Here’s a quick update on the greater Knoxville real estate market.
Looking for a home? Click here.
Selling a home? Click here.
What is the real estate market like right now?
Well, things are going great! We’re still in a seller’s market at the moment, interest rates are very low, and buyers are out in droves looking for homes. In fact, home sales are up by about 3% over last year.
Our big problem currently is our lack of housing inventory. Inventory in the greater Knoxville area is down by about 48% compared to last year. That means if you’ve been thinking about selling your home, now is definitely a good time.
The number of days homes spend on the market varies greatly based on the exact location, price range, and other factors, but the average in Knoxville is 29 days. However, tons of sellers are getting multiple offers and are selling their properties in just one or two days! Additionally, that lack of inventory is driving home prices up. The average sales price is currently up by approximately 14.5% over last year.