Farragut home sales Archives

VIDEO: Understanding the Farragut, Tennessee Housing Market: A Comprehensive Update through November 2023

December 21, 2023 By Troy Stavros

Hello, Farragut residents and prospective homebuyers! I’m Troy Stavros, and today, I’m here to provide you with a detailed update on the Farragut, Tennessee housing market. Our analysis covers the latest data up to the end of November, including active data through the last Friday, ensuring you have the most current insights at your fingertips.

Year-Over-Year Market Trends: The Farragut housing market has experienced some notable shifts over the past year. Let’s delve into the key statistics:

Home Sales: There’s been a 25% decrease in home sales compared to the previous year. This downturn reflects a changing market dynamic that potential sellers and buyers must consider.

Pending Sales: Pending sales have decreased by 14.3%. This slowdown indicates a shift in buyer activity and market demand.

Inventory Increase: Interestingly, the inventory of homes in Farragut has risen by 32.8%. This increase offers more options for buyers but also signals a competitive environment for sellers.

New Listings: New listings have decreased by 8.8%. This reduction in new listings could impact the market’s fluidity and the availability of choices for potential buyers.

Absorption Rate: The absorption rate, which indicates how quickly homes are sold in the market, has slightly decreased. The current inventory stands at just over two months’ worth, with a rate of 2.16 compared to 2.25 last month.

Conclusion: The Farragut housing market is undergoing some interesting changes, with a mix of increasing inventory and a slowdown in sales. Whether you’re looking to buy or sell in Farragut, these insights can help you make informed decisions. Stay tuned for more updates as we continue to monitor the market’s progression.

Contact Information: For personalized advice and further information on the Farragut housing market, feel free to contact me, Troy Stavros, your local real estate expert at 865-999-0925. Together, we can navigate the complexities of this dynamic market to meet your real estate goals.

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 Home Sales – Winter Housing Market Update

February 25, 2015 By Troy Stavros

You may have read some national headlines lately regarding the housing market, but how have Knoxville home sales fared? The National Association of REALTORS® recently released their Existing Home Sales report and like most typical news sources, many headlines are blowing January’s decline in home sales out of proportion to grab attention, without really looking at the numbers. Headlines such as, “Existing home sales collapse in January despite low mortgage rates”.

Anyone in real estate can share with you the common knowledge that there is a slowdown in the winter months. Many markets share this seasonality and January is where it often hits. This can be seen by the graph below. But what the news media doesn’t share is that nationally, existing home sales increased by 200,000. Knoxville home sales, in January of 2015 saw a 10.1% increase over January of 2014 and Farragut home sales saw a 33.3% increase! Over the last year, Knoxville also saw the median sales price increase by 11.62%, Farragut saw a 3.32% increase. A big reason Knoxville home sales are down in January of this year, is that the inventory of homes for sale in Knoxville and Farragut have decreased, Knoxville by 8.7% from January of last year and Farragut down 12.5%. On a month to month basis, inventory in Knoxville has decreased by 7% from December of 2014 with Farragut down 6%. You might be asking yourself, where has the inventory gone? Much of it is now under contract, as the number of homes “pending sale” increased from December of 2014 to January of 2015 by 25% in Knoxville and 27% in Farragut! This screams that buyers are in the market and that equals demand.

So demand is there, as witnessed by the graphic below showing that buyer demand is actually 3x greater than last year.

The chief economist of the National Association of REALTORS®, Lawrence Yun, mentioned what he feels is the real cause of the January slowdown: “Realtors® are reporting that low rates are attracting potential buyers, but the lack of new and affordable listings is leading some to delay decisions.”

The buyer demand is there, buyers are out looking, but they are having trouble finding their dream home amongst the low inventory.

What does this mean for you?

If your plan was to wait until Spring to sell your home in Knoxville or Farragut, that plan may not help you get the most money for your home with the fastest sale. The information above points to right now being the optimum time to go to market. If you have any questions about selling or you would like to sit down and discuss your plans, contact me, Troy Stavros with Gables & Gates, REALTORS® to schedule a time that works best for you. Interested in finding out how much you could sell your Knoxville or Farragut house for? CLICK HERE TO FIND OUT.