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Knoxville Housing Market Update: The Lock-In Effect Is Finally Easing for East Tennessee Homebuyers

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If you’ve been searching for a home in Knoxville or anywhere across East Tennessee, you’ve likely felt the frustration of limited inventory. The good news? A significant shift in the housing market suggests that more homes could be coming to market soon, offering relief for buyers throughout the region.

What’s Changing in the Housing Market?

The housing market recently reached a notable milestone that signals the mortgage “lock-in” effect is beginning to fade. According to the Federal Housing Finance Agency, more homeowners now hold mortgages with rates at or above 6% than those with loans below 3%. This marks the first time this has occurred since late 2020, during the height of the COVID-19 pandemic.

For Knoxville-area buyers who have been competing for a limited number of listings, this shift could mean more opportunities in the months ahead.

Understanding the Lock-In Effect and Its Impact on East Tennessee

The lock-in effect occurs when homeowners with ultra-low mortgage rates from the pandemic era refuse to sell because purchasing a new home would mean taking on a significantly higher rate. When mortgage rates hovered near historic lows in 2020 and 2021, many East Tennessee homeowners locked in rates below 3%. When the Federal Reserve began raising interest rates in early 2022 to combat inflation, these homeowners found themselves financially incentivized to stay put.

The numbers tell the story clearly. The share of homeowners with rates below 3% peaked at 24.6% in early 2022 and has since declined to 20% by the third quarter of 2025. Meanwhile, homeowners with rates at or above 6% have grown from 7.3% in mid-2022 to 21.2% late last year.

How This Affects Knoxville Home Buyers and Sellers

For prospective homebuyers in Knoxville, Maryville, Oak Ridge, and surrounding East Tennessee communities, the lock-in effect has created real challenges. The scarcity of existing homes on the market has contributed to rising prices and intense competition. Nationally, the median age of first-time homebuyers reached a record 40 years old in 2025, driven in part by existing owners staying in their homes far longer than in previous decades.

The National Association of Realtors reported in its 2025 Profile of Home Buyers and Sellers that the median expected tenure in a purchased home is now 15 years, with 28% of buyers declaring it will be their forever home. This represents a dramatic shift from the period between 2000 and 2008, when sellers typically stayed in their homes for just six years.

Signs of Improvement for the East Tennessee Real Estate Market

While the largest share of outstanding mortgages still falls within the 3% to 4% range, representing almost a third of all loans, the gradual shift toward higher-rate mortgages is expected to bring more inventory to the market over time. Industry experts note this isn’t a dramatic change but rather a meaningful step forward for market activity.

Life circumstances continue to motivate sellers regardless of their mortgage rates. Job relocations, growing families, and financial changes are prompting some East Tennessee homeowners to list their properties even when it means giving up favorable loan terms.

What Knoxville Home Buyers Should Know Going Forward

If you’re considering buying a home in Knoxville or the broader East Tennessee region, here’s what to keep in mind. More inventory is expected to gradually come online as homeowners with pandemic-era low rates eventually need to move for life or financial reasons. Should mortgage rates decline into the mid-5% range or lower, expect a more significant increase in available listings as homeowners become more willing to trade their low rates for a new property.

The East Tennessee housing market remains competitive, but these shifts suggest that patience and preparation could pay off for buyers in 2026 and beyond. Working with a knowledgeable local real estate professional who understands the Knoxville market can help you act quickly when the right opportunity arises.

Whether you’re a first-time buyer in Knoxville, looking to upgrade in Farragut, or searching for property in the Smoky Mountain foothills, understanding these market dynamics can help you make informed decisions about your home purchase.

Looking to buy or sell a home in Knoxville or East Tennessee? Contact Troy Stavros with CornerStone Realty Associates today at 865-999-0925 to schedule a time to talk.

