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February 2024 Farragut, TN Real Estate Market Update: Expert Insights for Buyers & Sellers

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CLICK HERE TO SEE ALL HOMES FOR SALE IN FARRAGUT, TENNESSEE

The Farragut, Tennessee, real estate market has presented a mixed bag of trends as of February 2024, offering unique opportunities and challenges for both buyers and sellers. Troy Stavros from Cornerstone Realty Associates brings us an in-depth analysis of the market dynamics, revealing essential insights that can guide your real estate decisions in this picturesque locale.

Farragut Home Sales and Prices on the Rise

Despite a slight 3.8% decrease in home sales compared to last year, the Farragut market has shown signs of heating up with a 33.3% increase in pending sales. This indicates a growing interest among buyers as we edge closer to the spring selling season. Notably, the median sales price has surged by 33.81% to $679,150, accompanied by an average sold price per square foot of $238. This upward trend in pricing is reflective of a strong demand, underscored by the significantly low inventory levels with an absorption rate of 1.85 months.

Inventory and Listings

A Seller’s Advantage The inventory of homes has seen a 22.2% increase, coupled with a 30.6% rise in new listings. This expanded inventory, while still low, presents a favorable scenario for sellers, offering them leverage due to the persistent demand. The market remains in a slight seller’s domain with the market action index at 42, signaling that prices are continuing to climb.

What’s Selling in Farragut?

The diversity in the Farragut market is evident from the sales distribution across various price ranges. The most sales were recorded in the $400,000 to $450,000 and $750,000 to $800,000 brackets, each with four sales. Pending sales were notably active in the $450,000 to $500,000, $350,000 to $400,000, and $650,000 to $700,000 price ranges. The highest inventory available falls in the $650,000 to $700,000 range, with 12 homes for sale, indicating a broader selection for buyers in this segment.

Insights for Buyers in Farragut

For buyers, the current market conditions suggest a competitive landscape, especially in the lower price segments, which are moving quickly with the lowest days on the market. With median days on market at 42 days, down from 77 at the beginning of February, buyers must act swiftly to secure properties in this fast-paced market. The varied inventory and new listings across different price points offer opportunities for buyers to find homes that meet their preferences and budget.

Tips for Sellers in Farragut

Sellers in Farragut are in a favorable position, thanks to the low inventory and high demand, especially in the lower price segments. To capitalize on this market, sellers should consider pricing their homes competitively, particularly if they are in the high-demand price ranges. Highlighting the unique features and value of their properties can also attract more buyers, especially as the market action index suggests a slight seller’s market.

Conclusion

The Farragut, Tennessee, real estate market is vibrant and evolving, with significant opportunities for both buyers and sellers. Whether you’re looking to purchase your dream home or sell your property at a premium, understanding the current market trends and dynamics is crucial. For personalized advice and the latest market updates, consider reaching out to a local real estate expert like Troy Stavros at Cornerstone Realty Associates. Call or text Troy at 865-999-0925.

CLICK HERE FOR ACCESS TO MY WEEKLY FARRAGUT MARKET REPORT. (Never miss a beat, search for ANY city and/or zip of interest, and click “Subscribe” to receive an update each week.)

Remember, whether buying or selling, staying informed about the latest market trends in Farragut is key to making well-informed real estate decisions. For more insights and updates, keep an eye on the market and consult with professionals who can guide you through the intricacies of the Farragut real estate landscape.

Exclusive Farragut Find: Contemporary 3-Bed Luxury Home with Pool & Golf Club Access | Knoxville Golf Homes

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12208 Oakmont Circle, Knoxville, TN 37934

$760,000
Property Type: Single Family Bedrooms: 3 Square Footage: 2,728 Lot Size (sq. ft.): 26,136 Status: Closed
Current Price: $760,000 List Date: 3/24/2024 Last Modified: 5/13/2024

