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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.

Stunning One-Level Home Near Downtown Knoxville | Updated Kitchen, Large Deck, & Big Backyard!

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This listing is no longer available.

Welcome to this beautifully updated, one-level home in the heart of Knoxville, Tennessee located at 3108 Walridge Road, Knoxville, TN 37921, just 13 minutes from downtown and the University of Tennessee. Step inside to discover gleaming hardwood floors and stylish tile throughout the open living spaces. The modern kitchen, with stainless steel appliances, a farmhouse sink, and charming shiplap accents, seamlessly flows into the family room, creating an inviting space for gatherings. Whether you’re hosting friends or enjoying a quiet evening, the warmth of the wood-burning fireplace in the adjoining flex space offers endless possibilities for an office, study, or cozy retreat. The owner’s suite is a true sanctuary, complete with French doors leading to a spacious deck—perfect for your morning coffee or sunset relaxation. The en-suite bathroom has been thoughtfully updated with a custom tile shower, offering a luxurious start and end to your day. Two additional bedrooms and another fully updated bathroom provide ample room for all. Outside, you’ll love the oversized composite deck, which makes for easy maintenance while overlooking the expansive, fenced backyard. Picture afternoons spent under the shade of a stunning tree, cultivating your garden, or working on projects in the convenient storage shed. The unbeatable location allows you to walk to the nearby elementary school and enjoy the strong curb appeal of this charming home. Lifestyle perks? You’re minutes from the vibrant energy of downtown Knoxville—whether it’s catching a UT football game, dining at trendy restaurants, or taking in live music, this location offers the perfect balance between quiet suburban living and exciting city life. Have questions? Want to schedule a private showing? Need help buying or selling a home anywhere around the Knoxville area? Contact me, Troy Stavros with CornerStone Realty Associates at 865-999-0925 today!

July 15, 2024 Monday Market Minute – Knoxville Real Estate and Housing Market Data

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As the real estate landscape in Knoxville, Tennessee, continues to evolve, staying informed about the latest market trends is crucial for both buyers and sellers. Let’s delve into the current state of the Knoxville real estate market, based on the latest data and insights provided by Troy Stavros from Cornerstone Realty Associates.

Market Overview: Demand Outpaces Supply

The Market Action Index (MAI) in Knoxville indicates a robust seller’s market. Last week, the MAI climbed from 44.82 to 50.54, signaling increasing demand compared to supply. This trend emphasizes that sellers have the upper hand, and buyers might face stiffer competition to secure their desired properties.

Inventory Trends: A Slight Dip

Inventory levels experienced a slight decrease, dropping from 805 active listings to 792. This reduction might be a residual effect of the July 4th holiday, but it also hints at a potential peak in inventory for the year. Fewer new listings have been added, with a noticeable decline from 153 new listings to 125 in just a week. This decrease in new listings further tightens the market, reinforcing the seller’s advantage.

Price Dynamics: Stability with Upward Pressure

Despite the fluctuations in inventory, the median list price of active homes has remained relatively steady, slightly below the levels seen in 2023. However, the median new list price for recent listings has surpassed last year’s figures, indicating that new properties entering the market are priced higher than before. This trend suggests continued upward pressure on home prices due to constrained supply and sustained demand.

Price Adjustments: Consistent Reductions

Price reductions have remained steady, with 46% of homes currently on the market experiencing price drops. This consistency over the past few weeks suggests that while sellers are pricing their homes higher initially, there is still room for negotiation, offering potential opportunities for astute buyers.

Segment Analysis: Diverse Market Activity

Breaking down the market into segments provides a clearer picture of demand across different price ranges:

  • Lowest Segment ($299,900 and below): This segment saw 45 new listings and 46 homes absorbed, with active listings spending an average of 28 days on the market.
  • Mid-Low Segment ($416,030): Here, 28 new listings were recorded, with 33 homes being absorbed and an average market time of 28 days.
  • Mid-High Segment ($567,000): This range had 21 new listings and 32 absorptions, with active listings spending 35 days on the market.
  • Highest Segment ($934,450): The top-tier segment saw 31 new listings and 28 absorptions, with the longest market time of 40 days among all segments.

Despite the prevailing seller’s market, the most expensive properties in Knoxville ($934,450) are experiencing the longest days on market (DOM). This suggests a potential opportunity for high-end buyers to negotiate better deals, even as the rest of the market remains fiercely competitive.

