INTEREST RATES ARE COMING DOWN…
As predicted, mortgage interest rates have begun a fairly steady decline since late October when they hovered around 8.25%. This favorable trend is expected to continue into 2024. In fact, both Fannie Mae and the Mortgage Bankers Association predict that interest rates will continue to drop well into 2025. This is an optimal trend for a mortgage interest rate buydown if you want to buy a home right now.
The average home sales price in Knoxville is still up just under 10% compared to this time last year. A limited housing inventory, a low unemployment rate, and many new, higher-paying jobs coming to the area are all having a major impact on local home prices.
The outlook for 2024 is still positive for the Knoxville housing market. There are no signs of significant home price depreciation on the horizon. However, housing inventory is expected to rise throughout the year, so those selling their homes should expect a longer time on the market and far fewer multiple-offer scenarios for homes listed at or near market value.
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