realtors knoxville Archives

Knox County Housing Market Snapshot | November 2025

As Knoxville Metro Nears 1 Million Residents: What the Latest Housing Data Really Means

As the Knoxville metropolitan area edges closer to the significant milestone of one million residents, recent headlines have focused on the challenges tied to growth, including rising housing costs, increased homelessness, and the long-term strain of continued population growth.

These concerns are real, but they should not spark alarm. Knoxville’s economic landscape remains healthy, and the pace of growth has stabilized. While the bulk of in-migration occurred over the last five years, today’s population increase has slowed to a more sustainable 1.1% annually.

A Market Showing Signs of Relief

November delivered several encouraging indicators for East Tennessee homebuyers and sellers.

Total Home sales rose 1.3% month-over-month, 8.2% year-over-year, and 4.7% year-to-date.
Mortgage rates eased, and housing inventory increased, giving previously sidelined buyers a new opportunity to re-enter the market.
For the first time since 2020, the median home sale price dipped year over year, falling 1.9%. This is a small but meaningful signal that market pressures are beginning to normalize after several years of rapid appreciation.

These shifts suggest that the extreme competitiveness for homes from 2021 through 2023 is slowly giving way to a more balanced environment where homebuyers have more options and sellers can still benefit from strong, but stabilizing, demand.

Latest Home Sales Report

Market Highlights

Home sales: Up 8.2% year-over-year
Median sale price: Down 1.9% year-over-year
Total housing inventory: Up 19.8% year-over-year
Days on market: Up 33% year-over-year
Pricing strength:
- 37.6% sold at or above asking
- 16.8% sold above asking
- 8% sold for $10,000+ above asking
- 3.5% sold for $25,000+ above asking
Sale-to-list price ratio: 98.5%, up from 97.7%
New construction: 12.2% of total home sales
Inventory in the Greater Knoxville area now stands at 8,450 active listings—the highest level in more than five years.

What’s the Outlook?

As 2025 winds down, the Greater Knoxville market is finally capturing some of the pent-up momentum from earlier in the year. Sales have been climbing steadily through summer and fall, and the region is on pace to outperform 2024 by roughly 5%.

The slight 1.9% dip in median price is modest, but it marks the first decrease since 2020, suggesting the market is cooling into a healthier, more navigable phase. Inventory continues to build, giving buyers more breathing room than they’ve had in years.

Still, the long-term challenge remains: ensuring that housing is accessible not just to newcomers but also to Knoxville’s current residents.

Get Your Local Market Report

Select Knox County Housing Market Snapshot | October 2025

🏡 Knox County Home Sales Report – October 2025

The Knoxville housing market showed steady gains across multiple key metrics, signaling a market that’s slowly balancing after several years of rapid shifts.

📈 Sales and Prices Have Leveled Off

The median sale price in Knox County was $383,000, down slightly from this same period last year.

That said, the average sales price of homes in Knox County was almost 10% higher than in October of 2024.

🏠 Inventory Expands, Creating More Opportunities

Buyers had more choices in September, as total housing inventory grew 26% year over year. While increased inventory can sometimes cool prices, East Tennessee’s steady demand continues to support healthy sales levels across the region.

⏱️ Market Pace: Slowing Slightly, But Still Active

The average number of days it took homes to go under contract was about 30% higher (47 days vs. 33 days) than last year. This modest increase in days on market suggests that buyers are taking a bit more time to make decisions — a sign that the market is shifting toward balance.

💸 Offers and Sale Prices

Competition remains strong, though slightly less intense than in previous years:

37.7% of homes sold at or above asking price
16.9% sold for more than asking
6.7% sold for $10,000+ over asking
2.3% sold for $25,000+ over asking

The sale-to-list price ratio held steady at 98%, up slightly from 97.5% last year — showing that sellers are still achieving near-full asking prices even with more listings on the market.

💰 High-End Market and New Construction

Luxury and new construction homes continued to make a strong showing:

5.5% of homes sold for more than $1 million
New construction accounted for 13.8% of total home sales

These numbers highlight the growing diversity in East Tennessee’s housing market, appealing to a broad range of buyers.

🔍 What This Means for Buyers and Sellers

For buyers, increased inventory means more selection and slightly more negotiating power than last year.
For sellers, homes are still commanding strong prices — but realistic pricing and patience are key as the market continues to normalize.

