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Tellico Village Real Estate Market Update: April 2025 Trends for Buyers and Sellers

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Are you considering buying or selling a home in Tellico Village, located in breathtaking Loudon, Tennessee? This sought-after community is known for its scenic beauty, active lifestyle, and desirable real estate options. As of April 2025, the housing market in Tellico Village is showing signs of transition, providing opportunities and challenges for buyers and sellers alike.

In this blog post, we’ll break down the latest trends, key metrics, and actionable insights you need to navigate the Tellico Village real estate market with confidence.

Tellico Village Housing Market Overview

The Tellico Village market is shifting from a strong seller’s market to a more balanced environment, with growing inventory levels and softening prices. While the market remains active, buyers are gaining leverage, making this a key moment for both buyers and sellers to act strategically.

1. Inventory and Absorption Rate

  • Active Listings: Increased to approximately 160 homes by April 2025 (up 89% from one year ago), signaling higher inventory levels.
  • Absorption Rate: Jumped by 85.56% year over year, reaching 5.14 months of inventory (up from 2.77 months in April 2024).

What This Means:

  • For Sellers: Homes are taking longer to sell, and pricing competitively is now critical in a more crowded market.
  • For Buyers: With increased inventory and a market nearing a buyer’s market threshold of six months, buyers have more options and greater negotiating power.

2. Pricing Trends

  • Average List Price: Increased modestly by 2.86% to $678,972, reflecting steady seller confidence.
  • Median List Price: Decreased slightly by 0.64% to $639,900, showing sellers are adjusting expectations to meet demand.
  • Average Sale Price: Declined by 9.28% to $636,021, suggesting buyers are negotiating lower prices, especially on higher-end properties.
  • Median Sale Price: Rose slightly by 1.06% to $624,900, indicating stability in mid-range home values.

What This Means:

  • For Sellers: Sellers of premium properties must adjust pricing expectations and consider offering incentives to attract buyers.
  • For Buyers: Declining average sale prices present opportunities to secure deals, particularly on luxury homes.

3. Days on the Market

  • Average Days on Market: Decreased slightly by 7.5% to 74 days, showing some homes are selling faster than before.
  • Median Days on Market: Increased significantly by 73.08% to 45 days, reflecting that less desirable or overpriced homes are lingering longer.

What This Means:

  • For Sellers: Well-priced, move-in-ready homes are selling quickly, but overpricing will likely lead to extended market times.
  • For Buyers: Buyers have more time to evaluate their options, especially for homes that have been on the market longer.

4. Sale-to-List Price Ratio

  • Sale-to-Original List Price Ratio: Dropped to under 94%, indicating that sellers are accepting offers well below their initial asking prices.
  • Sale-to-Final List Price Ratio: Remains strong at around 98%, showing that sellers who adjust their prices competitively still sell near their final asking price.

What This Means:

  • For Sellers: Start with a competitive price to avoid prolonged market times and eventual price reductions.
  • For Buyers: Buyers can negotiate discounts, particularly on homes that have lingered on the market.

5. Price Volume Trends

  • Active List Volume: Increased, driven by higher inventory levels and steady list prices.
  • Sold Volume: Declined, reflecting a slower pace of closed transactions and the softening of average sale prices.

What This Means:

  • For Sellers: Rising competition requires enhanced marketing efforts and realistic pricing strategies.
  • For Buyers: Slower sales activity gives buyers more leverage, time, and opportunities to find the right home.

Conclusions for Buyers and Sellers

For Sellers

  1. Increased Competition: With rising inventory and longer absorption rates, sellers must focus on competitive pricing and effective property presentation to stand out.
  2. Pricing Strategy: Overpricing homes will lead to extended market times and eventual price reductions. Start with a fair market price to attract buyers quickly.
  3. Market Preparation: Homes that are well-maintained, updated, and move-in-ready are more likely to sell quickly in this transitioning market.

For Buyers

  1. Increased Leverage: With more inventory and a cooling market, buyers have more negotiating power than before.
  2. Time to Evaluate: The longer absorption rate and increased days on market give buyers more time to make informed decisions.
  3. Negotiation Opportunities: Declining average sale prices and the drop in the sale-to-original list price ratio provide opportunities to secure favorable deals, particularly on higher-end homes.

