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East Tennessee Real Estate & Neighborhood Source

Homes for sale in East Tennessee : MARCH 2022 Housing Market Update

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In today’s video, we dive into the East Tennessee real estate data for the month of March 2022 to see how the East Tennessee housing market is doing compared to one year ago.

We will look at the inventory of active homes for sale in East Tennessee. Homes for sale in Knoxville TN, homes for sale in Farragut TN, homes for sale in Knox County TN, homes for sale in Loudon County TN, homes for sale in Anderson County TN, homes for sale in Roane County TN, homes for sale in Blount County TN, and homes for sale in Sevier County TN. We will also look at what has happened to the median sales price of homes over the last year in those areas of East Tennessee. We will discuss the real estate data and how it affects buyers and sellers in today’s East Tennessee housing market. We discuss the extremely hot market for real estate investing in Sevier County and the areas of Gatlinburg, Pigeon Forge and the Smoky Mountains.

Here is some basic real estate data and news in regards to the East Tennessee housing market not covered in the video that covers the housing market ending in 2021 and the last few months:

Seasonally adjusted home sales in the Knoxville TN Area declined 6.1% in March despite continued year-over-year gains.

Key Highlights:

-Knoxville, TN area home sales were strong in March — up from the prior month and 13% from a year ago.

-Median home sales price in East Tennessee was $301,880 in March — up 21% from a year ago.

-Total housing inventory in Knoxville TN declined for the sixth consecutive month — down considerably from a year ago and enough to last less than one month at the current sales pace.

-Half of the homes sold in Knoxville TN in March were on the market for less than 4 days.

Bottom Line: Seasonally adjusted home sales in East Tennessee declined for the fourth consecutive month, a clear sign that lack of supply is constraining the market and hampering further gains. Rising sale prices in Knoxville TN combined with further median DOM decreases suggest demand remains high — and likely to remain elevated throughout the year. At this point, there are no indications that supply will rise in the short term.

A scientific poll commissioned by KAAR (Knoxville Area Association of REALTORS) in March shows more than 1 in 3 registered voters — 34 percent — indicated housing affordability in the Knoxville TN area was a very or fairly big problem. 28 percent said the same about housing availability. That being said, Urban Land Institute’s Terwilliger Center Home Attainability Index for 2021 ranks Knoxville, TN as the 5th most affordable region in the United States.

In their latest migration trends report comparing cities across the country, U-Haul ranked Knoxville No. 7 on its list of top 25 U.S. growth cities.

Have questions or need help in today’s crazy East Tennessee housing market? Contact the Troy Stavros team at CornerStone Realty Associates at 865-999-0925 today. We are here to serve you! #chimein #888388DOOR

South Knoxville home for sale! 3700 S. View Circle, Knoxville, TN 37920

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Amazing layout! Located in South Knoxville with easy access to Downtown Knoxville, McGee Tyson Airport, and less than an hour drive to Smoky Mountain National Park, Pigeon Forge, and Gatlinburg. Enter through the front door to soaring ceilings and a winding staircase. Just off the foyer is access to the main level owner’s suite featuring vaulted ceilings and a bath with a whirlpool tub, separate shower, dual sinks, and a large walk-in closet. At end of the foyer, you enter the two-story great room with a wall of windows giving off an abundance of natural light. Access the oversized deck from the great room and see the rolling hills of Tennessee in the distance. A formal dining room with more windows is located between the great room and the eat-in kitchen. Upstairs you’ll find 3 additional bedrooms and a bonus loft that looks out over the great room. Amazing opportunity to expand with another 1560SF in the unfinished, framed, plumbed walkout basement. This place has showplace potential!

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What’s Happening with Home Prices in Knoxville?

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Many people have questions about home prices right now. How much have prices risen over the past 12 months? What’s happening with home values right now? What’s projected for next year? Here’s a look at the answers to all three of these questions.

How much have home values appreciated over the last 12 months?

What’s Happening with Home Prices? | MyKCM

According to the latest Home Price Index from CoreLogic, home values have increased by 18.1% compared to this time last year. The average sales price in Knoxville increased by 18.74%. Additionally, prices have gone up at an accelerated pace for each of the last eight months (see graph below): The increase in the rate of appreciation that’s shown by CoreLogic coincides with data from the other two main home price indices: the FHFA Home Price Index and the S&P Case Shiller Index.

