knoxville tennessee Archives

Knox County Housing Market Snapshot | July 2024

HOW ‘BOUT THOSE INTEREST RATES?!

Over the past month or so, we experienced a slow and steady decline in mortgage interest rates, but nothing substantial. That changed when the higher-than-expected unemployment numbers came out on Friday, August 2nd, sending rates on a sharper downward trajectory.

Also, there is growing sentiment that the Federal Reserve will lower the fed funds rate by 50 basis points in September. While this drop won’t have a direct impact on mortgage rates, the effect should continue to put downward pressure on rates.

Median home prices in the Greater Knoxville area remain higher than last year, despite a growing supply of homes on the market. The number of active listings in Knox County is at its highest point since late 2020.

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Knox County Housing Market Snapshot | June 2024

Overall, June was a relatively uneventful month for the local housing market. That said, there are signs of changes coming…

Mortgage interest rates jumped up in the middle of June but regressed back down to around 7%. The expectations from Fannie Mae, the Mortgage Banker’s Association, and the National Association of Realtors are that rates should continue to move downward to around 6.8% by the end of this year. Lower interest rates could provide some much-needed improvement to housing affordability and potentially lead to more home buyers entering the market.

The most notable trend is the continued rise in housing inventory. The number of active/unsold listings in Knox County is 30% higher than it was a year ago. Higher housing inventory should continue to put downward pressure on home prices, but for now, the high demand for homes in our area continues to push home prices slightly higher.

Interested in what your Knoxville area house is worth right now? Get an online home value report in just minutes

Knoxville Housing Market Snapshot | August 2023

NO SIGNS OF A SLOWDOWN YET…

The gradual upward trend in Knoxville area home prices continued in August. Limited housing inventory, a very low unemployment rate, and extensive demand continue to be the recipe that is driving prices up.

Mortgage interest rates remained relatively steady last month. That said, many reputable mortgage experts and economists predict significant declines in interest rates as early as this winter. By the end of next spring, interest rates could be down in the low 5% range making for an excellent opportunity to refinance your mortgage if you’ve bought a home within the past 18 months.

It’s still an amazing time to sell a home, which may not last much longer. When interest rates drop, there will likely be a rise in housing inventory. As inventory rises, home price appreciation will cool off. Also, It will likely take longer to sell your home with more competition on the market and more concessions required to make a deal.

Get your local housing market report: https://listings.homemarketinggroup.com/idx/market-reports

Knoxville Housing Market Snapshot | July 2023

HERE’S WHERE WE ARE AT…

The average sales price of homes in Knoxville remained well above what it was at this time last year. That said, we’ve noticed some signs that prices may be starting to stabilize.

When comparing our sales price-to-listing price ratio on a month-to-month basis, it dropped for the first time since January. Also, the absorption rate of homes in our area (how fast homes are selling) also continued its upward trend to a 2.2 months supply. While this number still represents a strong seller’s market, the upward trend indicates that we are moving closer to the 4-month benchmark that many housing experts use to determine whether or not we are in the “buyer’s market” or “seller’s market”.

Typically, when you have a rising absorption rate, a declining sales price-to-listing price ratio, and a higher average days-on-market (compared to this time last year), you also see housing inventory increase. That’s really not the case in Knoxville right now! Our overall housing inventory has remained relatively flat throughout 2023 and is still about 13% below what it was at this time last year.

So, what does this mean? It could be that the demand for housing is starting to soften just a little bit. This is likely due to the rate at which home prices have risen over the past few years and not because there are fewer people who want to buy a home. Potential home buyers could be “waiting things out” to see what happens with interest rates (expected to start coming down at the end of 2023 and into 2024). Others could be waiting to buy because they just can’t afford the ideal home for the lifestyle they would prefer to have.

If you have questions about our housing market or whether or not now is the time to make a move, feel free to contact us.

Living In Downtown Knoxville

An urban lifestyle in Downtown Knoxville

Have you been considering a more urban lifestyle? Downtown Knoxville is experiencing huge growth right now, making it an ideal time to buy downtown. New construction options, along with historic staples of the Downtown Knoxville area, provide many different living options to fit your needs and budget. Here are some of the hottest condominium communities in the Downtown Knoxville area right now:

Regas Square

Regas Square is a new, $40 million dollar mixed-use development at the end of Gay St that is “built to offer you the style of living you want. Atmosphere, amenities, proximity, all in a neighborhood setting that allows you to play or just relax.” Residences are located on the second through sixth floors with one, two, and three-bedroom options. It also includes 20,700 square feet of restaurant, entertainment, and retail space on the street level.