East Tennessee remains one of the region’s most dynamic housing markets, balancing affordability, demand, and growth. As we move deeper into fall, the trends suggest continued stability with opportunities on both sides of the market.

Get Your Local Market Report

Knox County Housing Market Snapshot | September 2025

Knox County Housing Market Update

For the first time in 2025, home sales are showing growth across every primary metric — year over year, month over month, and year to date. September brought unseasonably strong sales, thanks in part to movement in mortgage rates, and the momentum could signal the strongest housing market performance since 2022. Optimism is emerging nationally and locally as both inventory and buyers continue to return.

One clear takeaway is that an effective pricing strategy has never been more critical. As the spread between list price and sale price begins to normalize, sellers who price smartly are best positioned to capture strong buyer demand.

Market Highlights

Sales growth: Up 2.1% from July and 7.4% from August 2024
Median sale price: $408,450
Inventory: Increased 31.4% compared to last year
Time on market: Just half of homes went under contract in 28 days or less (up from 20 days last year)
Pricing trends:
- Only 39% of homes sold for asking price or above (downward trend continues)
- 18.3% sold above asking
- 7.9% sold for $10,000+ over asking
- 2.7% sold for $25,000+ over asking
Luxury market: 5.5% of homes sold for more than $1 million — the highest this year
Sale-to-list ratio: 98.6% (slightly down from July but still above August 2024’s 97.6%)
New construction: Made up 11.9% of all sales

What’s Driving the Market?

August’s boost in sales was partly due to seasonal factors but also fueled by optimism in lending. 30-year fixed mortgage rates eased into the lower 6% range, prompting a spike in applications. Still, some buyers remain hesitant, waiting to see if rates and affordability fall further.

At the same time, buyers are becoming more selective. In the current market, buyers are expecting more value for their dollar. They want modern amenities, move-in ready properties, and little to no DIY work. As a result, homes are spending more time on the market.

Outlook for Fall 2025

It’s not a buyer’s market yet, but conditions are shifting toward balance. Increased inventory and more cautious buyers mean that homes are no longer guaranteed to sell fast at top dollar.

The good news? The market is stabilizing while continuing to grow. Although 39% of August sales closed at or above asking, this number is moving back toward pre-pandemic “normal” levels of 28–30%. This return to balance suggests that East Tennessee real estate is becoming healthier and more sustainable for the long term.

For sellers, this means strategy matters: pricing correctly from the start is the key to attracting the right buyers. For buyers, more choices and longer days on market provide opportunities to negotiate and find a home that fits their needs.

Get Your Local Market Report

Renting Your Home Instead of Selling it?

Written By: Holli McCray | September 2025

If your house is on the market but you haven’t gotten any offers you’re comfortable with, you may be wondering: what do I do if it doesn’t sell? And for a growing number of homeowners, that’s turning into a new dilemma: should I just rent it instead?

There’s a term for this in the industry, and it’s called an accidental landlord. Here’s how Yahoo Finance defines it:

“These ‘accidental landlords’ are homeowners who tried to sell but couldn’t fetch the price they wanted — and instead have decided to rent out their homes until conditions improve.”

Why This Is Happening More Often Right Now

And right now, the number of homeowners turning into accidental landlords is rising…

Basically, sales have slowed down as buyers struggle with today’s affordability challenges. And that’s leaving some homeowners with listings that sit and go stale. And if they don’t want to drop their price to try to appeal to buyers, they may rent instead.

But here’s the thing you need to remember if renting your house has crossed your mind. Becoming a landlord wasn’t your original plan, and there’s probably a reason for that. It comes with a lot more responsibility (and risk) than most people expect.

So, if you find yourself toying with that option, ask yourself these questions first:

1. Does Your House Have Potential as a Profitable Rental?

Just because you can rent it doesn’t mean you should. For example:

Are you moving out of state? Managing maintenance remotely can be challenging.
Does the home need repairs before it’s rental-ready? And do you have the time or the funds for that?
Is your neighborhood one that typically attracts renters, and would your house be profitable as one?

If any of those give you pause, it’s a sign that selling might be the better move.

