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Unveiling the Spring 2024 Real Estate Trends in East Tennessee and Knoxville: MARCH UPDATE

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As we transition into the vibrant spring season, both the East Tennessee and Knoxville real estate markets are showing dynamic shifts that could influence your decision to buy or sell property. In this blog post, we’ll delve into the latest market statistics from March 2024, offering insights for homeowners, buyers, and sellers in these areas.

Market Overview: East Tennessee

The East Tennessee real estate market has experienced a significant transformation compared to March of last year:

  • Home Sales: Home sales have slightly declined by 10.3%.
  • Pending Sales: On a positive note, pending sales have increased by 8.2%.
  • Inventory Growth: There is a noticeable 31.4% rise in home inventory, indicating more options for buyers.
  • New Listings: New listings are up by 7.3%.
  • Median Sales Price: The median sales price has increased by 8.36% to $350,000, reflecting continued demand.
  • Price Per Square Foot: The average sold price per square foot now stands at $209.

These trends suggest a robust market, with a healthy balance between rising inventory and strong demand, hinting at a favorable environment for buyers looking to invest and homeowners considering selling.

Knoxville’s Real Estate Dynamics

Knoxville’s market dynamics are slightly different, with subtle yet positive changes:

  • Home Sales: Home sales have marginally increased by 1%.
  • Pending Sales: There is a stronger growth in pending sales at 8.8%.
  • Inventory Availability: A significant 30.3% increase in inventory suggests a shift towards more buyer options.
  • Median Sales Price: The median sales price in Knoxville has risen by 8.48% to $385,000.
  • Price Per Square Foot: The price per square foot has increased to $214.

Despite more homes being available, the market remains competitive, especially for properties in desirable locations or in top condition, which often receive multiple offers.

What This Means for You

  • Buyers: The increase in inventory and variety of price points from $250,000 to $400,000 offers multiple options. It’s essential to engage with a knowledgeable realtor who can navigate you through competitive offers and help secure your ideal home.
  • Sellers: With prices continuing to rise and a competitive market, now might be an optimal time to consider listing your property. Preparing your home for sale and pricing it correctly are crucial steps to attract serious buyers quickly.

Conclusion

As we look ahead, both East Tennessee and Knoxville are poised for continued growth. The trends indicate a strong market with opportunities for both buyers and sellers. Whether you’re looking to buy your first home, invest in properties, or sell your current home, understanding these market dynamics can significantly influence your decisions and strategies.

Ready to Take the Next Step? Contact Troy Stavros Today!

If you’re considering buying or selling in the East Tennessee or Knoxville areas, or if you just have questions about the local real estate market, don’t hesitate to reach out. Troy Stavros and the team at CornerStone Realty Associates are here to help you navigate the real estate landscape with expert advice and unparalleled service. Call us today at 865-999-0925 to discuss your real estate needs and how we can assist you in achieving your property goals. Let’s make your real estate dreams a reality!

How Much Should I Offer on a House in Knoxville in 2021?

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For generations, the homebuying process never really changed. The seller would try to estimate the market value of the home and tack on a little extra to give themselves some negotiating room. That figure would become the listing price of the house. Buyers would then try to determine how much less than the full price they could offer and still get the home. The asking price was generally the ceiling of the negotiation. The actual sales price would almost always be somewhat lower than the list price. It was unthinkable to pay more than what the seller was asking.

Today is different.

The record-low supply of homes for sale in Knoxville coupled with very strong buyer demand is leading to a rise in bidding wars on most homes. Because of this, homes today often sell for more than the list price. In some cases, they sell for a lot more.

According to the Home Buyers and Sellers Generational Trends report just released by the National Association of Realtors (NAR), 45% of buyers paid full price or more.

You may need to change the way you look at the asking price of a home.

In this market, you likely can’t shop for a home with the old-school mentality of refusing to pay full price or more for a house.

Because of the shortage of inventory of houses for sale in Knoxville, many homes are actually being offered in an auction-like atmosphere in which the highest bidder wins the home. In an actual auction, the seller of an item agrees to take the highest bid, and many sellers set a reserve price on the item they’re selling. A reserve price is the minimum amount a seller will accept as the winning bid.

When navigating the competitive Knoxville housing market, think of the list price of the house as the reserve price at an auction. It’s the minimum the seller will accept in many cases. Today, the asking price is often becoming the floor of the negotiation rather than the ceiling. Therefore, if you really love a home in Knoxville, know that it may ultimately sell for more than the sellers are asking. So, as you’re navigating the homebuying process, make sure you know your budget, know what you can afford, and work with a trusted advisor who can help you make all the right moves as you buy a home.

