.35% through March compared to last year.

Have questions about the market or anything Knoxville or Farragut real estate related? Contact me, Troy Stavros with Gables & Gates, REALTORS and I’d be happy to answer any questions you have!

Knoxville and Farragut TN Real Estate Market Snapshot – February

March 14, 2015 By Troy Stavros

Here are the most recent (February) statistics for the Knoxville and Farragut TN real estate markets.

Here is a quick Knoxville TN real estate market snapshot for February. The highlighted stats are:

Median sold price = $150,000
Median list price = $155,000
Average days on the Market = 114 days
Sold Listings = 878
New Listings = 1723
Absorption Rate = 8.65 months
Homes sales are up 5.3% compared to last year.
Home prices are up 13.08% compared to last year.

Here are the Farragut TN real estate market stats for February:

Median sold price = $315,750
Median list price = $409,900
Average days on the market = 107 days
Sold listings = 26
New Listings = 46
Absorption Rate = 4.23 months
Year to Date home sales are up 25% compared to last year.
Year to Date home prices are up 5.97% compared to last year.

Have questions about the market or anything Knoxville or Farragut real estate related? Contact me, Troy Stavros with Gables & Gates, REALTORS and I’d be happy to answer any questions you have!

Are Home Prices Going Up in Knoxville and Farragut?

February 16, 2015 By Troy Stavros

Whether you are thinking about selling your home in Knoxville or buying a home in Knoxville you will want to ask, “are home prices going up in Knoxville?”. Knowing whether home prices are going up can determine whether it is a good time to buy or sell a home, at what price you should buy or sell a home, and whether it makes financial sense for you to buy or sell home.

Last week the National Association of Realtors® released their quarterly Metropolitan Media Area Prices and Affordability report. The report showed that the majority of metropolitan areas experienced steady to slightly stronger price growth in the fourth quarter of 2014. The reasons for this price growth is a combination of a decline in housing supply coupled with an increase in demand caused by lower interest rates and a stronger job market.

So where do Knoxville are Farragut stand as far as their home prices?

The median home price of a home in Farragut, TN came in at $312,900. Farragut saw a whopping 12.55% increase in the median sales price when comparing December of 2013 to December of 2014 and a 15.53% increase year over year. Why? Let’s go back to the basic principles we learned in our high school economics class. Supply and demand. The supply is low. Inventory levels are down 7.2% from this same time last year and demand is higher because of the reasons stated above.

Knoxville as a whole saw a 4.2% increase in the median sales price over the 4th quarter of 2014. The median home price came in at $150,800, and the inventory of available homes was down 6% from 2013.

So, to answer our question… Are home prices going up in Farragut and Knoxville? YES! How does knowing this information help us if we are thinking about selling or buying a home in either Farragut or the Knoxville area in general? It screams, now is the time! Prices are rising and interest rates are near historical lows. If you are selling it means that your home is probably worth more now that it has ever been, and if you wait for it to increase even more, the home you will be buying will be increasing at the same rate. If you are looking to buy a home, the time is now as well. Prices should continue to rise and interest rates are expected to rise as well throughout the year. Rising prices and rising rates means less affordability for you as a buyer, so the longer you wait, the less you can afford (this holds true for sellers who will turn into buyers as well). Everyone’s goals and reasons for selling and buying are different, so contact me, Troy Stavros with Gables & Gates, Realtors® today to sit down and discuss how I can help you achieve those goals. Are you interested in seeing what your Farragut or Knoxville area home might sell for? CLICK HERE. I look forward to serving you in any way that I can! Talk with you soon!

Interested in how other parts of the country are fairing? Check out the interactive map below.

What Are The Recent Price Trends For Homes In Farragut?

March 12, 2014 By Troy Stavros

The graphs below show the recent trends in average prices of homes in Farragut, Tennessee. By looking at the trends of active and sold homes in Farragut we can get an idea of whether prices are trending up or down.

This first graph looks at the active homes for sale in Farragut and how their average prices are trending. We can see that prices of homes for sale in Farragut are most definitely trending upwards at a fairly steady pace with the average list price rising significantly over the last year.

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This second graph looks at the homes sold in Farragut and how their average prices are trending. Sold prices of homes in Farragut are also up from one year ago, but stayed fairly steady between July and November. The drop in the winter months is typical of the winter months but you can see that prices are gaining fast on the highs from the last year and will most likely surpass them with the hot Spring selling season upon us.

What does this tell us? For sellers, this is good news, as prices are rising. Therefore, it’s a good time to be selling your Farragut home for top dollar. If you are looking to buy a home in Farragut, the time is now, as continuing to wait will most likely have you paying higher prices. Couple this with what economists say will also be rising interest rates and that spells less affordability in the near future. To discuss your goals for selling a home in Farragut or buying a home in Farragut, contact me, Troy Stavros to set an appointment to sit down and plan a strategy.