The last year has shown tremendous home price appreciation, which is resulting in a major gain in wealth for homeowners through rising equity.

What’s happening with home prices right now?

What’s Happening with Home Prices? | MyKCM

All three indices mentioned above also show that while appreciation is in the high double digits right now, that price acceleration is beginning to level off (see graph below):Year-over-year appreciation is still close to 20%, but it’s clearly plateauing at that rate. Many experts believe it will drop below 15% by the end of the year.

Keep in mind, that doesn’t mean home values will depreciate. It means the rate of appreciation will slow, yet stay well above the 25-year average of 5.1%.

What about next year?

The recent surge in prices is the result of heavy buyer demand and a shortage of homes available for sale. Most experts believe that as more housing inventory comes to market (both new construction and existing homes), the supply and demand for housing will come more into balance. That balance will bring a lower rate of appreciation in 2022. Here’s a look at home price forecasts from six major entities, and they all project future appreciation:

  1. Fannie Mae
  2. Freddie Mac
  3. Mortgage Bankers Association
  4. Home Price Expectation Survey
  5. Zelman & Associates
  6. National Association of Realtors
What’s Happening with Home Prices? | MyKCM

While the projected rate of appreciation varies among the experts, due to things like supply chain challenges, virus variants, and more, it’s clear that home values will continue to appreciate next year.

Bottom Line

There have been historic levels of home price appreciation over the last year. That pace will slow as we finish 2021 and enter into 2022. Prices will still rise in value, just at a much more moderate pace, which is good news for the housing market.

Have questions? Thinking about buying or selling a home? Contact the Troy Stavros TEAM at CornerStone Realty Associates at 865-999-0925 and let’s talk about formulating a plan to reach your real estate goals.

A New Way to Shop for Homes in Knoxville via a Virtual World

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In a year when we’re learning to do so much remotely, homebuying in Knoxville is no exception. From going to work to attending school, grocery shopping, and even seeing our doctors online, digital practices have changed the way we live.

This year, rather than delaying their home purchases, buyers in Knoxville and nationwide – alongside their trusted real estate professionals – turned to the Internet to do more than just a typical home search. In some cases, they bought homes without even stepping foot inside (we’ve had clients do just that as well as buyers of our listings). Jessica Lautz, Vice President of Demographics and Behavioral Insights at the National Association of Realtors (NAR), says:

“People really didn’t buy houses sight-unseen, traditionally. It’s still not a huge number, but it has gone up, and we have definitely seen that trend accelerate.”

According to NAR, throughout the coronavirus pandemic, one in every 20 homebuyers purchased a house sight-unseen.

How Your Knoxville Real Estate Agent Will Pave the Way

Today, some real estate professionals, like myself, are using digital practices to help homebuyers and sellers walk through many steps in the process virtually. While following the regulations set forth by the CDC and all local guidelines, this year, we were able to quickly empowered buyers and sellers with virtual tours, video tours, 360 degree walkthrough tours, high-quality photos, videos, online open houses, and more. For those who had homebuying and selling needs in 2020, trusted advisors made it possible in many markets.

A New Way to Shop for Homes in a Virtual World | MyKCM

Here’s a graph showing some of the digital options buyers found most helpful in their searches this year, as noted by NAR in the 2020 Profile of Home Buyers and Sellers: The report also mentions that buyers this year generally searched for eight weeks. Throughout that search, they viewed a median of 9 homes, but not all of them were seen in-person. Yahoo Finance notes:

“Buyers viewed five homes online and four homes in-person during the pandemic, compared to nine homes in-person in 2019, according to NAR. This was the first year NAR asked buyers to specify the number of homes toured virtually.”

A New Way to Shop for Homes in a Virtual World | MyKCM

In true 2020 fashion, virtual practices helped buyers safely narrow down their top choices, so they didn’t have to unnecessarily walk into more homes than they needed to see throughout the process. This is actually great for both buyers and sellers as it cuts down on wasting precious time and leads to only serious buyers touring homes. Here’s the breakdown by region: At a time when health and safety are top priorities, current technology is making it possible for buyers and sellers in Knoxville to move their real estate plans forward at their own comfort levels, even through a worldwide pandemic. For many, this means buyers no longer have to physically tour every home they want to see, and sellers don’t need to open their doors over and over again throughout the process. Safety can come first, and trusted real estate professionals are here to help.