Description

Embrace single-level sophistication and unmatched lifestyle offerings with this unique, contemporary gem nestled in Farragut's serene Fox Den Subdivision. This elegantly designed home, a true rarity, boasts an expansive open floor plan accentuated by an abundance of natural light, creating an inviting atmosphere for both relaxation and entertainment. Enter a world where spaces flow effortlessly into one another, creating a warm atmosphere of togetherness and convenience—ideal for both cozy get-togethers and lavish parties. The heart of this home is its breathtaking inground swimming pool, complemented by extensive patio and decking. Here, leisure and luxury converge, offering an unparalleled entertaining experience amid the tranquility of your private oasis. Located on a coveted lot along Knoxville's Dogwood Trail, this home promises privacy and peace on a quiet street. Yet, it places you a mere 3-minute stroll from the exclusive amenities of the Fox Den Country Club. Imagine starting your day with a walk through your back gate to hit the private 18-hole golf course, perfecting your swing at the driving range, or enjoying the Clubhouse's sumptuous restaurants. With access to an additional swimming pool and top-tier exercise facilities, your lifestyle is elevated to new heights of leisure and activity. Living here means you're at the heart of Farragut, Tennessee—central, yet removed from the hustle and bustle. Everything you need is just minutes away: from shopping to schools, from gourmet restaurants to healthcare facilities. This home isn't just a place to live; it's a gateway to a lifestyle rich in relaxation and recreation. Don't miss the opportunity to own this one-of-a-kind contemporary home in the Fox Den Subdivision. It's more than a residence; it's a sanctuary designed for those who seek a lifestyle defined by elegance, convenience, and exclusive access to amenities that enrich life's every moment.

More Information MLS# 1256319

Location Tax Legal Info

House #: 12208 Street Name: Oakmont St Suffix: Circle State/Province: TN Zip Code: 37934 PIN #: 152BA021 Subdivision: Fox Den Geo Lat: 35.872609 Geo Lon: -84.189975

Contract Info

Auction Y/N: No Listing Price: 769900 Current Price: $760,000 Status: Closed Listing Date: 2024-03-19

General Property Description

Type: Ranch Acres: 0.6 Acre Source: Tax Records Site Built: Yes Restrictions: Yes SqFt - Total (Aprox): 2728 SqFt - Main Lvl: 2728 # Bedrooms: 3 Baths - Full: 2 # of Rooms: 7 Fireplace: Yes # Fireplace: 1 Property Status: N/A HOA: Mandatory HOA Fee: 235 HOA Freq: Yearly HOA Contact: bookkeeping@foxdenvillage.org Year Built: 1976 Bonus Room: Yes

Status Change Info

Status Change Date: 2024-05-13 Under Contract Date: 2024-03-25 Sold Date: 2024-05-10 Sold Price: $760,000

Property Features

Style: Contemporary; Traditional Construction: Frame Siding: Wood Basement: Crawl Space Lot Description: Golf Community; Level; Private; Rolling Slope Fireplace: Masonry; Wood Burning Floors: Hardwood; Tile Fuel: Electric; Gas (Natural) Heat: Central; Forced Air Cooling: Ceiling Fan(s); Central Cooling Appliances: Dishwasher; Disposal; Microwave; Range; Self Cleaning Oven; Smoke Detector Sewer: Public Sewer Water: Public Other Rooms: Bedroom Main Level; Family Room; Great Room; Laundry/Utility; Mstr Bdrm Main Level; Office; Sunroom Misc Features: Cathedral Ceiling(s); Internet Available; Pantry; Walk-in Shower; Walk-In Closet(s); Washer/Dryer Connect; Whirlpool Tub; Wired for Internet Exterior Features: Cable Available (TV Only); Deck; Fence - Privacy; Fence - Wood; Fenced - Yard; Patio; Pool - Swim (Ingrnd); Porch - Covered; Prof Landscaped; Windows - Insulated Dining Area: Eat-in Kitchen; Formal Dining Area Community Amenities: Architect Restricted; Club House; Exercise Room; Golf Course; Putting Greens; Rec Facilities; Swimming Pool; Tennis Courts; Other - See Remarks Association Fee Incl: Other Showing: See Agent Instructns New Financing: Cash; Conventional; New Loan; VA Loan

Room Information

Family Room Kitchen Eat In Breakfast Area Dining Room Sunroom Master Bedroom Bedroom 2 Bedroom 3 Garage Utility Room
Listing Office: CornerStone Realty Associates
Office Phone: 865-966-9700
Last Updated: May - 13 - 2024
12208 Oakmont Circle, Knoxville, TN 37934- MLS# 1256319
The data relating to real estate for sale on this Web Site comes from the IDX Program of the Knoxville Area Association of REALTORS® Multiple Listing Service. © Copyright 2020 All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS. This information is updated weekly, however, some of these properties may subsequently have sold and may no longer be available. The Real Estate Broker providing this data believes it to be correct, but advises interested parties to confirm the data before relying on it in a purchase decision.
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One Level Living in Farragut’s Fox Den Subdivision

Embrace single-level sophistication and unmatched lifestyle offerings with this unique, contemporary gem nestled in Farragut’s serene Fox Den Subdivision. This elegantly designed home, a true rarity, boasts an expansive open floor plan accentuated by an abundance of natural light, creating an inviting atmosphere for both relaxation and entertainment.

