For fall 2017, the Knoxville real estate market remains just as it has been, red-hot. With a 6% week-over-week rise in average listing price, (*Trulia.com) Knoxville home prices are rising rapidly compared against most U.S. cities. The median sale price for homes in the Knoxville real estate market is up to $175,000, with an average price per square foot of $106. (*Trulia.com). 90 – 96% of all homes listed in 2017 have been successfully sold, with an avg. sale time of less than 58-days, almost 30 days better than the prior year average (*USAToday.com). The quick turn of listed homes is what’s widely referred to as a seller’s market.
Experts cite a number of reasons for the strong health of the Knoxville real estate market. The Knoxville area offers a lot of outdoor activities, there’s water everywhere, there’s mountains to hike and there’s seemingly no end to drive-away destinations such as Atlanta, Nashville and Asheville. Knoxville has also experienced a boom over the past 24-months, with more jobs growth and new business openings than 87% of U.S. cities (*NeighborhoodScout.com), including growth to high-end retail and dining. Knoxville has seen a recent resurgence to the downtown area (real-estate & retail) and improvements to South Knoxville and the South Knoxville waterfront have also spurred economic growth of late. The Knoxville area has a strong offering of top-ranked public & private schools, including 4 of the top 20 ranked school districts in the state of Tennessee (*USNews.com). Compared to affordability in other cities, Knoxville is on the lower end for cost of living. Residents pay no state income tax except on interest and dividends, and the avg. cost of food, goods and gas are all well below the national average. Realtors also attribute some of the growth to the Knoxville real estate market to the increased number of people seeking home ownership in a seasonal climate, in a non-coastal area. 8 of 12 months in Knoxville have average high temperatures in the 60s, and less than 7 weeks out of the year experience daily avg. high temperatures below 50 degrees.
Knoxville homes are selling quickly in many neighborhoods. And how you look at Knoxville being called one of the hottest real estate markets in the country depends on what side of the spectrum you’re on. For sellers, homes are bringing near record prices and quick sales. For buyers, it’s not the best of news. Realtors agree that the mindset for buyers should not be how much you can save on a home, but getting the home you want. In the current Knoxville real estate market, agents say you can’t afford to be picky. The most desired homes are selling quickly, often with multiple offers, and home values are expected to rise 4.4 percent in the next year (*Zillow.com).