In this Knoxville Insider Issue…

🌤️ Real Estate Edition - Market Report as of April 2024
 

Market Report

East Tennessee Real Estate

Welcome to the inaugural issue of our real estate edition! Below is a brief snapshot of the status of real estate in East Tennessee (as of April 2024):

• Median home sale price was $354,450 (up 9.9% from April 2023)

• Housing Inventory increased 35.2% from 2023

• Home Sales increased 17.2% from April 2023

• 50% of the homes sold were under contract in 16 days or less (up from 9 days in 2023)

• 46.3% of homes sold for the asking price or above, with 23.6% selling for more than the asking price.

The issue of affordability remains prevalent nationwide, but particularly here. According to NAR (National Association of Realtors) data, the affordability crisis persists in Knoxville, where even households earning the median income of $62,911, as reported by the Knoxville Chamber, can only afford a small percentage of available listings.

Regarding Real Estate/Realtors

in the News

Author: Barbara Newton

Hi! I'm Barbara, a seasoned realtor/broker with over ten years of experience in Knoxville.

I want to address some misinformation recently reported in the news. The real estate industry has been misrepresented, and the media appears to be thriving on spreading inaccurate information. The national lawsuit concerning commissions, which I'm sure you've heard about, won't impact the industry as significantly as you might expect.

Real estate commissions have always been negotiable. There has never been a standard commission in the real estate industry. If your Realtor claims otherwise, you might want to consider interviewing other candidates. While some brokerages might suggest a recommended commission, there is neither now nor has there ever been a standard commission. Every time you sign a real estate contract, whether buying or selling, all commissions are negotiable.

My best advice to you is always read before you sign, always ask questions and know you have negotiating power!

Do you have specific real estate questions you'd like answered? Feel free to share them, and I'll answer as best I can!

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