Open Floor Plan Great For Everyday Living and Entertaining

Enter a world where spaces flow effortlessly into one another, creating a warm atmosphere of togetherness and convenience—ideal for both cozy get-togethers and lavish parties. The heart of this home is its breathtaking inground swimming pool, complemented by extensive patio and decking. Here, leisure and luxury converge, offering an unparalleled entertaining experience amid the tranquility of your private oasis.

Located on Knoxville’s Dogwood Trail and Next To Fox Den Country Club!

Located on a coveted lot along Knoxville’s Dogwood Trail, this home promises privacy and peace on a quiet street. Yet, it places you a mere 3-minute stroll from the exclusive amenities of the Fox Den Country Club. Imagine starting your day with a walk through your back gate to hit the private 18-hole golf course, perfecting your swing at the driving range, or enjoying the Clubhouse’s sumptuous restaurants. With access to an additional swimming pool and top-tier exercise facilities, your lifestyle is elevated to new heights of leisure and activity.

Live in the Heart of Farragut, Tennessee

Living here means you’re at the heart of Farragut, Tennessee—central, yet removed from the hustle and bustle. Everything you need is just minutes away: from shopping to schools, from gourmet restaurants to healthcare facilities. This home isn’t just a place to live; it’s a gateway to a lifestyle rich in relaxation and recreation.

Don’t miss the opportunity to own this one-of-a-kind contemporary home in the Fox Den Subdivision. It’s more than a residence; it’s a sanctuary designed for those who seek a lifestyle defined by elegance, convenience, and exclusive access to amenities that enrich life’s every moment.

Contact Troy Stavros with CornerStone Realty Associates for all your Farragut Real Estate Needs

Want to schedule a private showing? Have questions? Need to sell your own home? Contact Troy Stavros with CornerStone Realty Associates at 865-999-0925 today! We look forward to serving you.

Year Over Year Change in Rent Prices in Tennessee’s Biggest Cities

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The latest insights from Rentometer.com reveal that the average rent for three-bedroom single-family rentals (SFRs) in Knoxville hit $2,235 in Q3 2023, marking a 3% increase from last year. In contrast, a 3-BR apartment averaged $1,799 during the same period. Notably, Knoxville leads the five largest Tennessee cities with the largest year-over-year rent increase for single-family units!

The trend highlights Knoxville’s growing appeal and rising housing costs, especially when compared to other cities. For instance, renting a single-family home in Nashville used to be 23% more expensive than in Knoxville in Q2 2022; now, that gap has narrowed to 17%. Meanwhile, Chattanooga’s rental prices are now 12% cheaper than Knoxville’s, a notable increase from 7% last year.

U.S. Average 30-Year Mortgage Rates and the Outlook for 2024

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As a real estate professional, it’s important to understand the dynamics of mortgage rates and their impact on the housing market. This year, we’ve witnessed U.S. mortgage rates soar to their highest since 2001, culminating in a significant quarter-point increase from last year, even jumping over 8% in October. This uptick has directly contributed to one of the lowest home sales records in history, as higher borrowing costs have deterred many potential buyers.

However, there’s a silver lining. The rates have seen a decrease of over one percent from the highs of late October. This downward trend as well as recent news from the Fed indicates a potential easing of mortgage rates in 2024. As rates become more favorable, borrowing becomes less expensive, thus encouraging home buying. This expected shift can revitalize the housing market by increasing demand, stabilizing prices, increasing affordability and encouraging a resurgence in home sales. In essence, while 2023 has been challenging due to high mortgage rates, the anticipated fall in rates in 2024 is likely to bolster the housing market, providing a more favorable environment for buyers and sellers alike.

