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Knox County Housing Market Snapshot | May 2025

Knox County, TN – Housing Market Summary (May 2025)

The median sales price in Knoxville rose to $400,000, a 3.1% increase (up from $388,000 a year ago), reflecting a trend of continued (though cooling) higher prices in the area. Homes are now spending an average of 40 days on the market, up from 30 days in May 2024, indicating a modest slowdown in buyer activity.

The sales price-to-list price ratio stands at 98.9%, suggesting that homes are generally selling slightly below asking price, consistent with a more balanced market.

Mortgage rates remained relatively flat throughout most of May, with 15-year fixed rates at 6.1% and 30-year fixed rates at 6.8%. That said, many mortgage experts are still predicting rates to fall throughout the rest of the year.

Overall, the market remains stable, but flattening home price appreciation and extended days on market point to a gradual shift toward more favorable conditions for buyers.

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Knox County Housing Market Snapshot | November 2024

Home prices in Knoxville remain higher than at this time last year (just over 7% higher to be exact). That said, the total housing inventory in our area is almost 40% higher year-over-year. This should help keep local home prices relatively steady, despite the demand for housing continuing to remain strong.

It is also good news for home buyers as they have more homes to choose from than at any point since early 2020. Home buyers also have a little more leverage when it comes to making offers and negotiating contracts.

Interest rates ticked down a bit from earlier in the month. As of now, the consensus from credible sources such as Fannie Mae and the Mortgage Bankers Association is that rates should remain in the mid-to-low 6% range throughout 2025. Some outliers say rates could drop below 5% in 2025, but all sources agree that rates will continue a downward trend next year.

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Will The Housing Market Crash?

Interesting take on the housing market by Dave Ramsey about the housing market…

Check out this quote from a recent Facebook post by Dave that sums up his views on the housing market, at least for the near future. What are your thoughts about what he’s saying? Do you agree?

Before you answer, Dave put together an excellent housing market update on his YouTube channel last week. Watch it!

He provides some very intriguing data to reinforce his belief that there won’t be a housing market crash in 2022. In fact, he thinks home prices could continue over the next few years, despite rising mortgage interest rates and higher housing inventory.

With so much information and uncertainty in the housing market right now, Dave’s Real Estate Reality Check video provides some clarity on how to interpret what’s going on right now. It’s definitely thought-provoking and insightful. If he’s right, those waiting to buy or sell a home until after the supposed real estate crash occurs may be waiting quite a long time…

That said, if you’re ready to have a discussion about possibly selling your house, then let’s talk… Contact HMG

Getting To Know Knoxville – A Quick Introduction

Written By: Holli McCray

Getting to know Knoxville by its seasons…

A common question we receive from prospective homebuyers coming from other parts of the country is, “What’s the weather like in Knoxville?” Whether you’re new to the area or considering a move to Knoxville, this brief guide will help you know what to expect…

Living in Knoxville offers residents a diverse suburban feel with numerous local restaurants, boutique shops, and an abundance of parks—which are both family and pet-friendly. Let’s also not forget that the Great Smoky Mountains National Park is about an hour away! Not only is the cost of living quite affordable, but there’s also no state income tax and relatively low property taxes. Did you know Knoxville is more likely to experience an earthquake than a tornado? Not to fear though, the city’s risk for either is actually quite low. In fact, Knoxville experiences very few natural disasters compared to many other parts of the country…

The City of Knoxville is located along the Tennessee River in East Tennessee. Situated in the Great Appalachian Valley—known locally as the Tennessee Valley—it’s about halfway between the Great Smoky Mountains to the east and the Cumberland Plateau to the west. Both mountain ranges affect Knoxville’s weather by slowing and weakening cold winter air from the north and tempering hot summer winds from the west and south.

SUMMER

Knoxville’s summer weather is generally hot and muggy with highs in the upper-80s and lows in the upper-60s. The Sun is nice and bright so don’t forget to pack along a good hat and sunscreen. Sudden thunderstorms are common but provide relief on extremely warm days. If you’re looking for more excitement than lounging by the pool, Knoxville features several attractions that are worth the visit. The Knoxville Museum of Art provides a cool space to learn about the art and artists of East Tennessee. Take a stroll through the exhibitions or participate in educational programming designed for your little ones—best of all, admission is always free. Knoxville is also known as a city for live music lovers. With frequent summer concerts and live music offered around the city, there’s plenty of local talent to discover.

FALL

Fall in Knoxville is one of our favorite seasons. September is usually still quite warm, but temperatures typically cool down into the 70s in October and 60s in November. With crisp evenings that generally get down into the 40s, it’s time to bring out those jackets, boots, and your favorite pair of jeans and get outside to enjoy the amazing foliage in and around the city. We highly recommend taking a drive or hike through the nearby Smoky Mountains to enjoy brilliant shades of red, orange, and yellow. It won’t take long to realize how lucky we are to live in such a beautiful part of the country. Then make your way back into the city to partake in adult beverage at one the many local breweries—they’re sure to warm you from the inside out. But don’t forget to save room on your calendar for the many family-friendly fall festivals happening around town.

WINTER

Winter is obviously the coldest season in Knoxville with average temps in the 50s with low temps getting down into the 20s some days. In addition to rain, we receive approximately 6 inches of snow annually, though it rarely stays on the ground for more than a few days. That said, you’ll want to accessorize with hats, scarves, and a nice warm coat. Sports fans get their chance to root for the Knoxville Ice Bears or Tennessee Vols basketball teams. Theatre fans enjoy taking in the shows at the historic Tennessee Theatre. Winter also brings a host of festive holiday events and markets, making downtown Knoxville come alive.

SPRING

Spring in Knoxville ushers in the sounds of local birds and the sweet fragrance of blossoming flowers. High temps range in the 60s and 70s with lows in the 40s and 50s. April is our wettest month of the year, so you’ll want to keep a light raincoat and umbrella close at hand. The Ijams Nature Center is a great place for the whole family to take a leisurely hike and explore. This picturesque urban green space provides engaging experiences and the perfect way to learn about the nature surrounding Knoxville. And speaking of nature, the Knoxville Zoo inspires action for wildlife and wild places. Not only is spring the perfect time to visit the Zoo, but you’re also guaranteed to learn something pretty cool.

As you can see, Knoxville offers 4 very distinct seasons! Aside from it being a city that is seeing tremendous growth as well as being an affordable place to live, the 4 seasons are a major reason why so many people are moving to Knoxville. If you’re looking for the latest weather forecast, click here.