Conclusion

Whether you’re looking to buy or sell a home in Knoxville, staying informed about the latest market trends is essential. With demand outpacing supply, inventory levels fluctuating, and prices holding steady, it’s a dynamic market that requires strategic planning and informed decision-making. For personalized advice and insights, don’t hesitate to reach out to Troy Stavros at Cornerstone Realty Associates.

East Tennessee and Knoxville Real Estate Market Report: JUNE 2024

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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

  • Home Sales: Down 12.5% compared to June 2023.
  • Pending Sales: Up 4.8%.
  • Inventory: Up 40% from last year.
  • New Listings: Increased by 1%.
  • Median Sales Price: Up 8.01%, now at $376,500.
  • Average Price Per Square Foot: $221.

The absorption rate has seen a slight increase to 3.3 months of inventory, indicating a still strong seller’s market. Despite a rise in inventory, prices continue to climb due to sustained demand.

Knoxville Market Dynamics

Sales and Pricing Trends

  • Home Sales: Down 8.4% from last year.
  • Pending Sales: Up 1.3%.
  • Inventory: Up 53.5%.
  • New Listings: Nearly unchanged, down just 0.3%.
  • Median Sales Price: Increased by 3%, now at $408,150.
  • Average Price Per Square Foot: $220.

The absorption rate in Knoxville stands at 1.84 months, still favoring sellers. The Knoxville Market Action Index shows a strong seller’s market, with the city experiencing one of the highest price shifts in the nation since the peak in 2022.

Did you know that Knoxville experienced the largest price increase among the 200 largest metro housing markets in the US since March 2020, with a staggering 73% rise? This unexpected surge highlights Knoxville as a unique hotspot in the national real estate landscape.

Surrounding Counties Snapshot

  • Roane County: Inventory up 70.5%, median price up 19.3% to $340,000.
  • Knox County: Inventory up 56.3%, median price up 2.41% to $399,900.
  • Anderson County: Inventory up 43.8%, median price up 10.34% to $320,000.
  • Loudon County: Inventory up 63%, median price up 4.10% to $510,000.
  • Sevier County: Inventory up 47.5%, median price up 5.52% to $525,750.
  • Blount County: Inventory up 55.4%, median price up 8.84% to $413,500.

Interest Rates and Market Impact

The recent drop in interest rates from over 7% to 6.85% is a significant development. This reduction could stimulate market activity, making it more affordable for buyers and potentially encouraging sellers to list their homes.

Homeowners Insurance Rates

Rising insurance rates are another factor affecting affordability. Tennessee saw an 11% increase in homeowners insurance in 2023, impacting the overall cost of homeownership.

Conclusion

The East Tennessee and Knoxville real estate markets are robust despite fluctuating trends. With rising inventory and stable prices, it’s a promising time for buyers and sellers alike. If you’re considering buying or selling in the area, now is a great time to act.

Contact Us If you have any questions or need assistance with your real estate needs, contact Troy Stavros at Cornerstone Realty Associates in Knoxville. We’re here to help you navigate the market and achieve your real estate goals.

Knoxville and East Tennessee Real Estate Market Update Through FEBRUARY 2024

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The real estate landscape in Knoxville and the broader East Tennessee region has been a roller coaster of highs and lows, with significant shifts in home sales, prices, and rental growth rates. As we delve into the intricacies of these changes, potential buyers, sellers, and local homeowners will find valuable insights to navigate the market in 2024.

A Look Back at 2023: Declines and Growth in Knoxville

The past year witnessed a notable 15.2% decline in total home sales across East Tennessee, marking one of the most significant annual downturns on record. Despite this reduction in sales activity, home prices bucked the trend, growing by 5.3% from the previous year. This dichotomy underscores a resilient market that, despite challenges, continues to grow in value.

The Knoxville metro area, in particular, saw its home prices surge by 11.7% in the fourth quarter of 2023, securing the No. 8 spot in the U.S. for price growth, according to the FHFA House Price Index. This growth is reflective of Knoxville’s enduring appeal and the substantial role newcomers play in the local housing market, further evidenced by the city’s ranking as No. 17 on U-Haul’s list of top growth cities in 2023.

Knoxville Rental Market Adjustments

January brought a slowdown in apartment rent growth, with the Knoxville metro area experiencing a 3.7% increase from the previous year, compared to a mere 0.25% national uptick. This moderation in rent increases might offer some relief to renters, although the market remains competitive.

Forecasting 2024: A Rebound in Sales and Stable Price Growth in Knoxville

Looking ahead, the East Tennessee region is poised for a rebound, with home sales expected to rise by 11.1% in 2024, while home prices are forecasted to grow at a more modest rate of 3.6%. This anticipated upturn in sales, alongside stable price growth, presents a promising landscape for both buyers and sellers.