609 Brochardt Blvd (Fox Run S/D): Tour this Majestic Farragut Home with Stunning Updates!

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609 Brochardt Blvd, Knoxville, TN 37934

$895,000
Property Type: Single Family Bedrooms: 4 Square Footage: 3,694 Lot Size (sq. ft.): 19,602 Status: Closed
Current Price: $895,000 List Date: 7/30/2023 Last Modified: 12/21/2023

Description

Welcome to 609 Brochardt Boulevard, a luxurious Farragut home nestled in the highly sought-after Fox Run Subdivision. Majestically perched above the boulevard, this stunning residence captures attention with its impeccable curb appeal. Prepare to be captivated as you step inside and discover over $100,000 in recent updates that will leave you in awe. The open floor plan of this home has been thoughtfully redesigned to create a seamless flow, perfect for modern living and entertaining. Enter the newly renovated eat-in kitchen, adorned with an oversized Brazilian Granite island and butcher block counters. Professional-grade appliances stand ready to elevate your culinary adventures. From here, your gaze effortlessly extends into the spacious family room, complete with a cozy fireplace and double doors that beckon you to the outdoors. Abundant natural light bathes the interior, pouring through the wall of windows in the breakfast area as well as the family room, creating an inviting and uplifting ambiance throughout. Indulge in the pleasures of hosting gatherings on the new paver patio. Enjoy the ambiance of the free-standing fireplace and natural stone hearth while overlooking the park-like fenced backyard. This enchanting outdoor space is destined to become your favorite oasis, ideal for memorable moments with loved ones. Retreat to the main level owner's suite, where luxury awaits. The upgraded bathroom exudes elegance, showcasing double sinks nestled within a gorgeous marble top. Polished porcelain flooring sets the stage, leading you to the Calcutta Italian Marble tile shower with a glass door. Immerse yourself in relaxation within the new free-standing tub, complete with whirlpool, air bubbles, and built-in lighting. Every detail has been considered, including the exquisite bamboo flooring throughout the majority of the main level. With its exceptional hardness, this flooring can withstand the activities of even the largest pets without a scratch. Step into the main level office, adorned with new French doors, creating a sophisticated space for work or study. Rest easy knowing that a brand new 50-year roof was recently installed, providing peace of mind with its transferrable warranty. The exterior has been freshly whitewashed, adding a touch of timeless charm, while the freshly painted trim completes the picture of perfection. The Fox Run Subdivision offers an array of remarkable amenities, including two fabulous community swimming pools, just in time for the summer season. Take advantage of the neighborhood clubhouse, tennis courts, and play fields, creating opportunities for endless recreation and enjoyment. Located in the prime Farragut, Tennessee area, this home is zoned for all Farragut schools and boasts unrivaled convenience. Shopping centers, grocery stores, restaurants, coffee shops, parks, golf courses, a country club, and even Top Golf are all just minutes away. With easy access to the interstate, you'll find that the world is at your fingertips. 609 Brochardt Blvd is not simply a home; it's a gateway to an extraordinary lifestyle. Embrace the ultimate in luxury, comfort, and convenience as you make this exquisite residence your own. Don't miss your chance to experience the epitome of Farragut living.

More Information MLS# 1233676

Location Tax Legal Info

House #: 609 Street Name: Brochardt St Suffix: Blvd State/Province: TN Zip Code: 37934 PIN #: 141MA049 Subdivision: Fox Run Geo Lat: 35.87806 Geo Lon: -84.211362

Contract Info

Auction Y/N: No Listing Price: 900000 Current Price: $895,000 Status: Closed Listing Date: 2023-07-18

General Property Description

Type: 2 Story Acres: 0.45 Acre Source: Survey Site Built: Yes Restrictions: Yes SqFt - Total (Aprox): 3694 SqFt - Main Lvl: 2128 SqFt - 2nd Flr Lvl: 1565 # Bedrooms: 4 Baths - Full: 3 Baths - 1/2: 1 # of Rooms: 9 Fireplace: Yes # Fireplace: 2 Property Status: N/A HOA: Mandatory HOA Fee: 360 HOA Freq: Yearly HOA Contact: tnfoxrun.org Year Built: 1994 Bonus Room: Yes Extra Storage: Yes

Status Change Info

Status Change Date: 2023-08-30 Under Contract Date: 2023-07-31 Sold Date: 2023-08-30 Sold Price: $895,000

Property Features

Style: Traditional Construction: Brick Siding: Brick Basement: Crawl Space Lot Description: Level; Rolling Slope; Wooded View: Wooded Fireplace: Free Standing; Gas Log; Wood Burning Floors: Carpet; Hardwood; Tile Fuel: Electric; Gas (Natural) Heat: Central; Forced Air Cooling: Ceiling Fan(s); Central Cooling Appliances: Central Vacuum; Dishwasher; Disposal; Gas Stove; Microwave; Range; Security Alarm; Self Cleaning Oven; Smoke Detector Sewer: Public Sewer Water: Public Other Rooms: Breakfast Room; Den/Study; Extra Storage; Family Room; Laundry/Utility; Mstr Bdrm Main Level; Office; Split Bedroom; Sunroom Misc Features: Internet Available; Kitchen Island; Pantry; Trey Ceiling; Walk-in Shower; Walk-In Closet(s); Washer/Dryer Connect; Whirlpool Tub; Wired for Internet Exterior Features: Fence - Wood; Fenced - Yard; Irrigation System; Patio; Prof Landscaped; Windows - Insulated Dining Area: Breakfast Bar; Breakfast Room; Eat-in Kitchen; Formal Dining Area Community Amenities: Architect Restricted; Club House; Picnic/Barbeque Area; Playground; Rec Facilities; Swimming Pool; Tennis Courts Association Fee Incl: All Amenities Showing: See Agent Instructns New Financing: Cash; Conventional; New Loan; VA Loan