The Residences At The Tennessean

Perfectly situated alongside the city center’s largest public greenspace at World’s Fair Park, The Residences at The Tennessean offers 12 discerning buyers an unrivaled opportunity in vibrant downtown Knoxville. This limited collection of personal luxury residences redefines the city’s standard of urban living, with contemporary style and superior finishes.

The Candy Factory

Sitting on World’s Fair Park Drive, this historical five-story brick structure was built circa 1916. It was home to the successful candy manufacturers, South, Littlefield & Steere Company until the business closed in 1933 and moved to Clinch Avenue. The building was renovated in 2007 is now a $10 million mixed-use development, sitting adjacent to the Waters of the World water feature and the Knoxville Museum of Art. The building includes ground-floor retail with 47 contemporary residential condominiums that are some of the most affordable in Downtown Knoxville.

The Holston

Luxury living in the heart of Downtown! The Holston is a historic, one-of-a-kind landmark that touts itself as having stunning residences with extraordinary views. The building has been converted into 42 luxury condominiums and sits right along Gay Street. One, two, and three-bedroom floor plans are available, with all units boasting an abundant amount of windows with unobstructed views of Knoxville and the Smoky Mountains.

Visit downtownknoxville.org to stay current on upcoming events, places to eat, shopping, and what’s new in the Downtown Knoxville area. Interested in browsing what’s for sale downtown? Check out the latest listings in downtown Knoxville!

5 Reasons Why Living in Knoxville ROCKS!

This list could go on forever, but here are some of our favorites…

#1: Affordable Living

The cost of living in Knoxville is low compared to other parts of the country. In fact, Knoxville just ranked #8 on Realtor.com’s list of the 10 Best Affordable Small and Midsize Cities to Live In 2018. Simply put, you’ll be able to enjoy a higher quality of life for much less money than you would in other cities and states. That means more opportunities for travel, housing upgrades, and much more.

#2: Outdoor Activities

Knoxville’s proximity to areas such as Big South Fork National Park and the Great Smoky Mountains National Park allow for outdoor enthusiasts to enjoy hiking, boating, fishing, breathtaking views, unique wildlife, and many other fun activities. Our next blog will cover in more detail some of our favorite places to enjoy the sunshine and fresh air in the area. Until then, check out our list of 6 state and national parks close to Knoxville.

#3: Tennessee Sports Culture

The sports scene is alive and well in Knoxville. US News & World Report points out that sports enthusiasts will enjoy cheering on the Tennessee Smokies (AA affiliate for the Chicago Cubs), the Knoxville Ice Bears professional hockey team and the very popular SEC-affiliated University of Tennessee Volunteers. You’ll find our tailgating tips helpful once football season rolls around again!

#4: Moderate Climate, Minimal Snow

This is a selling point that anyone in New England or the Midwest will appreciate. Sperling’s Best Places offers a nice snapshot of the overall climate and weather in Knoxville. To sum it all up, on average there’s less rain and far less snow in Knoxville than in other parts of the country, and an average of 204 sunny days per year. The July high temperature is around 87 degrees, and the January low is 28 degrees on average. Not too shabby when you consider the Arctic Winter experienced in many parts of the country last year!

#5: History, Dining, and Culture

Knoxville boasts a rich history and cultural scene. It’s fun to explore how Knoxville got to where it is today at one of 20 local museums, numerous performing arts venues, and historic neighborhoods. Local restaurants and breweries offer plenty of options for residents and visitors of all ages! Downtown Knoxville’s Market Square is one of our favorite places to enjoy a good meal and take in a night on the town. You’ll also love the local events offered in Knoxville, particularly in the springtime. Click here to discover 14 East Tennessee spring festivals to check out in 2018.

Sidenote: Local Love

Have you searched the #KnoxRocks tag on Instagram? It’s a fun way to get a visual perspective on why we all like to call Knoxville “home.” We also recommend connecting with local bloggers to stay updated on the latest local happenings. Here are a few of our favorites: