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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 2024 Knoxville & East Tennessee Housing Market Update “How’s the market?”

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If you’re considering buying or selling real estate in East Tennessee or Knoxville, staying informed about the latest market trends is crucial. The housing market in these areas continues to evolve, influenced by economic conditions, mortgage rate fluctuations, and generational trends. Here’s a comprehensive update for July 2024 to help you make the best decisions in this dynamic market.

Millennials Drive Real Estate Trends in Knoxville and East Tennessee

In 2024, Millennials have become the largest group of homebuyers, surpassing even Baby Boomers. This generational shift is having a significant impact on the East Tennessee and Knoxville real estate market. Millennials are keenly aware of the long-term financial benefits of homeownership, particularly in a market where property values have been resilient. As a result, more young buyers are entering the market, driving demand and shaping the future of real estate in Knoxville and beyond.

Mortgage Rates and Their Impact on Knoxville Real Estate

Mortgage rates have been a significant factor in the East Tennessee real estate market. Over the past two years, rates have risen from historic lows of around 3% to nearly 7%, causing many homeowners to stay put, creating a “lock-in” effect. However, as of July 2024, there’s good news for prospective buyers: mortgage rates have begun to ease, currently hovering just below 6.5%. This slight decrease is expected to continue as inflation cools and the Federal Reserve adjusts its policies.

For those looking to buy a home in Knoxville or East Tennessee, this trend could make homeownership more affordable in the coming months. On the flip side, sellers should be aware that lower rates could bring more buyers into the market, potentially increasing competition.

This shift in mortgage rates is critical for anyone considering buying a home in Knoxville or East Tennessee. Monitoring Knoxville mortgage rates and understanding how they influence home affordability will be key to timing your entry into the market.

East Tennessee Real Estate Market: Inventory and Price Trends

East Tennessee Real Estate Trends

  • Home Sales: Increased by 7.1% Year-over-Year
  • Pending Sales: Up 12.4%
  • Inventory: Rose by 42.7%
  • Median Sales Price: Up 7.14% to $375,000

The real estate market in East Tennessee is experiencing a significant increase in inventory, the highest level seen in 2024. This increase provides more options for buyers, but also indicates that the market is balancing out, with supply beginning to catch up to demand. This trend could lead to more stable prices in the coming months, making it a good time to buy a home in East Tennessee.

For those searching for East Tennessee property, the rise in inventory means more choices and potentially better deals. Keeping an eye on East Tennessee real estate trends will help you stay ahead in this evolving market.

Knoxville Real Estate Market Update

  • Home Sales: Up 15% Year-over-Year
  • Pending Sales: Up 15%
  • Inventory: Increased by 51.6%
  • Median Sales Price: Rose by 3.97% to $395,000

In Knoxville, the real estate market remains strong, with a significant year-over-year increase in both home sales and inventory. The median sales price continues to rise, though at a more moderate pace. For sellers in Knoxville, this means the market remains favorable, though pricing strategies should be carefully considered as more homes come onto the market.

If you’re considering selling your home in Knoxville, understanding these market dynamics is essential to pricing your property competitively. The current trends in Knoxville real estate indicate that while the market is still strong, strategic pricing will be key to attracting buyers.

County-Specific Real Estate Insights: Knoxville and Surrounding Areas

While the Knoxville real estate market shows steady growth, surrounding counties are experiencing mixed trends:

  • Roane County Real Estate: Inventory up 56.7%, median sales price up 8.28% to $322,950.
  • Sevier County Real Estate: Inventory up 46.55%, median sales price down 12.12% to $452,500.
  • Loudon County Real Estate: Inventory up 64.4%, slight decrease in median sales price by 1.23%.
  • Blount County Real Estate: Inventory up 35.4%, median sales price down 1.37%.

These figures highlight the importance of understanding local market conditions when buying or selling property in East Tennessee. Areas like Sevier County are seeing price drops, likely due to decreased investor activity, making it a potential opportunity for buyers. Meanwhile, counties like Roane are still experiencing strong price growth, indicating sustained demand.

Opportunities and Challenges in the Knoxville Real Estate Market

The real estate market in East Tennessee and Knoxville is showing signs of balancing out. For buyers, increasing inventory and easing mortgage rates may offer a better chance to find the right home. For sellers, especially in high-demand areas like Knoxville, the market remains favorable, but it’s important to stay competitive as more listings come online.

If you’re contemplating selling your home in Knoxville, or buying property in East Tennessee, now is the time to act. Staying informed about Knoxville real estate opportunities and challenges will help you navigate this complex market effectively.

Final Thoughts

The East Tennessee and Knoxville housing market is in a state of flux, with both growth and challenges evident in the data from July 2024. By staying informed and strategically using the current trends, buyers and sellers can make the most of the opportunities presented by this dynamic market.

For more insights into buying or selling property in East Tennessee or Knoxville, or to discuss your specific real estate needs, don’t hesitate to reach out. We’re here to help you navigate these evolving market conditions.

For more insights into buying or selling property in East Tennessee or Knoxville, or to discuss your specific real estate needs, don’t hesitate to reach out. We’re here to help you navigate these evolving market conditions. Contact 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.

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!

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