Room Information

Master Bedroom Family Room Kitchen Eat In Breakfast Area Dining Room Office Utility Room Garage Bedroom 2 Bedroom 3 Bedroom 4 Bonus Room Other
Listing Office: Doorbell Real Estate
Office Phone: 888-388-3667
Last Updated: December - 21 - 2023
609 Brochardt Blvd, Knoxville, TN 37934- MLS# 1233676
The data relating to real estate for sale on this Web Site comes from the IDX Program of the Knoxville Area Association of REALTORS® Multiple Listing Service. © Copyright 2020 All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS. This information is updated weekly, however, some of these properties may subsequently have sold and may no longer be available. The Real Estate Broker providing this data believes it to be correct, but advises interested parties to confirm the data before relying on it in a purchase decision.
Search powered by FBS Products

Welcome to 609 Brochardt Boulevard, a luxurious Farragut home nestled in the highly sought-after Fox Run Subdivision. Majestically perched above the boulevard, this stunning residence captures attention with its impeccable curb appeal. Prepare to be captivated as you step inside and discover over $100,000 in recent updates that will leave you in awe.

The open floor plan of this home has been thoughtfully redesigned to create a seamless flow, perfect for modern living and entertaining. Enter the newly renovated eat-in kitchen, adorned with an oversized Brazilian Granite island and butcher block counters. Professional-grade appliances stand ready to elevate your culinary adventures. From here, your gaze effortlessly extends into the spacious family room, complete with a cozy fireplace and double doors that beckon you to the outdoors. Abundant natural light bathes the interior, pouring through the wall of windows in the breakfast area as well as the family room, creating an inviting and uplifting ambiance throughout.

Indulge in the pleasures of hosting gatherings on the new paver patio. Enjoy the ambiance of the free-standing fireplace and natural stone hearth while overlooking the park-like fenced backyard. This enchanting outdoor space is destined to become your favorite oasis, ideal for memorable moments with loved ones.

Retreat to the main level owner’s suite, where luxury awaits. The upgraded bathroom exudes elegance, showcasing double sinks nestled within a gorgeous marble top. Polished porcelain flooring sets the stage, leading you to the Calcutta Italian Marble tile shower with a glass door. Immerse yourself in relaxation within the new free-standing tub, complete with whirlpool, air bubbles, and built-in lighting.

Every detail has been considered, including the exquisite bamboo flooring throughout the majority of the main level. With its exceptional hardness, this flooring can withstand the activities of even the largest pets without a scratch. Step into the main level office, adorned with new French doors, creating a sophisticated space for work or study.

Rest easy knowing that a brand new 50-year roof was recently installed, providing peace of mind with its transferrable warranty. The exterior has been freshly whitewashed, adding a touch of timeless charm, while the freshly painted trim completes the picture of perfection.

The Fox Run Subdivision offers an array of remarkable amenities, including two fabulous community swimming pools, just in time for the summer season. Take advantage of the neighborhood clubhouse, tennis courts, and play fields, creating opportunities for endless recreation and enjoyment.

Located in the prime Farragut, Tennessee area, this home is zoned for all Farragut schools and boasts unrivaled convenience. Shopping centers, grocery stores, restaurants, coffee shops, parks, golf courses, a country club, and even Top Golf are all just minutes away. With easy access to the interstate, you’ll find that the world is at your fingertips.

609 Brochardt Blvd is not simply a home; it’s a gateway to an extraordinary lifestyle. Embrace the ultimate in luxury, comfort, and convenience as you make this exquisite residence your own. Don’t miss your chance to experience the epitome of Farragut living.

Have questions? Would you like to schedule a time to see this home? Looking for other homes like it? Need help selling your home in East Tennessee? Contact me, Troy Stavros with CornerStone Realty Associates today at 865-999-0925. I look forward to serving you!