Tellico Village Market Outlook

The Tellico Village real estate market is transitioning toward balance, with rising inventory, slower sales, and softening prices. While still active, the market is no longer as strongly tilted toward sellers as in prior years. Sellers must adapt to these changes by pricing competitively and presenting their homes effectively, while buyers can take advantage of increased inventory and negotiating opportunities.

Why Work with a Tellico Village Real Estate Expert?

Navigating a shifting real estate market requires the guidance of a knowledgeable local expert. At Cornerstone Realty Associates, we specialize in helping sellers price and market their homes for success and assisting buyers in finding the perfect property in Tellico Village.

Ready to Buy or Sell in Tellico Village? Contact Us Today!

📞 Phone: 865-999-09825
📧 Email: troy@865realestate.com
🌐 Website: 865realestate.com

Let’s make your Tellico Village real estate goals a reality!

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

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Are you planning to buy or sell real estate in Knoxville or East Tennessee in 2025? With the latest housing market data in hand, you can make informed decisions that align with current trends in the area. In this market update, we’ll break down the key insights from April 2025, including inventory levels, price trends, and market conditions for both buyers and sellers.

Whether you’re a first-time buyer, seasoned investor, or a homeowner ready to sell, here’s everything you need to know about the Knoxville and East Tennessee real estate markets.

Knoxville Housing Market: Cooling but Still Favoring Sellers

The Knoxville housing market is showing signs of cooling, but it remains a slight seller’s market. Here are the latest stats comparing April 2025 to April 2024:

  • Home Sales: Down 15.4% year over year.
  • Pending Sales: Up 10.9%, showing steady buyer interest.
  • Inventory Growth: Up 61.4%, giving buyers more options.
  • Median Sales Price: Increased 4.94% to $404,000.
  • Average Price Per Square Foot: $234 per square foot.
  • Absorption Rate: Rose to 2.38 months, reflecting a slight shift toward balance but still favoring sellers.
  • Days on Market: Average days on market increased by 44.12% to 49 days, signaling a slower pace for home sales.

What This Means for Sellers in Knoxville

Sellers in Knoxville need to adapt quickly to changing conditions by pricing homes competitively and ensuring properties are well-prepared for listing. While prices are still rising, the increase in inventory and absorption rate indicates growing buyer leverage.

What This Means for Buyers in Knoxville

With more inventory and slower sales, buyers have greater negotiating power. However, desirable homes are still selling quickly. Acting decisively on well-priced properties is key to securing your dream home.

East Tennessee Housing Market: A Steady Transition Toward Balance

Compared to Knoxville, the East Tennessee market is transitioning more gradually, moving closer to a balanced market. Here’s the year-over-year data for April 2025:

  • Home Sales: Down 12.5% compared to April 2024.
  • Pending Sales: Up 13.7%, reflecting active buyer interest.
  • Inventory Growth: Up 39.4%, giving buyers more options.
  • Median Sales Price: Increased 6.23% to $375,000.
  • Average Price Per Square Foot: $227 per square foot.
  • Absorption Rate: Rose to 4.07 months, nearing a balanced market.
  • Days on Market: Average days on market increased by 16.98% to 62 days, while the median rose 53.33% to 23 days.

What This Means for Sellers in East Tennessee

Sellers in East Tennessee can take a more patient approach compared to Knoxville. With homes taking longer to sell, focusing on property presentation and strategic pricing is crucial. The market is nearing balance, but sellers can still benefit from price appreciation.

What This Means for Buyers in East Tennessee

Buyers have more time to evaluate properties as the market stabilizes. While the slower pace offers more flexibility, competitive pricing means there’s less room for dramatic discounts.

Key Trends Driving the Knoxville and East Tennessee Housing Markets

1. Growing Inventory Levels

Both Knoxville and East Tennessee are experiencing rising inventory levels, providing buyers with more options. However, Knoxville’s faster absorption rate increase (52.2% year over year) suggests a more rapid market adjustment compared to East Tennessee’s slower pace (29.25%).

2. Seasonal Market Upswing

Spring is the busiest time for real estate, and both markets are benefiting from seasonal demand. Pending sales have increased significantly in Knoxville, jumping from 488 in February to 666 in April, highlighting strong buyer activity.