Knoxville Housing Market Update November 2025 | Prices Dropping & Inventory Up

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Are you wondering what’s happening in the Knoxville real estate market and across East Tennessee this November? As 2025 draws to a close, both buyers and sellers are facing a market that looks very different from the frenzied years of the recent past. Let’s dive into the latest housing market data for Knoxville and all of East Tennessee, so you can make informed decisions about your next move.

Knoxville and East Tennessee: Market Overview

The East Tennessee housing market and Knoxville’s real estate market are both cooling, but at different rates. Inventory is rising, homes are staying on the market longer, and buyers now have more negotiating power than at any time in recent years. If you’ve been waiting for the market to shift, now’s the time to pay close attention.

Key Similarities:

  • Inventory is up in both Knoxville and the surrounding region.
  • Homes are taking longer to sell.
  • Buyers have more room to negotiate.

Key Differences:

  • Knoxville’s market is cooling faster than the broader East Tennessee region.

Inventory & New Listings

Knoxville:

  • Inventory up 25% year-over-year
  • New listings down 8%
  • Homes are sitting longer before selling

East Tennessee (Regional):

  • Inventory up 15% year-over-year
  • New listings down 2%

This means more choices for buyers in Knoxville, but also indicates that homes aren’t moving as quickly as before.

Closed & Pending Sales

  • East Tennessee closed sales: Down just 0.3% (virtually flat)
  • Knoxville closed sales: Down 14%

However, pending sales (homes under contract) are up:

  • 18% regionally
  • 9% in Knoxville

This shows that buyer activity is returning, but buyers are more selective, especially in Knoxville.

Home Prices: Median & Average

Knoxville:

  • Median sales price: Down 6% to $385,000
  • Average sales price: Down nearly 3%

East Tennessee:

  • Median sales price: Down 3% to $365,000
  • Average sales price: Up 4% (luxury/high-end sales remain strong)

Takeaway: Knoxville is seeing a broader correction across all price points, while high-end properties in the region are still performing well.

Days on Market (DOM)

Knoxville:

  • Average DOM: Up 50% to 57 days
  • Median DOM: Up 83%

East Tennessee:

  • Average DOM: Up 27% to 71 days
  • Median DOM: Up 37%

Despite the increases, Knoxville homes still sell faster than regional homes in absolute terms—but the rate of change is much steeper in Knoxville.

County-Level Highlights

  • Roane County: Inventory up 28.4%, pending sales up 73.7%, median price down 8% ($287,000)
  • Knox County: Inventory up 21.9%, pending sales up 9%, median price down 2.99% ($390,000)
  • Anderson County: Inventory up 31.7%, pending sales up 50.9%, median price flat ($350,603)
  • Loudon County: Inventory up 11.8%, pending sales up 31.9%, median price up 8.78% ($570,000)
  • Sevier County: Inventory up 7.29%, pending sales down 4.93%, median price down 7.04% ($500,000)
  • Blount County: Inventory up 4.8%, pending sales up 3.4%, median price flat ($376,250)

Note: Some counties see big month-to-month swings due to smaller sample sizes and varying property types.

Weekly Trends: A Deeper Look

  • Median Sales Price: For the first time in five years, the weekly median in Knoxville is lower than the previous year.
  • Active Listings: Highest in six years, even above pre-pandemic levels.
  • Weeks of Supply: Highest since 2019 (16 weeks vs. 13 last year).
  • Homes Sold: Near the lowest point in six years.
  • New Listings: Highest for this week in six years.
  • Days on Market: Highest in six years (72 days).
  • Pending Sales: Second lowest in six years.
  • Sale-to-List Price Ratio: Lowest in six years, indicating more negotiation and price reductions.
  • Price Drops: Most in any of the past six years for this week.

Mortgage Rates and Market Opportunity

  • Fed interest rate: Dropped 0.25% in November, but mortgage rates remain at 6.32% for a 30-year loan.
  • If rates fall below 6%, expect more buyers to return to the market and possibly more sellers to list.

What Does This Mean for Buyers and Sellers?

For Buyers:

  • More choices, more time, and more negotiating power.
  • This is the best opportunity in years to buy in Knoxville or East Tennessee.

