865 Real Estate

East Tennessee Real Estate & Neighborhood Source

Knoxville Real Estate Market Update July 2014

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The Knoxville real estate market is chugging along on a pretty steady pace, while other parts of the country seem to be slowing down.

NATIONAL HOME PRICES:

  • June 2014 to July 2014 – DOWN 3.1%
  • July 2013 to July 2014 – DOWN 6.8%

KNOXVILLE HOME PRICES:

  • June 2014 to July 2014 – UP 4.6%
  • July 2013 to July 2014 – UP 7.8%

With school starting back up, we can expect an increase in average days on the market.  This is already being witnessed as average days on the market in Knoxville went from 96 days in June to 102 days in July, but this is still much better than July of 2013 when average days on the market in Knoxville was 193 days.

One of the main reasons for the rising prices and reduced days on the market for Knoxville real estate is lower inventory levels.  Here are some comparisons to give you a picture of the inventory of Knoxville homes for sale:

KNOXVILLE REAL ESTATE INVENTORY LEVELS

July 2013 to July 2014 – DOWN 10.5%

YTD 2013 to YTD 2014 – DOWN 6.1%

Some of the statistics vary widely depending on what price range you are in when selling or buying Knoxville real estate.  This chart will break it down (don’t hesitate to contact me with any questions you have about the numbers above or in the chart below).

Knoxville Real Estate Stats July 2014

Now the big question is what does this information mean for you as someone looking to sell your home in Knoxville or buy a home in Knoxville?  As a seller, low inventory levels mean that this is a great time to put your home on the market, as there is less competition.  As a buyer, buying a home in a low inventory home market means, you need to be less aggressive with your offers as there is increased competition in the marketplace.  Making low offers or hesitating too long in deciding to make an offer will most likely cause you to lose out on desirable homes, as they will be snapped up by competing buyers.

Thinking about selling and wondering how much your Knoxville home might be worth?  CLICK HERE for an instant estimate.

For more information or to discuss your personal goals in selling or buying a home in Knoxville, contact me, Troy Stavros with Gables & Gates, REALTORS today.

 

 

Knoxville Luxury Homes Leading The Way With Large Gains

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Knoxville Luxury Homes Selling As I study the trends in the Knoxville housing market there are some interesting numbers that stand out.  The sale of Knoxville luxury homes seem to be leading the way through April.  When researching the SOLD and PENDING home data in the luxury price point we see some encouraging numbers.

  • Homes SOLD between $400,000-$499,999 are up 29.1% year to date.
  • Homes PENDING SALE between $400,000-$499,999 are up 53.8% year to date.
  • Homes SOLD over $500,000 are up 13.8% year to date.
  • Homes PENDING SALE over $500,000 are up 66.3% year to date.

The Knoxville home market is not alone with it’s trend of increases sales of Knoxville luxury homes.  A recent study by Redfin showed that the sales of the most expensive, 1% of homes in the U.S. are up 21% so far this year, and saw a gain of 35.7% in 2013.  Whether this is a sign of an improving economy or a result of moving money from lackluster investments into real estate, it is a good sign for sellers of Knoxville luxury homes.

If you are thinking of buying or selling a luxury home in Knoxville, contact me, Troy Stavros with Gables & Gates, REALTORS to discuss your goals and formulate a plan to achieve them.