Bottom Line

Someone who’s more familiar with the housing market of the past than that of today may think offering more for a home than the listing price is foolish. However, frequent and competitive bidding wars are creating an auction-like atmosphere in many real estate transactions. Let’s connect so you have the best advice on how to make a competitive offer on a home in our local market.

Call/Text me, Troy Stavros with CornerStone Realty Associates at 865-999-0925. My team and I look forward to serving you!

Cheap houses for sale in Knoxville TN: 2017 Harris Road, Knoxville, TN 37924

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WATCH THE WALK-THRU VIDEO ABOVE OR TAKE A 360 TOUR OF THE PROPERTY BELOW (best results are FULL SCREEN on a desktop!)

Looking for cheap houses for sale in Knoxville TN? That's a tall order, but I'm serving you up a great one right now! How about 2 lots in 1? This super cute home is located on .75 acre with a completely open space fronting the street of approximately .33 acre. Build another large garage or subdivide and build another house! The home features a rocking chair front porch for sipping that morning coffee. Inside there's a big, updated eat-in kitchen with an island and expansive solid surface countertops, new stainless steel appliances, and cabinets galore. Plus an updated bathroom with a custom tile shower. Original hardwood floors, and updated tile. HUGE laundry, utility room that could possibly make a 2nd bedroom with a private entrance and an extra-large sunroom and deck overlooking the expansive yard. Circular driveway and extra large detached 1 car garage plus a separate storage shed. Convenient to all areas of Knoxville because it's just minutes to the interstate. Need help finding cheap OUR OF THE PROPERTY BELOW!
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115 Valley View Lane, Heiskell, TN 37754 – 1.14 acres

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SOLD! Home for sale located at 115 Valley View Lane, Heiskell, TN 37754. Situated on approximately 1.14 acres on a cul-de-sac, this home is both private yet only minutes away from the interstate for a fast trip downtown or to shopping, restaurants, and hospitals. Over 1900 square feet with 3 bedrooms and 2 full baths up and a rec room and additional room and full bath down. Rear deck overlooks the fenced backyard with wooded privacy while the front deck overlooks the rolling hills of East Tennessee. 2 car garage and an extra large driveway that is suitable for plenty of vehicles and could easily fit an RV. ELIGIBLE FOR 100% USDA FINANCING. For more information or to schedule a private showing contact Troy Stavros with Gables & Gates, REALTORS at 865-999-0925.

1515 Cella Homma Lane, Knoxville, TN 37909 – UPDATED!

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SOLD IN 2 DAYS with multiple offers! Beautifully updated home with gorgeous fenced backyard. Updates have been completed to the flooring, kitchen, baths, exterior, and more. Enjoy the privacy of the quaint Cella Homma subdivision and a home just before the cul-de-sac. One level home with NO STEPS and an open floor plan where the family room is open to the large kitchen with enormous amounts of solid surface counter space. 3 total bedrooms and 2 full baths. The owner’s suite has a private bath and 2 walk-in closets. Custom interior and exterior doors really add to the updated feel. Large backyard is a gardener’s paradise and comes complete with storage shed. For more information or to schedule a private showing contact Troy Stavros with Gables & Gates, REALTORS at 865-999-0925.

2029 Bishops Bridge Road, Knoxville, TN 37922 – WEST KNOXVILLE!

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UNDER CONTRACT IN 1 DAY! Ready or not here it is! Curb appeal and then some. This 3 bedroom, 2.5 bath home is located in West Knoxville’s super convenient Farmington Subdivision. Prepare to enjoy some of the best weather of the year in a home that makes that easy. Light a fire in the brick fireplace in the oversized family room. Leave the door open that goes from the family room out onto the screened porch so you can hear the little voices playing in the backyard. Step out of the screened porch onto the deck to flip your burgers and hot dogs. Need to run inside to stir the chili? No problem, it’s just inside the door on the stainless steel stove/oven. After a long day everyone can head upstairs to their bedrooms for a good night’s sleep, so tomorrow you can go for a bike ride on the flat neighborhood streets. Don’t wait too long or someone else might snatch this lifestyle right out from under you! For more information or to schedule a private showing contact Troy Stavros with Gables & Gates, REALTORS at 865-777-9191.

This listing is no longer available.