3. Pricing Trends

  • Knoxville: Median sales price rose by 5.19% to $405,000, while the median list price declined by 3.25%. This suggests sellers are adjusting expectations to attract buyers.
  • East Tennessee: Median sales price increased 6.23% to $375,000, with a modest 1.24% rise in list prices. Sellers here are maintaining steadier pricing strategies.

4. Affordability Challenges

Rising prices and high mortgage rates (currently hovering around 6.92%) are creating affordability challenges for many buyers. The “lock-in effect” is also keeping some potential sellers on the sidelines, as 72% of homeowners with mortgages have interest rates below 5%.

County-Specific Market Insights

Here’s a quick overview of housing trends in surrounding East Tennessee counties:

  • Knox County: Inventory up 57.6%, pending sales up 12.2%, and median sales price up 7.08% to $401,547.
  • Roane County: Inventory up 29.3%, pending sales down 12.3%, and median sales price down 1.5% to $319,000.
  • Anderson County: Inventory up 37.6%, pending sales up 14%, and median sales price down 0.5% to $297,500.
  • Loudon County: Inventory up 65.8%, pending sales down 4.3%, and median sales price up 4.98% to $527,500.
  • Sevier County: Inventory up 18.1%, pending sales down 5.7%, and median sales price down 3.81% to $525,000.
  • Blount County: Inventory up 51.2%, pending sales up 19.6%, and median sales price up 6.84% to $406,000.

Opportunities and Challenges for Buyers and Sellers

For Sellers

  • Knoxville: Price your home competitively and prepare it well to stand out in a cooling market.
  • East Tennessee: Be patient with longer selling times, but focus on presentation and pricing to attract buyers.

For Buyers

  • Knoxville: Leverage increased inventory and negotiate strategically, but act quickly on desirable properties.
  • East Tennessee: Take advantage of a balanced market to explore more options, but don’t expect deep discounts.

National Market Context: How Knoxville and East Tennessee Compare

Nationally, the housing market is seeing more metro areas with falling home prices. However, Knoxville and East Tennessee continue to experience year-over-year price appreciation.

Despite low national home sales (near historic lows since 1995), East Tennessee’s resilience reflects strong local demand and steady market conditions.

Final Thoughts: Steady as She Goes

The Knoxville and East Tennessee housing markets are adapting to increased inventory and shifting buyer behavior. Knoxville is cooling faster, while East Tennessee’s transition is more gradual.

Whether you’re buying or selling, understanding these nuanced trends is key to making informed decisions. If you’re ready to take the next step in the Knoxville or East Tennessee real estate market, contact Troy Stavros with Cornerstone Realty Associates for expert guidance.

Looking to buy or sell in Knoxville or East Tennessee? Let’s make your real estate goals a reality. Reach out today for personalized advice and support!

Contact Troy Stavros, Cornerstone Realty Associates
📞 Phone: 865-999-0925
📧 Email: troy@865realestate.com

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.

Knoxville and East Tennessee Housing Market Update – November 2024

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Welcome to your November 2024 Knoxville and East Tennessee Housing Market Update! Whether you’re considering buying or selling a home in Knoxville, Tennessee, or the surrounding East Tennessee region, understanding the latest market trends is essential. Let’s dive into the insights for November 2024 and explore how the market is shaping up as we head into 2025.

Knoxville and East Tennessee Housing Market Overview

The housing market across Knoxville and East Tennessee continues to demonstrate resilience, with key metrics pointing to a balanced and active market. Here’s what you need to know:

  • Median Sales Price in East Tennessee: $375,000 (+7.69% YoY)
  • Median Sales Price in Knoxville: $412,000 (+11.62% YoY)
  • Pending Sales Growth: Knoxville up 17.9%, East Tennessee up 16.1%
  • Inventory Growth: Knoxville up 27.6%, East Tennessee up 34.5%
  • Average Price per Square Foot: Knoxville at $225, East Tennessee at $218

The market is moving in the right direction for buyers and sellers alike, with rising inventory levels providing more options for buyers, while steady price appreciation benefits sellers.

Key Trends in East Tennessee’s Housing Market

Let’s take a closer look at the East Tennessee real estate market and uncover the trends shaping it:

1. Inventory is Climbing

  • Inventory increased by 34.5% year-over-year in East Tennessee, giving buyers more choices in a historically tight market.
  • The absorption rate grew slightly to 4.08 months, reflecting the seasonally slower demand as we approached the winter months.

