Knoxville, TN Housing Market: What to Expect in 2025?

Name: Knoxville, TN Housing Market - Price Trend Analysis
Creator: Houzeo
License: https://www.houzeo.com/terms-of-use/

Overview

Supply

Demand

Buy or Sell

Knoxville Housing Market Overview

The Knoxville real estate market is more or less balanced at present. The median home price has risen by 3.6% year-over-year, and now sits at $310,750. Properties stay on the market for 47 days before they go under contract. 237 houses in Knoxville, TN, were sold this month, which marks a 4.4% increase YoY.

Knoxville's housing market has inventory options for various budgets. You can find everything from modern condos to mountain view properties here. The city has experienced consistent appreciation without drastic price surges. Alongside this sustainable growth, the Knoxville real estate market maintains its enduring appeal for buyers. With the proximity to the Great Smoky Mountains and the Tennessee River, Knoxville also has plenty of outdoor recreation opportunities.

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Knoxville Housing Supply

Knoxville attracts real estate investors due to its strong rental yields. The city's affordability and economic stability also draw in first-time homebuyers. At present, the number of houses for sale in Knoxville, TN, stands at 730, a substantial 36.4% increase from last year. This includes 360 new listings. Now, buyers have significantly more choices as inventory expands. However, Knoxville's housing supply sits at 3.1 months, which slightly balances out the market.

Housing availability in the city follows seasonal patterns. More homes in Knoxville, TN, enter the market during spring and summer, as buyers aim to secure properties before the year ends. Properties in popular neighborhoods like West Knoxville and Farragut maintain high value despite inventory growth. So, buyers should act quickly. Before you make an offer, make sure to carefully inspect homes and look for areas of negotiation.

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Knoxville Housing Demand

Knoxville's real estate market is somewhat competitive. 19.4% of homes sell above list price, while 26.9% sell below. In fact, price drops are up by 2.7 percentage points from last year. The sale-to-list price ratio sits at 98.3%. This signals a healthy environment for negotiation, even though sellers typically receive close to the asking price.

As a home seller, price your home for sale in Knoxville, TN, accurately from the start. This helps attract serious buyers in this evolving market. You might need to adjust expectations given the climbing percentage of above-list sales. With increasing inventory, expect some price negotiation. To maximize your property exposure in these conditions, consider listing your home on the Tennessee MLS. If you're buying a house in Knoxville, you might benefit from more inventory and options. So, act quickly on homes that meet your criteria.

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Balanced: Neither buyers nor sellers dominate the market. Supply meets demand, prices stay stable, and both parties negotiate on an equal footing.

Knoxville Market: When to Buy or Sell?

The Knoxville housing market shifts between competitive phases throughout the year. It generally aligns with trends in the Tennessee housing market, but with local variations. When competition is low and inventory rises, buyers have more leverage to negotiate. Conversely, when demand surpasses supply, sellers enjoy higher prices and faster sales.

With Knoxville's housing supply at 3.1 months, the market approaches balance, similar to the broader US housing market. Buyers benefit from improving inventory despite quick sales. Meanwhile, sellers can expect reasonable offers if they price their homes accurately. Understanding these trends will help you time your purchase or sale.

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Frequently Asked Questions

How has the average home price in Knoxville, TN, changed over the past year?

The median home price in Knoxville, TN, has increased by 3.6% over the past year. It now sits at $310,750 in the current market. To know your property's value in this market, use our free home value estimator.

What is the Knoxville housing market forecast for 2025?

Home prices in Knoxville, Tennessee, should continue their modest upward trend in the coming months. Demand will likely remain steady with expanding inventory. Rising mortgage rates could moderate but not halt appreciation.

What's the average home price in Knoxville, TN?

Knoxville's median home price varies by neighborhood and property type. Costs typically range from $325,000 for single-family homes to $412,450 for condos. If you want to buy a house here, you can find cheap homes for sale in Knoxville within your budget.

Is this a good time to buy a home in Knoxville, TN?

Check Knoxville housing market trends for supply and demand insights. This helps determine if it's a buyer's or seller's market. Remember, buyers can benefit from increasing inventory despite rising competition.

What are the current Knoxville housing market trends?

The housing market in Knoxville, TN, shows balanced growth patterns. Competition remains steady despite improving inventory levels. If you want to buy or sell in Knoxville, make sure to check the city's housing market trends for the right timing.

When will the Knoxville housing market crash?

Market forecasts suggest a crash remains unlikely. Home prices continue to rise, even in the face of high interest rates.

How to buy a home in Knoxville, TN?

Start with a clear budget and mortgage pre-approval. Then, search for Knoxville houses for sale, submit offers, secure loans, and complete the closing process.

How can I list my house for sale in Knoxville, Tennessee?

List your Knoxville home with a Flat Fee MLS Tennessee listing service. High-tech MLS sites like Houzeo assign the right paperwork based on your location. 🚀

What are the current mortgage rates in Knoxville, TN?

The state-wide average mortgage rate fluctuates between 6.11% and 6.72%. Rates depend on market conditions and your credit score. Check current rates with lenders before you apply.

What is the cost of living in Knoxville, Tennessee?

The cost of living in Knoxville, TN, sits 13% below the national average. Housing costs are particularly reasonable, with the median price at only $310,750. Utilities also remain affordable, subject to seasonal demands. As a result, Knoxville continues to attract families and retirees alike.

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