Bottom Line

If you’re ready to make a move to or within Knoxville, you may not have to press pause on your plans this season. Let’s connect to determine the safe and effective options to buy or sell a home in our area or wherever you’re looking to move.

Call/Text me, Troy Stavros with CornerStone Realty Associates at 865-999-0925 today!

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.

2029 Bishops Bridge Rd, Knoxville, TN 37922

$181,000
Property Type: Single Family Bedrooms: 3 Square Footage: 1,792 Status: Closed
Current Price: $181,000 List Date: 10/20/2016 Last Modified: 9/28/2021

Overview

Description

Ready or not here it is! Curb appeal and then some. This 3BR, 2.5BA 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. WATCH VIDEO!!

Listing Details MLS# 982219

Location Tax Legal Info

House #
2029
Street Name
Bishops Bridge
St Suffix
Rd
State/Province
TN
Zip Code
37922
PIN #
154ea025
Subdivision
Farmington

Contract Info

Auction Y/N
No
Listing Price
189000

General Property Description

Type
2 Story
Site Built
Yes
Restrictions
Yes
SqFt - Total (Aprox)
1792
SqFt - Main Lvl
1004
SqFt - 2nd Flr Lvl
788
# Bedrooms
3
Baths - Full
2
Baths - 1/2
Yes
# of Rooms
7
Fireplace
Yes
# Fireplace
Yes
Property Status
N/A
HOA
Voluntary
HOA Fee
35
HOA Freq
Yearly
HOA Contact
FRAKNOX@GMAIL.COM
Year Built
1982
Bonus Room
No
SqFt - Down Lvl
0
SqFt - 3rd Flr Lvl
0
Basement
No

Status Change Info

Status Change Date
2016-11-29
Under Contract Date
2016-10-21
Sold Date
2016-11-29

Sewer

Sewer Info
UTILITY

Water

Water Info
UTILITY

More Information

Location, Tax & Legal Info

Area
Knox County - 1
Property Sub-Type
Residential
Community
West Knoxville
City/County Code
County
Elementary School
Blue Grass
Middle School
West Valley
Total Tax
988
High School
Bearden

Remarks & Misc

Directions
I140 (Pellissippi Parkway) to Northshore Drive WEST to LEFT on Ebenezer Road to LEFT on Ashmeade Road (Farmington Entrance) to LEFT on Bishops Bridge Road. Wind around and home on LEFT. Sign in yard.
Public Remarks
Ready or not here it is! Curb appeal and then some. This 3BR, 2.5BA 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. WATCH VIDEO!!

Fencing

Fenced Yard
Yes

Atchd/Dtchd Type

Detached
Yes

Style

Cape Cod
Yes

Construction

Frame
Yes

Siding

Vinyl
Yes

Fireplace

Brick
Yes
Gas Log
Yes

Cooling

Ceiling Fan(s)
Yes
Central Cooling
Yes

Floors

Carpet
Yes
Hardwood
Yes
Parquet
Yes
Tile
Yes

Garage/Parking

Garage Spaces
2
Attached
Yes
Garage Door Opener
Yes
Main Level
Yes

Basement

Crawl Space
Yes

Lot Description

Irregular Lot
Yes
Level
Yes

Fuel

Electric
Yes
Gas (Natural)
Yes

Heat

Central
Yes
Forced Air
Yes

Dining Area

Eat-in Kitchen
Yes
Formal Dining Area
Yes

Appliances

Dishwasher
Yes
Disposal
Yes
Microwave
Yes
Range
Yes
Security Alarm
Yes
Smoke Detector
Yes

Other Rooms

Extra Storage
Yes
Family Room
Yes
Laundry/Utility
Yes
Split Bedroom
Yes

Exterior Features

Deck
Yes
Patio
Yes
Porch - Covered
Yes
Porch - Screened
Yes
Prof Landscaped
Yes
Windows - Insulated
Yes