2. Steady Price Appreciation

  • The median sales price in East Tennessee reached $375,000, up 7.69% year-over-year.
  • The average sold price per square foot increased to $218, showcasing the ongoing demand for homes across the region.

3. Pending Sales Rising

  • Pending sales were up 16.1%, reflecting strong buyer interest even as we moved into the holiday season.

4. Seasonal Demand Decline

As usual during the winter months, demand softened, with fewer homes going under contract compared to the summer highs. While new listings have decreased since August, the market remains healthy heading into 2025.

Knoxville Housing Market Insights

Knoxville remains a hot housing market as we approach 2025. Here’s a breakdown of the key data for November 2024:

  • Median Sales Price: $412,000 (+11.62% YoY)
  • Pending Sales: Up 17.9% YoY
  • Inventory: Up 27.6% YoY
  • Absorption Rate: 2.37 months, reflecting a continued seller’s market
  • Average Price per Square Foot: $225

Knoxville’s housing market continues to shine due to its affordability, job growth, and quality of life, attracting both local and out-of-state buyers. With a median sales price increase of 11.62%, Knoxville is outperforming national trends, making it a top destination for those looking to buy or sell.

County-Level Housing Market Trends

Here’s how the housing market performed across some of the key counties in East Tennessee:

  • Knox County:
    • Median Sales Price: $402,000 (+10.9% YoY)
    • Pending Sales: +15.8% YoY
    • Inventory: +30.3% YoY
  • Loudon County:
    • Median Sales Price: $524,000 (+6.19% YoY)
    • Inventory: +56.6% YoY (largest inventory growth in the region)
  • Blount County:
    • Median Sales Price: $375,000 (+7.14% YoY)
    • Pending Sales: +20.3% YoY
  • Sevier County:
    • Median Sales Price: $572,500 (-0.44% YoY, nearly flat)
    • Inventory: +24.43% YoY
  • Anderson County:
    • Median Sales Price: $350,000 (+12.9% YoY)
    • Inventory: +9.3% YoY

What’s Driving Knoxville’s Housing Market Growth?

Knoxville has firmly established itself as one of the top housing markets in the U.S. for 2025, earning recognition from both the National Association of Realtors® (NAR) and Zillow. Here’s why:

  1. Job Growth and Economic Stability: Knoxville’s economy is growing steadily, with a 6.2% increase in payroll employment since 2020.
  2. Net Migration: Tennessee remains a top destination for those relocating from other states, drawn by Knoxville’s affordability and quality of life.
  3. Millennial Homebuyers: Younger buyers are transitioning from renting to owning, fueling demand in Knoxville.
  4. Tight Inventory Drives Prices Higher: While inventory is growing, the supply remains relatively low, especially in the most active price range of $350,000–$400,000, keeping competition strong.

Mortgage Rates and 2025 Housing Market Outlook

Mortgage rates remain a key factor in the market. Although rates are higher than historic lows, they have stabilized below 7%, with the 30-year fixed rate recently averaging 6.84%. As we head into 2025, the National Association of Realtors® predicts rates will hover between 5.5% and 6.5%, potentially improving affordability for buyers.

What to Expect in 2025

  • Continued Price Growth: Knoxville’s housing market is expected to outperform national trends, with Zillow forecasting a 5.8% price increase in 2025.
  • New Construction Activity: Home sales will be driven by new construction as existing homeowners remain locked into low mortgage rates.
  • Sustained Demand: Knoxville’s affordability and employment opportunities will continue to draw buyers, ensuring a competitive market.

Should You Buy or Sell in Knoxville and East Tennessee?

If you’re buying a home in Knoxville, increasing inventory provides more opportunities, but prices continue to rise, so acting sooner rather than later may save you money. For sellers, the market remains hot, with demand strong and prices climbing year-over-year.

Need Help Navigating the Market? Contact Us Today!

Whether you’re buying, selling, or investing in Knoxville or East Tennessee, the market is full of opportunity. With over a decade of experience in the region, Troy Stavros with Cornerstone Realty Associates is here to guide you every step of the way.

Let’s make your homeownership dreams a reality this holiday season. Have a Merry Christmas, and we’ll see you next month for the December 2024 market update!

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.