For Sellers:

  • Price aggressively from day one.
  • Overpriced homes will sit—there’s no longer a “hot market” safety net.
  • Be prepared for more competition and negotiation.

Bottom Line

The Knoxville real estate market is normalizing after years of record growth and rapid sales. While there’s no “crash,” the market correction is real—especially in Knoxville, where inventory gains, price drops, and slower sales are more pronounced. The broader East Tennessee market is cooling but remains stable, with continued strength in luxury segments.

Whether you’re buying or selling, understanding your specific market is key.

If you have questions about your neighborhood, want to know your home’s value, or are thinking about buying in Knoxville or East Tennessee, reach out today. The right guidance can help you seize opportunities in this evolving market.

Ready to make your next move in East Tennessee? Contact Troy Stavros with Cornerstone Realty Associates for personalized advice and up-to-date market data.

Knoxville & East Tennessee Real Estate Market Update: What Buyers and Sellers Need to Know (June 2025)

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Knoxville & East Tennessee Real Estate Market Update: What Buyers and Sellers Need to Know (June 2025)

Are you thinking of buying or selling a home in Knoxville or the greater East Tennessee region? The local real estate market is always evolving, and the latest data through June 2025 brings some important trends you should know before making your next move.

Knoxville: Still a Seller’s Market, But Things Are Shifting

Knoxville continues to lead the region as one of the hottest real estate markets in East Tennessee. Homes here are selling faster and closer to list price than anywhere else in the region:

  • Median Sale Price: $420,000 (up 3.7% year-over-year)
  • Average Days on Market: 40 days (still historically low)
  • Sold-to-List Price Ratio: 97% (sellers are getting top dollar!)
  • Absorption Rate: 2.8 months (a healthy seller’s market)

What does this mean for sellers?
If you’re considering selling your Knoxville home, now is a great time. Well-priced, move-in ready homes are still seeing strong demand and quick sales. Inventory is rising slightly, but competition from buyers remains high. Pricing your home right and preparing it for showings can help you maximize your sale price.

What about buyers?
Knoxville buyers should be prepared to act quickly when the right property hits the market. With competition still robust, getting pre-approved and working with a local agent will help you move fast and negotiate effectively.

East Tennessee: Growing Inventory, More Choices for Buyers

The broader East Tennessee market is showing signs of cooling compared to its peak frenzy. This shift brings both opportunities and considerations for buyers and sellers:

  • Median Sale Price: $377,900 (up 0.8% year-over-year)
  • Average Days on Market: 60 days (up from 44 one year ago)
  • Absorption Rate: 4.6 months (moving toward a balanced market)
  • Average List Price: $611,146

For buyers:
There are more homes to choose from than last year, and sellers are more open to negotiation. This is the most buyer-friendly market we’ve seen in years, so if you’ve been waiting for less competitive conditions, now may be your opportunity.

For sellers:
It’s still a good time to sell, but patience and the right pricing strategy are essential. With more homes on the market, buyers have options—so making your home stand out is more important than ever. Staging, repairs, and a competitive price can help your home sell faster.

Knoxville vs. East Tennessee: Key Differences

  • Speed of Sale: Knoxville homes sell 20 days faster, on average, than the rest of East Tennessee.
  • Pricing Power: Knoxville sellers see higher median and average sale prices.
  • Market Balance: Knoxville remains a solid seller’s market, while East Tennessee is moving toward a more balanced market with more negotiating room for buyers.

Should You Buy or Sell Now?

If you’re a seller in Knoxville:
You can still take advantage of strong prices and fast sales—but don’t delay. Rising inventory means more competition is on the horizon.

If you’re a buyer in East Tennessee:
You finally have more choices and negotiating power. Take time to find the right home, but be ready to act when you find it.

Expert Local Help Makes the Difference

Whether you’re buying or selling, the right strategy is key in today’s market. Our team lives and works right here in East Tennessee and Knoxville—we know the neighborhoods, the trends, and how to get you the best results.

