In this Knoxville Insider Issue…

🌤️ Real Estate Edition - Knoxville Real Estate Market Update
 

Knoxville Real Estate Market Update: Trends and Shifts as of September 2024

The Knoxville area housing market saw some notable shifts as of September 30, 2024. Home sales decreased by 7.8% from the previous month and are down slightly by 1.0% compared to last year. The median sale price for homes rose to $371,250, marking a 9.19% increase from last year and reflecting the region's strong demand and rising property values.

Housing inventory has grown significantly, up 38.3% from a year ago, providing more options for buyers entering the market. Homes are taking a bit longer to sell, with half of the properties going under contract in 20 days or less—up from just 11 days last year. However, competitive pricing is still evident: about 40.55% of homes sold at or above the asking price. The sale-to-list price ratio dropped slightly to 97.5% from 97.9% a year ago, indicating that some sellers may be negotiating on price.

Overall, the data suggests a market adjusting to higher prices and increased inventory. Buyers have more choices, and sellers may find it takes slightly longer to secure offers, although competitive bidding remains strong for certain properties.

Ask a Realtor/Broker😀 

Got questions about buying or selling? Feel free to reach out! Whether you’re curious about how to get started or want advice on maximizing your home’s value, I’m here to help with all your real estate needs.

The Real Estate Edition Issue brought to you by Barbara Newton. She can be reached at [email protected]

Become a Knoxville Insider Real Estate Edition Sponsor

Are you a brand new or established business looking to become known in our Knoxville Insider community? We are looking for locally-owned business that would like to become a Knoxville Insider sponsor! Sponsorships can include:

• Hero or section banners

• Logo

• Video

• Print

• Spotlight Directory

• and more…

Reach out to us at [email protected].