real estate agents knoxville Archives

Knox County Housing Market Snapshot | September 2024

More Homes to Choose From…

The total housing inventory in the Greater Knoxville area is up over 42% from last year. This is good news for home buyers who were frustrated due to the lack of available homes on the market. For most home sellers, you can likely expect longer days on the market and fewer multiple-offer scenarios.

That said, home prices and the rate of home sales are both up slightly from last year. Overall demand for homes in our area does not appear to be slowing anytime soon. Many factors account for this trend, but the 2 most prevelant are related to declining mortgage interest rates and access to higher-paying jobs in the Knoxville area.

The Knoxville housing market remains strong with a positive outlook heading into 2025. Based on the current numbers, those expecting a major market crash in our area may be waiting a long time…

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Knox County Housing Market Snapshot | August 2024

HOME AFFORDABILITY FINALLY IMPROVING…

Lower interest rates and stabilized home prices are having a positive impact on housing affordability.

The overall outlook on mortgage interest rates remains pretty encouraging. Rates are hovering in the low 6% range, with some lenders offering loans with rates well below 6%. And with the Federal Reserve expected to lower the fed funds rate this month, mortgage rates could drop even further.

The combination of the available listing inventory at its highest level in four years and lower interest rates could make this fall a great time to purchase a home…

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Selling Knoxville | Episode 8

Selling Knoxville is a lifestyle show centered around cool and interesting things happening in the Greater Knoxville area!

In this episode, Holli meets with local contractor and mentor, John Chandler, to talk about how he is helping to give a second chance to those in our community who need it.

John uses his Christian faith and skills as a contractor to establish positive chapters in the lives of those in his program. His ultimate goal for them is to have the tools to provide a prosperous life for themselves and their families.

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.

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Knox County Housing Market Snapshot | May 2024

WHERE ARE HOME PRICES GOING?

While average and median home prices in the Knoxville area are still slightly above what they were at this time last year, will this continue or will they begin to drop as housing inventory rises?

Despite interest rates dropping over the past few weeks, they still aren’t low enough to drastically improve home buyer demand. That said, most credible mortgage experts and economists still predict interest rates to be on a downward trend by the end of this year. Lower interest rates mean more home buyers.

The continued upward trend in the cost of living in Knoxville looks like it’s starting to significantly impact people in our area. Per capita income hasn’t kept up with the rise in prices in many cases, leaving many people with less disposable income and likely contributing to the rapid increase in overall consumer debt (ex. personal loans, credit cards). As a result, it’s highly likely that we will see more people having to sell their homes to access the equity they have accumulated in their homes over the past few years in order to keep up with living expenses.

On the flip side, Knoxville’s unemployment rate remains extremely low. There also continues to be a steady flow of new higher-paying jobs from companies moving into the Knoxville area. These are two major reasons why we continue to see home price appreciation in our area.

If home price growth remains flat, interest rates drop into the low 6%/high 5% range, and the unemployment rate stays low, we should expect to see a healthy local housing market heading into 2025.

Knox County Housing Market Snapshot | April 2024

STEADY AS SHE GOES…

Overall, there has been very little change in the Knox County housing market over the past few months. Home prices have remained consistent despite rising housing inventory.

The number of new listings that hit the market in April was the highest monthly total since August of 2022. Given that the average number of days that homes are on the market and the sales-to-list price ratio have both remained steady is evidence that there is still very strong demand for homes in our area.

The big news for the housing market in April was the higher-than-expected inflation numbers, which kept the Federal Reserve from lowering rates. In turn, mortgage interest rates increased over the 7% threshold. While many experts predict that rates will eventually decline, the timing of this downward trend has been delayed.

That said, we are eagerly awaiting lower interest rates to help ease the housing affordability issues we’re experiencing throughout the county.

Despite higher rates, the number of jobs and people coming to Knox County continues to fuel the demand for housing in our area. Housing experts still predict slight growth in home prices over the next few years.

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2023 Advisors of the Year Announced

2023 Real Estate Advisors of the Year — Robyn Ray and Corrine Campbell celebrate after being announced the 2023 HMG Advisors of the Year

Written By: Holli McCray

We’re both excited and proud to announce that Robyn Ray and Corrine Campbell are our 2023 Advisors of the Year.

Despite a very challenging market, they sold a combined $32 million worth of real estate in 2023. They also received countless 5-star reviews from our clients who raved about the exemplary level of service they provided.

Robyn and Corrine exemplify the “true professionals of Knoxville real estate” that the Home Marketing Group strives to be. They provide our clients with the proper advice and guidance necessary to make the right real estate decisions in the fast-changing market.

If you’re thinking about buying or selling a home, you need to contact Robyn or Corrine.

Knox County Housing Market Snapshot | March 2024

ARE WE AT THE TOP?!

Housing inventory is not only rising in the Knoxville area but all over the country. More homes hit the market last March than in any other March over the past 3 years. The higher supply of homes has helped to stabilize home prices after the wild ride we’ve experienced over the past 3 years. However, the number of available homes on the market is still way below historical averages from before the pandemic.

The question is now, are we finally at the top of the market? Going forward, the answer to this question will largely depend on where you live. For Knoxville, it’s unlikely that we see any drop in average home prices in the foreseeable future.

While a higher supply of homes is a welcomed trend for home buyers, the demand for housing in our area is still quite substantial, despite the higher interest rates we’ve experienced over the past 18 months. Most homes are still selling at or very close to their asking prices. That said, the number of homes selling over the asking is significantly less than it was a few years ago. Homes are staying on the market longer with relatively few of them in multiple offer scenarios.

If mortgage interest rates drop into the 5% to low 6% range that many expect later this year, this could spark an even higher demand for homes. If our housing inventory remains at historic lows, this could fuel another housing market frenzy driven by multiple offers and homes selling well over the asking prices.

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Knox County Housing Market Snapshot | January 2024

SLOW & STEADY

Similar trends from the previous 2 months continued in January as the number of homes on the market rose and interest rates slowly declined.

That said, average sales prices in Knox County are up around 10% compared to this time last year. In addition, most reputable sources within the real estate industry predict that home prices will continue appreciating in our area for 2024.

The declining trend for mortgage interest rates is a welcomed one for homebuyers. Housing affordability has improved tremendously since last October when interest rates were well above 8%.

The most dramatic change in the metrics we follow is with the average number of days a house is on the market. Just a few months ago, the average number was 19 days, and now we are up to 33 days. This increase is to be expected given that the number of homes hitting the market is rising.

However, don’t be fooled into thinking we’re entering a “buyer’s market”. We’re still pretty far away from that type of a real estate market. For some perspective, the average “days-on-market” for Knox County in 2016 was over 120 days.

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