real estate agents knoxville Archives

Knox County Housing Market Snapshot | February 2025

THE NUMBERS DON’T LIE…

Despite housing inventory being up over 33% from this time last year, home prices have remained steady. This shows us that there is still a high demand for homes in the Knoxville area.

And while it’s taking longer for homes on the market to sell, and the days of multiple offers coming in tens of thousands of dollars over the list price are gone, it is still a good time to sell your home in this area.

As for mortgage rates, they’ve trended downward over the past 30 days. Last month, 30-year mortgage interest rates were well over 7%. This month, they’re well below 7%. Hopefully this trend continues, but with so much uncertainty in the current economy, it is next to impossible to predict where interest will go.

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Big Announcement!

We are so excited to announce the merger between Home Marketing Group and Greater Impact Realty!

We have spent the past few years enhancing our business to ensure we provide the best experience for our agents and clients amid a challenging real estate market.

As part of this growth journey, we made the strategic decision to partner with a leading real estate company that offers a first-class culture, excellent systems, and top-notch support for both agents and clients.

A few FAQs…

Does anything change with Holli and her team?
- Nothing changes other than new logos, signage, and branding. Holli and her advisors are still available to assist you.
Will your fees change?
- They will not. We still offer flexible listing fees.
Will you guys still offer the same marketing and support?
- Absolutely! In fact, we can offer even more value to our clients as a result of this merger. We now have an internal network of over 200 agents throughout East Tennessee to help us find buyers for our listings.

If you have any additional questions or are thinking about selling your home this year, please feel free to contact me.

Selling Knoxville | Episode 9

Episode 9 – Life with Leverage

Selling Knoxville is a lifestyle show that highlights some of the cool and interesting things going on in the Greater Knoxville area! It is currently streaming on Amazon Fire, Apple TV, and Roku.

In this episode, Holli meets with Harper Jones, a Knoxville-based insurance advisor specializing in Infinite Banking. He works with people to use whole life insurance policies not only to build wealth but also to provide easy access to capital, so they never need to borrow money from a bank again.

To learn more about Harper and Infinite Banking, visit https://lifewithleverage.com/

Knox County Housing Market Snapshot | October 2024

SLOW & STEADY…

adequately explains the Knoxville real estate market right now… Despite the inventory of homes on the market being up over 30% compared to the summer and the overall number of homes sold declining for the 3rd straight month, home prices remain fairly consistent.

The limited supply of homes relative to the housing demand in the Knoxville area is a major factor in why home prices remain slightly higher than last year. This demand is fueled by a strong local economy with a relatively low unemployment rate.

On the surface, the ongoing trend of more list price reductions (year-over-year) would suggest that home prices are declining. However, that is not really what is happening…

More home sellers have been listing their homes at “above-market” prices. While this was an effective strategy to get top-dollar for one’s home in 2021, and most of 2022, it is not nearly as effective in today’s market. As a result, more home sellers are reducing the prices of their homes in order to sell them at current market prices.

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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 improving 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 highest level of available listing inventory 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

Episode 8 – The Local Contractor

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 discuss how he is helping 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 have seen a slow, steady decline in mortgage interest rates, but nothing substantial. That changed when higher-than-expected unemployment numbers were released on Friday, August 2nd, sending rates on a sharper downward trajectory.

Also, there is a 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

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 significantly boost homebuyer 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 appears to be significantly affecting people in our area. Per capita income hasn’t kept pace with rising prices in many cases, leaving many people with less disposable income and likely contributing to the rapid increase in overall consumer debt (e.g., 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 over the past few years to keep up with living expenses.

On the flip side, Knoxville’s unemployment rate remains extremely low. There is also 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 a healthy local housing market heading into 2025.

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