Thinking about making a move?
Contact us today for a free market analysis, a custom home search, or just to talk about your options in the Knoxville and East Tennessee real estate market.

Knoxville & East Tennessee Real Estate Market: Q3 2025 Predictions

1. Inventory Will Continue to Rise

  • East Tennessee: Expect further increases in active listings. Seasonal patterns and the current momentum suggest more homeowners will list, especially as those who delayed selling during spring jump in.
  • Knoxville: Inventory will grow but at a slower pace than the broader region. New construction and move-up sellers will add to choices, but demand will keep absorption rates relatively low.

What it means:
Buyers will enjoy more options, but sellers will face more competition.

2. Days on Market Will Edge Higher

  • East Tennessee: As inventory builds, average days on market (DOM) could reach 65–70 days by late Q3. Homes will take longer to sell, especially those that are overpriced or need work.
  • Knoxville: DOM will likely edge up but remain below 50 days, still a quick pace historically.

What it means:
Sellers must price competitively and present homes well to attract buyers. Buyers may have slightly more negotiating power.

3. Prices Will Stabilize or See Only Modest Gains

  • East Tennessee: Median sale prices are likely to plateau or increase only slightly. With more inventory and longer selling times, aggressive price growth is unlikely.
  • Knoxville: Sale prices may hold steady with a slight upward bias, driven by continued strong demand and limited supply of turnkey homes in desirable neighborhoods.

What it means:
Don’t expect dramatic price drops, but sellers should not anticipate bidding wars or big price jumps either.

4. Negotiation Will Increase—Especially Outside Knoxville

  • East Tennessee: Expect more price reductions and seller concessions (closing costs, repairs, rate buy-downs). Buyers can shop around and negotiate more assertively.
  • Knoxville: Some negotiation will return, but sellers of move-in-ready homes in top locations will still command strong offers.

5. Mortgage Rates & Affordability Remain Wildcards

  • If mortgage rates tick down, pent-up buyer demand could surge, especially in Knoxville, temporarily tightening the market.
  • If rates stay flat or rise, expect steady but not surging activity.

Bottom Line: Q3 2025 Outlook

  • Knoxville will remain a resilient market with strong demand, quick sales for well-priced homes, and stable prices.
  • East Tennessee as a region will trend more toward balance, with buyers gaining leverage, sellers facing more competition, and prices stabilizing.
  • Both markets will reward strategic buyers and sellers—those who prepare, price, and negotiate effectively.

Tips for Buyers & Sellers

  • Sellers: Price right from the start, invest in curb appeal, and be ready for negotiations.
  • Buyers: Take advantage of growing inventory, but move quickly on standout properties, especially in Knoxville.

Need personalized advice or want to know how your neighborhood will perform?
Contact our expert team for a custom analysis and stay ahead of the market this summer!

MARCH 2025 – Knoxville Real Estate Market Trends: What Buyers and Sellers Need to Know

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The East Tennessee real estate market is evolving, with significant shifts that impact both buyers and sellers. Whether you’re looking to purchase your dream home or sell your property in Knoxville or the surrounding areas, understanding current market conditions is essential for making informed decisions.

The Knoxville Housing Market: By the Numbers

Recent data shows Knoxville’s real estate market is transitioning toward more balanced conditions after years of exceptional growth. As the #1 city for home price appreciation among the 100 largest US cities over the past seven years (with an impressive 98.13% increase), Knoxville now shows signs of stabilization.

Key market indicators reveal:

  • Increasing Inventory: Active listings have grown steadily, providing more options for buyers
  • Modest Price Growth: Median sale prices rose 4.79% year-over-year to $400,000, while average sale prices increased 6.21% to $477,733
  • Extended Selling Timeline: Average days on market increased by 21.62% to 45 days
  • Absorption Rate: Now at 2.12 months, up 35.90% from last year

What This Means for Sellers

If you’re considering selling your Knoxville home, these trends suggest several strategic approaches:

1. Competitive Pricing is Critical

With more homes available, pricing your property correctly from the start is essential. The data shows a slight decline in the sale-to-original-list price ratio, indicating buyers are negotiating more successfully. However, properties still sell at approximately 98% of their final list price after any adjustments.