Misc Features

Internet Available
Yes
Pantry
Yes
Walk-In Closet(s)
Yes
Washer/Dryer Connect
Yes
Wired for Internet
Yes

New Financing

Cash
Yes
Conventional
Yes
FHA
Yes
New Loan
Yes
VA Loan
Yes

Showing

See Agent Instructns
Yes

Property Features

Style: Cape Cod Construction: Frame Siding: Vinyl Basement: Crawl Space Lot Description: Irregular Lot; Level Fireplace: Brick; Gas Log Floors: Carpet; Hardwood; Parquet; Tile Fuel: Electric; Gas (Natural) Heat: Central; Forced Air Cooling: Ceiling Fan(s); Central Cooling Appliances: Dishwasher; Disposal; Microwave; Range; Security Alarm; Smoke Detector Other Rooms: Extra Storage; Family Room; Laundry/Utility; Split Bedroom Misc Features: Internet Available; Pantry; Walk-In Closet(s); Washer/Dryer Connect; Wired for Internet Exterior Features: Deck; Patio; Porch - Covered; Porch - Screened; Prof Landscaped; Windows - Insulated Fencing: Fenced Yard Dining Area: Eat-in Kitchen; Formal Dining Area Showing: See Agent Instructns New Financing: Cash; Conventional; FHA; New Loan; VA Loan

Room Information

Room Name Room Level
Family Room Main
Kitchen Main
Eat In Breakfast Area Main
Dining Room Main
Utility Room Main
Garage Main
Master Bedroom Second
Bedroom 2 Second
Bedroom 3 Second
IDX
Listing Office: Gables & Gates, REALTORS
Last Updated: September - 28 - 2021
The data relating to real estate for sale on this Web Site comes from the IDX Program of the Knoxville Area Association of REALTORS® Multiple Listing Service. © Copyright 2020 All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS. This information is updated weekly, however, some of these properties may subsequently have sold and may no longer be available. The Real Estate Broker providing this data believes it to be correct, but advises interested parties to confirm the data before relying on it in a purchase decision.
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6609 Carina Lane, Corryton, TN 37721 -RENOVATED!!

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UNDER CONTRACT IN 31 DAYS! Just renovated, ALL BRICK home. One level with an open floor plan. 3 bedrooms and 2 updated baths. Beautiful new hardwood floors and custom tile. New kitchen features granite counters, new custom backsplash and new stainless steel appliances. Large pantry and laundry room with custom tile. Walk-in closets. Big, flat backyard. BE SURE TO WATCH THE VIDEO WALK THROUGH! **Eligible for USDA 100% financing!**  Call Troy Stavros with Gables & Gates, REALTORS at 865-777-9191 today with questions or to schedule your private showing.

6609 Carina Lane, Corryton, TN 37721

$148,000
Property Type: Single Family Bedrooms: 3 Square Footage: 1,340 Status: Closed
Current Price: $148,000 List Date: 10/19/2016 Last Modified: 9/28/2021

Overview

Description

Just renovated, ALL BRICK home. One level with an open floor plan. 3 bedrooms and 2 updated baths. Beautiful new hardwood floors and custom tile. New kitchen features granite counters, new custom backsplash and new stainless steel appliances. Large pantry and laundry room with custom tile. Walk-in closets. Big, flat backyard. BE SURE TO WATCH THE VIDEO WALK THROUGH! **Eligible for USDA 100% financing**

Listing Details MLS# 982141

Location Tax Legal Info

House #
6609
Street Name
Carina
St Suffix
Lane
State/Province
TN
Zip Code
37721
PIN #
030gc002
Subdivision
Willow Springs

Contract Info

Auction Y/N
No
Listing Price
150000

General Property Description

Type
Ranch
Site Built
Yes
Restrictions
Yes
SqFt - Total (Aprox)
1340
SqFt - Main Lvl
1340
# Bedrooms
3
Baths - Full
2
# of Rooms
7
Fireplace
No
Property Status
N/A
HOA
No
Year Built
2003
Bonus Room
No
SqFt - Down Lvl
0
SqFt - 2nd Flr Lvl
0
SqFt - 3rd Flr Lvl
0
# Fireplace
0
Basement
No

