As we head into what has traditionally been the peak months for home sales, there are some positive signs in our housing market. Both pending home sales and housing inventory have risen steadily since the start of 2025. Median home prices are also still about 7% higher than they were at this time last year.
That said, the uncertainty of the direction that mortgage rates and the economy are going continues to keep many potential homebuyers on the sidelines. Should we see a moderate decline in mortgage interest rates in the coming months, it is likely we’ll have a significant increase in home sales. However, most of the experts in the mortgage industry are not expecting interest rates to change much in 2025.
Overall, the supply of homes in Knox County is still well below what is needed to meet the present and future demand. This is the primary factor that is keeping median home prices higher, despite more homes being on the market in our area.
Conclusion? While homebuyers do have a lot more leverage than they did a few years ago, Knox County is still a “seller’s market”…