2. Prepare for Longer Selling Periods

Homes are taking longer to sell compared to last year’s fast-paced market. Be prepared for an extended timeline and consider what improvements might help your property stand out among increased competition.

3. Quality Properties Still Command Premium Prices

Despite growing inventory, desirable homes in good condition continue selling at higher price points. Investing in strategic improvements and professional marketing can help your property attract quality offers.

What This Means for Buyers

The shifting market presents new opportunities for those looking to purchase in East Tennessee:

1. More Options and Less Pressure

With active listings increasing, buyers now have more properties to choose from and time to make decisions. This reduces the pressure of bidding wars that characterized previous years.

2. Negotiating Power

The longer days on market and declining sold-to-original-list price ratio create favorable conditions for negotiations. Buyers have more leverage to request concessions or negotiate on price.

3. Still a Strong Market

While conditions have improved for buyers, Knoxville remains a desirable market with steady appreciation. Don’t expect dramatic price drops – quality properties in sought-after areas still sell quickly and close to asking price.

Looking Ahead: Knoxville’s 5-Year Forecast

What can we expect for Knoxville real estate in the coming years? Based on economic indicators and demographic trends, experts project:

  • Continued appreciation of 14-20% over the next 5 years
  • Annual appreciation rates of 2.5-4%
  • Sustained growth in population and employment opportunities
  • Ongoing appeal to young professionals, families, and retirees

The factors that drove Knoxville’s remarkable past performance – including quality of life, relative affordability, economic diversification, and urban revitalization – continue to position the area favorably compared to other markets across the country.

Making Your Next Move in East Tennessee Real Estate

Whether buying or selling in this evolving market, working with a knowledgeable local real estate professional is more important than ever. From pricing strategies to negotiation expertise, experienced guidance can help you navigate these changing conditions successfully.

For personalized advice on your specific real estate goals in Knoxville or anywhere in East Tennessee, contact Troy Stavros with Cornerstone Realty Associates at 865-999-0925. With deep local market knowledge and a commitment to client success, Troy can help you make confident decisions in today’s market.

Knoxville & East Tennessee Housing Market Update February 2025: What Buyers & Sellers Need to Know

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The East Tennessee and Knoxville housing markets continue to evolve as we move through 2025. According to the latest February data compiled by Cornerstone Realty Associates, the region is showing signs of transitioning toward a more balanced market with some interesting variations across different counties. Here’s a comprehensive analysis of what’s happening in our local real estate market.

East Tennessee Housing Market Overview

When comparing February 2025 to February 2024, East Tennessee shows some notable trends:

  • Home sales: Down 8.5%
  • Pending sales: Up 1.4%
  • Inventory: Up significantly by 33.6%
  • New listings: Up 2.1%
  • Median sales price: $360,000 (up 1.84%)
  • Average price per square foot: $217
  • Absorption rate: 3.59 months (up from 3.58 months)

The absorption rate increase of 29.6% year-over-year suggests homes are taking longer to sell, gradually shifting the market toward a more balanced or buyer-friendly environment. While this indicates buyers now have more options and sellers face increased competition, prices remain relatively stable.

Days on market have increased steadily, now exceeding 65 days across East Tennessee. Though homes are taking longer to sell than last year, demand remains strong enough to sustain gradual price increases.

Knoxville Housing Market Data

The Knoxville metro area presents a somewhat different picture:

  • Home sales: Down 12.6%
  • Pending sales: Down 2.7%
  • Inventory: Up 39.7%
  • New listings: Up 0.2%
  • Median sales price: $408,500 (up 5.42%)
  • Average price per square foot: $230
  • Absorption rate: 2.01 months (down from 2.06 months)

Despite rising inventory, Knoxville remains a relatively competitive market with just 2 months of inventory (a healthy market is typically 4-6 months). With this low inventory level, prices are likely to remain stable or continue rising.