Knoxville Market Dynamics: Inventory and Affordability

The current subdued nature of the housing market is largely attributed to a lack of resale inventory and ongoing affordability issues. However, there’s a silver lining as inventory levels are expected to improve with the arrival of the spring selling season, alongside fairly stable affordability conditions. These factors are set to inject more certainty into the market, benefiting both buyers and sellers.

Innovative Solutions: Knoxville’s “Missing Middle Housing” Plan

In a bold move to tackle the housing shortage, Knoxville has embraced the “Missing Middle Housing” plan, allowing for denser housing on smaller lots while preserving neighborhood aesthetics. This initiative is crucial for creating more affordable housing options without sacrificing the charm and uniqueness of Knoxville’s neighborhoods.

Knoxville Home Seller Profits: A Record High

Knoxville homeowners have seen their equity soar, with the city ranking among the top U.S. metro areas for return-on-investment in home sales. The typical Knoxville home seller in 2023 enjoyed a staggering profit margin of 98.1%, showcasing the financial benefits of homeownership in the region.

Mortgage Rates and Economic Outlook

The economic landscape, particularly in terms of mortgage rates and inflation, plays a significant role in the real estate market. With mortgage rates experiencing fluctuations and the Federal Reserve’s cautious stance on interest rates, potential buyers and sellers must stay informed to make strategic decisions.

Conclusion

The Knoxville and East Tennessee real estate market is complex, with various factors influencing its trajectory. However, the region’s resilience, innovative housing solutions, and promising forecasts for 2024 offer a beacon of hope for those looking to navigate this market. Whether you’re buying, selling, or simply keeping an eye on home values, staying informed will be key to making the most of the opportunities that lie ahead.

Ready to Navigate the Knoxville and East Tennessee Real Estate Market?

Whether you’re contemplating buying a new home, selling your current property, or just have questions about the ever-changing real estate landscape in Knoxville and East Tennessee, Troy Stavros with CornerStone Realty Associates is here to guide you every step of the way.

With an in-depth understanding of the local market trends and a commitment to providing exceptional service, Troy and the team at CornerStone Realty Associates are your go-to experts for all things real estate in the region.

Don’t let the complexities of the market hold you back. Contact Troy Stavros today at 865-999-0925 for personalized assistance, whether you’re looking to buy your dream home, sell for the best possible price, or simply need expert advice on your real estate journey in Knoxville or anywhere in East Tennessee.

Take the first step towards realizing your real estate goals. Call now and let Troy Stavros help you make informed decisions in this vibrant market.

Navigating the Knoxville Real Estate Market: Insights for Buyers and Sellers – Monday February 19th

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The Knoxville real estate market is bustling with opportunities and challenges for both buyers and sellers. As we delve into the latest market update, it’s clear that understanding the current trends is crucial for anyone looking to make a move in this vibrant city.

For Buyers: Seizing Opportunities

Knoxville’s real estate landscape offers a diverse range of properties, from charming historic homes to modern new constructions. Despite the competitive market, buyers have opportunities to find their dream home with the right strategy. Key insights suggest:

  • Navigating Competitive Waters: With demand outpacing supply in many areas, preparation is key. Buyers should secure financing ahead of time and be ready to act quickly when they find the right property.
  • The Importance of Local Expertise: Partnering with a local real estate professional can provide buyers with the inside track on new listings and neighborhoods that best meet their needs and budget.

For Sellers: Maximizing Returns

Sellers in Knoxville are in a favorable position, with high demand leading to competitive offers and often, quick sales. To capitalize on this market, sellers should consider:

  • Strategic Pricing: Setting the right price from the start can attract serious buyers and potentially lead to multiple offers.
  • Preparing Your Home for Sale: Small improvements and staging can make a significant difference in how quickly a home sells and for how much.

Market Trends to Watch

  • Inventory Levels: Understanding the current supply of homes for sale can help both buyers and sellers make informed decisions.
  • Interest Rates: Fluctuations in interest rates can impact buying power and market dynamics, making it a critical factor to watch.

Conclusion & Next Steps

The Knoxville real estate market is vibrant and full of potential. Whether you’re looking to buy your dream home or sell your property in this dynamic environment, expert guidance is invaluable. For personalized advice and insights tailored to your unique real estate goals, consider reaching out to Troy Stavros with CornerStone Realty Associates. With a deep understanding of the Knoxville market and a commitment to exceptional service, Troy and his team are ready to assist you. Contact Troy Stavros at 865-999-0925 to embark on your real estate journey with confidence.

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