As the summer heats up, so does the real estate market in East Tennessee and Knoxville. With data gathered through the end of June, we have a comprehensive look at the current trends and what buyers and sellers can expect in the coming months. East Tennessee Market Overview Home Sales and Inventory The absorption rate […]
Year Over Year Change in Rent Prices in Tennessee’s Biggest Cities
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 […]
U.S. Average 30-Year Mortgage Rates and the Outlook for 2024
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 […]
JUNE 2023 Knoxville Real Estate Market Update: Rising Rents, Home Prices, and Mortgage Rates
Welcome to the Knoxville Real Estate Report! In this video, we’ll dive into the latest trends and insights shaping the housing market in our beautiful city. First, let’s talk about apartment rents. Over the past year, Knoxville has seen a remarkable increase of 9.2% in apartment rents, outpacing the national average growth of 2.3%. This […]
It Pays Off to Sell in Knoxville with a Real Estate Agent [INFOGRAPHIC]
Some Highlights Today, it’s more important than ever to have an expert you trust to guide you as you sell your house in Knoxville. From your safety throughout the process to the complexity of negotiating the deal, you need a professional on your side. Before you decide to take on the challenge of selling your […]
Real Estate Is One of the Top Driving Forces in the Economy
As the economy recovers from this year’s health crisis, the housing market is playing a leading role in the turnaround. It’s safe to say that what we call “home” is taking on a new meaning, causing many of us to consider buying or selling in Knoxville sooner rather than later. Housing, therefore, has thrived in […]
Why Pricing Your Knoxville Home Right Matters This Fall [INFOGRAPHIC]
Some Highlights As a seller today, you may think pricing your home on the high end will result in a higher final sale price, but the opposite is actually true. To sell your home quickly and for the best possible price, you should eliminate buyer concerns by pricing your home competitively right from the start. […]
LIVE VIDEO: National vs Knoxville Housing Market, Lumber Prices and more
Today we talk about how the Knoxville real estate market stacks up against what is happening nationally as we look at the August numbers. We talk about how it affects buyers, especially those in the entry-level market, and also how the current lumber shortage is affecting the cost of new construction homes. All that and […]
Homes In Knoxville and Across the Country Are Selling Fast
Some Highlights Buyers are actively searching for and purchasing homes at a record-breaking pace. According to the latest report from the National Association of Realtors (NAR), in July, 68% of homes were on the market for less than a month. With homes moving from listing day to pending sale in an average of just 22 days, it’s a great […]
Rise to the Top of the Pool by Selling Your Knoxville Home Today
With the release of the latest Economic Pulse Flash Survey from the National Association of Realtors (NAR), results show that people selling their houses today are holding strong on price. According to the most recent data, 74% of real estate agents noted that sellers are not dropping listing prices to attract more buyers. Lawrence Yun, Chief Economist at NAR, noted: “The housing market […]
Will Surging Unemployment Crush Knoxville Area Home Sales?
Ten million Americans lost their jobs over the last two weeks. The next announced unemployment rate on May 8th is expected to be in the double digits. Because the health crisis brought the economy to a screeching halt, many are feeling a personal financial crisis. James Bullard, President of the Federal Reserve Bank of St. Louis, explained that the […]
5 Simple Graphs Proving This Is NOT Like the Last Time
With all of the volatility in the stock market and uncertainty about the Coronavirus (COVID-19), some are concerned we may be headed for another housing crash like the one we experienced from 2006-2008. The feeling is understandable. Ali Wolf, Director of Economic Research at the real estate consulting firm Meyers Research, addressed this point in a recent interview: “With […]