The sold-to-list price ratio remains high at over 97%, indicating homes are generally selling close to asking prices. While negotiation power has slightly increased for buyers, Knoxville continues to be a relatively strong market for sellers.

County-by-County Analysis

Knox County

  • Inventory up 39.8%
  • Pending sales down 4.9%
  • Median sales price: $400,600 (up 4.9%)
  • Price per square foot: $228

Knox County’s housing market is shifting toward a more balanced state with increasing inventory and longer selling times. The absorption rate has risen from 1.56 to 2.03 months, a 30.13% increase year-over-year.

Anderson County

  • Inventory up 34.3%
  • Pending sales up 8%
  • Median sales price: $324,900 (up 8.3%)
  • Price per square foot: $180

The absorption rate has increased from 1.87 to 2.47 months, indicating homes are taking longer to sell. While prices are rising, longer selling times suggest buyers have more leverage than before.

Blount County

  • Inventory up 36.4%
  • Pending sales up 34%
  • Median sales price: $380,000 (up 3.68%)
  • Price per square foot: $235

Blount County’s housing market is transitioning to a more balanced state. The absorption rate has increased from 2.37 to 2.84 months, suggesting homes are taking longer to sell.

Loudon County

  • Inventory up 68.1%
  • Pending sales up 15.9%
  • Median sales price: $417,000 (down 8.33%)
  • Price per square foot: $228

Loudon County is showing the most significant shift toward a buyer’s market. The absorption rate has surged from 2.4 to 3.81 months, a 58.09% increase year-over-year. Loudon County’s market is clearly shifting toward a more buyer-friendly environment.

Roane County

  • Inventory up 32.8%
  • Pending sales up 4.3%
  • Median sales price: $338,000 (up 6.46%)
  • Price per square foot: $179

The absorption rate has increased from 2.18 to 2.9 months, a 33.49% increase. This suggests homes are taking longer to sell, transitioning the market toward a more balanced environment.

Sevier County

  • Inventory up 20%
  • Pending sales down 12.5%
  • Median sales price: $540,000 (down 3.16%)
  • Price per square foot: $261

Sevier County is firmly in a buyer’s market with an absorption rate of 8.75 months, up from 6.58 months (a 32.98% increase). With high inventory and slower sales, buyers have significant negotiating power in this county.

Migration Patterns Affecting the Market

The report also highlights important migration trends affecting the local market:

  • Knox County: Net migration has returned to pre-pandemic levels (5.6 people per 1,000 residents)
  • Loudon County: Still seeing strong migration (27.3 people per 1,000)
  • Sevier County: More people are now leaving than arriving
  • Knoxville Metro Area: Still saw 9,661 net new residents in 2024

Overall, the region continues to attract new residents, though not at the peak levels seen in 2021-2022 when the Knoxville area saw over 18,000 net new residents.

Price Appreciation

Despite the shifting market, East Tennessee continues to see solid price appreciation:

  • Knox County: 2.7% increase year-over-year, 80.7% over five years
  • Loudon County: 2.9% increase year-over-year, 63.8% over five years
  • Anderson County: 6.6% increase year-over-year
  • Blount County: 4.9% increase year-over-year

The Knoxville metro area as a whole has seen a 73.2% price increase over the past five years.

Interest Rates and Market Outlook

Interest rates as of mid-March 2025 are at 6.78% for a 30-year loan, which remains relatively high compared to historical standards. The market analysis suggests that if rates drop below 6.5% and get closer to 6%, we could see a significant increase in demand.

