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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.

Farragut Homes for Sale: 317 Sugarwood Drive, Knoxville, TN 37934

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Now available at an unbeatable price, reflecting the substantial discount. Your dream home, infused with luxury and unmatched value, eagerly awaits your arrival. Now a home in Farragut’s Sugarwood Subdivision is more accessible than ever with a significant price reduction of $50,000 off the original list price. Over $40,000 in upgrades meticulously infused by the seller to enhance comfort and aesthetic appeal. This home is available for a quick move-in. Options to structure the offer price to accommodate for closing costs or rate buy down. This home has been well taken care of. 

Welcome to your dream home in sought-after Farragut, Tennessee! This stunning residence is located in the desirable Sugarwood Subdivision, offering a fantastic community swimming pool and an opportunity to acquire a neighborhood pool membership just in time for summer. With its prime location, this home is zoned for Farragut schools and is conveniently situated just minutes away from shopping centers, grocery stores, restaurants, coffee shops, parks, golf courses, a country club, Top Golf, and easy access to the interstate.

Prepare to be impressed by the amazing layout of this home, perfect for entertaining and creating lasting memories. The spacious open floor plan creates a seamless flow between rooms, allowing for effortless social gatherings. Step outside and discover a large patio that overlooks a meticulously maintained fenced backyard, providing a private retreat for outdoor activities and relaxation.

As you enter the home, you’ll immediately notice the exquisite hardwood floors and tile throughout the main level, adding elegance and durability to the living spaces. Boasting 4 bedrooms and 2.5 baths, including an oversized owner’s suite, this home offers plenty of space for everyone.

The extra large 2-car garage provides ample room for vehicles and storage, ensuring you have space for all your belongings. The kitchen is a chef’s delight, featuring an oversized island, abundant counter and cabinet space, and modern appliances. Adjacent to the kitchen, you’ll find the warm and inviting keeping room with large windows that bring the beauty of the outdoors inside.

For cozy evenings or gatherings, the spacious family room boasts a beautiful brick fireplace, creating the perfect ambiance.

In addition to its fantastic features, the location of this home is truly unbeatable. In just 15 minutes, you can be at the lake, enjoying water activities and breathtaking views. Downtown Knoxville is a short 25-minute drive away, offering endless entertainment options. And within an hour, you can find yourself hiking through the picturesque Smoky Mountains, exploring nature’s wonders.

Don’t miss out on the opportunity to make this stunning home yours. With its exceptional amenities, ideal layout for entertaining, and unbeatable location, it’s a true gem in the heart of Farragut, Tennessee. Schedule a showing today and start envisioning your new life in this remarkable home!

Questions? Want to schedule a showing? Contact the Troy Stavros TEAM at CornerStone Realty Associates today at 865-999-0925. We look forward to serving you!

Homes for sale in Farragut TN: 12813 Lebel Road

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Homes for sale in Farragut TN are hard to come by. Even more so in the sought-after Fox Run Subdivision. This beautiful home with a Stephen Fuller Southern Living floor plan is the one you’ve been waiting for. Gorgeous updated eat-in kitchen features vaulted ceilings, an abundance of granite counters for prep space and stainless steel appliances including a gas stove and farm sink. The main level also includes the owner’s suite with a wall of windows and access to the back deck. Owner’s bath has dual sinks, custom tub (easy replacement as it’s a standard-size opening) and walk-in shower. The main level also includes the formal dining room, office, and laundry room with utility sink. Upstairs you’ll find the 4 additional bedrooms and a bonus room. Outside you’ll love the privacy in the large backyard which includes a deck, patio, and gazebo with natural gas for a grill. During the warmer months you’ll enjoy Fox Run’s 2 pools, clubhouse, and play fields. For more information or to schedule a private showing contact Troy Stavros with CornerStone Realty Associates at 865-999-0925 today.

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Homes for sale in Knoxville TN : 12901 Sanderling Lane

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Welcome to your own Secret Garden in Knoxville TN where time may slip away as you read a book on the private patio or screened-in porch or daydream watching and listening to the birds singing in the trees. This wonderfully maintained 4-bedroom plus office West Knoxville home is zoned for Knox County’s Top Rated Farragut Middle & Farragut High Schools and is close to Knoxville area lakes, Knoxville parks, restaurants, Knoxville golf courses and more in the heart of West Knoxville and the Northshore/Choto area. You’ll be greeted by flowering shrubs, perennial flowers, and annuals as you stroll up the front walkway. Enter the open foyer flanked by the dining room and home office/music parlor. Move forward to the family room with gas log fireplace open to the large eat-in kitchen. Hardwood floors on both levels (only 1 BR w/ carpet). Oversized owner’s suite. A fully fenced rear yard offers wooded privacy.

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Luxury Southern Living Charm on 1.94 Acres in Deep West Knoxville

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Luxury Southern living charm on 1.94 acres in deep West Knoxville located at 313 Wooded Lane, Knoxville, TN 37922. Every time you come home on the quaint country road with 4 board fences (yet still minutes from Kingston Pike and the highway) and turn onto the private cul-de-sac street, you’ll look forward to pulling onto your long driveway flanked by Crepe Myrtles & Dogwoods with your private sanctuary located at the end. Whether it’s relaxing by the custom firepit overlooking your property, playing frisbee golf on your private 3-hole course or relaxing on the covered back porch with your feet up watching your favorite movie in front of the roaring fireplace, this is the home you’ve been looking for. Over 4000SF with 4 total bedrooms (3 on the main level) plus an oversized bonus room. Everything you’ve been looking for and so much more.

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Homes for sale in Farragut TN – 12009 Broadwood Drive, Knoxville, TN 37934

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