Status Change Info

Status Change Date
2017-01-04
Under Contract Date
2016-11-19
Sold Date
2016-12-22

Sewer

Sewer Info
UTILITY

Water

Water Info
UTILITY

More Information

Location, Tax & Legal Info

Area
Knox County - 1
Property Sub-Type
Residential
Community
Gibbs
City/County Code
County
Elementary School
Gibbs
Middle School
Holston
Total Tax
774
High School
Gibbs

Remarks & Misc

Directions
EAST on Tazewell Pike to RIGHT on Henegar Road to LEFT into Willow Springs Subdivision (Alice Springs Lane) to immediate LEFT onto Carina Lane. Home on LEFT. Sign in yard.
Public Remarks
Just renovated, ALL BRICK home. One level with an open floor plan. 3 bedrooms and 2 updated baths. Beautiful new hardwood floors and custom tile. New kitchen features granite counters, new custom backsplash and new stainless steel appliances. Large pantry and laundry room with custom tile. Walk-in closets. Big, flat backyard. BE SURE TO WATCH THE VIDEO WALK THROUGH! **Eligible for USDA 100% financing**

Atchd/Dtchd Type

Detached
Yes

Style

Traditional
Yes

Construction

Brick
Yes

Siding

Brick
Yes

Fireplace

None
Yes

Cooling

Ceiling Fan(s)
Yes
Central Cooling
Yes

Floors

Carpet
Yes
Hardwood
Yes
Tile
Yes

Garage/Parking

Garage Spaces
2
Attached
Yes
Garage Door Opener
Yes
Main Level
Yes

Basement

Slab
Yes

Lot Description

Level
Yes

Fuel

Electric
Yes
Gas (Natural)
Yes

Heat

Central
Yes
Forced Air
Yes

Dining Area

Breakfast Room
Yes
Living Rm/Dining Rm
Yes

Appliances

Dishwasher
Yes
Disposal
Yes
Microwave
Yes
Range
Yes
Smoke Detector
Yes

Other Rooms

Bedroom Main Level
Yes
Family Room
Yes
Laundry/Utility
Yes
Mstr Bdrm Main Level
Yes

Exterior Features

Patio
Yes
Windows - Insulated
Yes

Misc Features

Cathedral Ceiling(s)
Yes
Internet Available
Yes
Pantry
Yes
Walk-In Closet(s)
Yes
Washer/Dryer Connect
Yes
Wired for Internet
Yes

New Financing

Cash
Yes
Conventional
Yes
New Loan
Yes
USDA/Rural
Yes
VA Loan
Yes

Showing

See Agent Instructns
Yes

Property Features

Style: Traditional Construction: Brick Siding: Brick Basement: Slab Lot Description: Level Fireplace: None Floors: Carpet; Hardwood; Tile Fuel: Electric; Gas (Natural) Heat: Central; Forced Air Cooling: Ceiling Fan(s); Central Cooling Appliances: Dishwasher; Disposal; Microwave; Range; Smoke Detector Other Rooms: Bedroom Main Level; Family Room; Laundry/Utility; Mstr Bdrm Main Level Misc Features: Cathedral Ceiling(s); Internet Available; Pantry; Walk-In Closet(s); Washer/Dryer Connect; Wired for Internet Exterior Features: Patio; Windows - Insulated Dining Area: Breakfast Room; Living Rm/Dining Rm Showing: See Agent Instructns New Financing: Cash; Conventional; New Loan; USDA/Rural; VA Loan

Room Information

Room Name Room Level
Family Room Main
Kitchen Main
LR/DR Combination Main
Utility Room Main
Master Bedroom Main
Bedroom 2 Main
Bedroom 3 Main
Garage Main
IDX
Listing Office: Gables & Gates, REALTORS
Last Updated: September - 28 - 2021
The data relating to real estate for sale on this Web Site comes from the IDX Program of the Knoxville Area Association of REALTORS® Multiple Listing Service. © Copyright 2020 All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS. This information is updated weekly, however, some of these properties may subsequently have sold and may no longer be available. The Real Estate Broker providing this data believes it to be correct, but advises interested parties to confirm the data before relying on it in a purchase decision.
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