What This Means for Buyers and Sellers

For Sellers:

  • Price competitively from the start to avoid extended market times
  • Be prepared for more negotiation than in recent years
  • Well-priced homes are still selling at strong values
  • Accurate pricing and strong marketing are essential in a shifting market

For Buyers:

  • More inventory means more choices and greater negotiation power
  • Longer days on market allows for better deal-making opportunities
  • Sellers are generally more flexible on pricing and closing terms
  • Well-priced homes in desirable areas still command competitive offers

Conclusion

The East Tennessee and Knoxville housing markets are transitioning toward a more balanced state, with significant variations by county. While inventory is rising and homes are taking longer to sell, prices remain relatively stable in most areas. Sevier and Loudon counties are showing the most significant shifts toward buyer’s markets, while Knoxville proper remains relatively competitive for sellers.

It’s important to remember that real estate is hyperlocal – conditions can vary dramatically between neighborhoods and even individual properties. A specific subdivision or property could defy overall market trends based on its unique characteristics and desirability.

If you’re considering buying or selling a home in East Tennessee, now is an excellent time to consult with a local real estate professional who can provide specific insights for your particular situation and location.

October 2024 Knoxville & East Tennessee Housing Market Update: Key Insights & Trends

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Welcome to your comprehensive October 2024 update on the Knoxville and East Tennessee housing markets! Whether you’re buying, selling, or just curious about the local real estate scene, we’ve got the latest insights and data you need.

Market Overview: East Tennessee

In October 2024, home sales in East Tennessee experienced a slight decline, down by 2.7% compared to last year. However, the inventory of homes surged by 37.9%, with new listings up by 7.1%. This increase in inventory provides more options for buyers, even as the market adjusts to rising interest rates and pre-election jitters.

Key Metrics:

  • Median Sales Price: $374,900 (up 7.11%)
  • Average Price per Square Foot: $225
  • Absorption Rate: 3.94 months (indicating more inventory and potentially less demand)

Despite fluctuations, East Tennessee’s housing prices remain stable to slightly rising, especially in high-demand areas.

Knoxville Real Estate Insights

Knoxville’s housing market shows resilience with home sales nearly steady, down just 0.2% from last year. The inventory increased by 31.4%, with new listings up by 1.5%. The city continues to see strong buyer interest, as reflected in the decrease in the absorption rate to 2.15 months.

Key Metrics:

  • Median Sales Price: $410,000 (up 9.63%)
  • Average Price per Square Foot: $230

Knoxville’s limited inventory suggests a continuing trend of rising home prices, driven by strong demand and insufficient supply.

County Breakdown

Roane County

  • Inventory Up: 22.6%
  • Median Sales Price: $340,000 (up 27.10%)

Knox County

  • Inventory Up: 34.3%
  • Median Sales Price: $400,000 (up 9.51%)

Anderson County

  • Inventory Up: 19.7%
  • Median Sales Price: $333,500 (up 17.02%)

Loudon County

  • Inventory Up: 47.6%
  • Median Sales Price: $629,000 (up 25.81%)

Sevier County

  • Inventory Up: 28.57%
  • Median Sales Price: $502,500 (down 1.48%)

Blount County

  • Inventory Up: 35.6%
  • Median Sales Price: $410,000 (up 12.3%)

Market Trends and Predictions

As we head into the end of the year, several factors will influence the Knoxville and East Tennessee housing markets:

  1. Interest Rates: Rising rates continue to impact affordability and buyer behavior.
  2. Inventory Levels: While inventory is up, it remains below pre-pandemic levels, keeping pressure on prices.
  3. Migration Patterns: Tennessee’s appeal due to its cost of living and quality of life continues to attract new residents, bolstering demand.

Conclusion

The Knoxville and East Tennessee real estate markets are navigating a complex landscape of increased inventory, rising prices, and changing buyer dynamics. For potential buyers and sellers, understanding these trends is crucial for making informed decisions.

If you’re considering buying or selling a home in Knoxville or East Tennessee, contact us at Cornerstone Realty Associates for expert guidance tailored to your needs.

Stay tuned for more updates as we continue to monitor the local real estate market. For personalized advice, reach out to Troy Stavros and the team at Cornerstone Realty Associates.