2. Are You Ready To Be a Landlord?

On paper, renting sounds like easy passive income. In reality, it often looks more like this:

Midnight calls about clogged toilets or broken air conditioners
Chasing down missed rent payments
Damage you’ll have to fix between tenants

Landlords have to fix things like broken pipes, defunct HVAC systems, and structural damage, among other essential repairs. If you don’t have a few thousand dollars on hand to take care of these repairs, you could end up in a bind.

3. Have You Thought Through the True Costs?

According to Bankrate, here are just a few of the hidden costs that come with renting out your home:

A higher insurance premium (landlord insurance typically costs about 25% more)
Management fees (if you use a property manager, they typically charge around 10% of the rent)
Maintenance and advertising to find tenants
Gaps between tenants, where you cover the mortgage without rental income coming in

While renting can be a smart move with the proper set of parameters, if you’re only considering it because your listing didn’t get traction, let’s set up a time to discuss why it didn’t sell and determine if there is a better plan to implement that will help you meet your goals.

Knox County Housing Market Snapshot | August 2025

Knoxville Housing Market Update…

The Knoxville housing market continued to shift toward a buyer’s market with increased activity. While prices held steady, more homes hit the market, giving buyers and sellers new dynamics to navigate.

Sales Activity

Home sales in July increased 7.3% compared to the same month last year. This marks a welcome sign of momentum for the region, following a period of slower activity in 2024.

Home Prices Holding Steady

The median sales price in Knox County was $415,000, which is somewhat lower than the August 2024 number of $445,000. However, August’s average sales price of $506,115 was up slightly from last year.

Inventory Expands

Housing inventory rose 31.2% year-over-year, providing buyers with more options than they’ve had in recent years. This increase may help ease some of the intense competition seen during the height of the market.

Sale Prices vs. Asking Prices

While competition remains, it’s more measured than before:

46% of homes sold at or above the asking price
21.3% sold for more than asking
8% sold for at least $10,000 over asking
2.8% sold for at least $25,000 over asking

New Construction’s Role

New builds accounted for 14.4% of all sales, signaling that new construction continues to play an essential role in meeting buyer demand.

What This All Means

Overall, the numbers paint a picture of a market in transition:

Sellers benefit from strong demand, with many homes still attracting offers at or above list price.
Buyers are gaining more choice as inventory grows, and slightly longer time-on-market means less pressure to rush.
Prices remain steady, showing resilience even as conditions shift.

As we move through the second half of 2025, East Tennessee’s housing market appears to be stabilizing—neither overwhelmingly favoring sellers nor buyers, but offering opportunities for both.

Knox County Housing Market Snapshot | July 2025

📊 July 2025 Knoxville Home Sales Snapshot 🏡

📈 Housing Inventory is up 37.7% YoY

💰 44.4% sold at or above the final asking price

🏆 4.3% of homes sold for $1M+ — highest this year

🔨 13.5% of sales were new construction

📉 Price growth remains flat, but demand is steady

➡️ While affordability challenges persist, the market still favors sellers — especially for move-in ready homes. Most buyers are current homeowners waiting for the right opportunity.

Get Your Local Market Report

Knox County Housing Market Snapshot | June 2025

✅ Home sales were up 3.4% from April, but still down 4.8% compared to May 2024.

💰 Median sale price is still 1.3% higher than last year.

📈 Inventory is growing — up 40.3% year-over-year, topping 7,000 active listings for the first time since 2019!

⏱ Homes are selling a bit slower, with the average “days on market” almost 40% higher than last year.

🏠 About 45% of homes sold at or above asking price.

🔨 New construction houses now make up just 12.2% of all sales.

Outlook:

We expect moderate growth for the rest of 2025, with our forecast adjusted to 6.1% annual sales growth (down from 8.3%). A drop in mortgage rates could boost fall sales, but buyers still need more affordable options (85.7% of active listings are over $250,000)

The market has the right ingredients for growth, but homebuyers need more choice and better affordability to truly thrive.

Get Your Local Market Report

Selling Knoxville | Episode 12

Episode 12 – The Challenges Seniors Face When Needing to Downsize

Selling Knoxville is a local lifestyle show highlighting the Greater Knoxville area! It is currently available to stream on Amazon Fire, Apple TV, and Roku.

In this episode, Holli meets with both staff and residents at Prime Independent Living in West Knoxville to discuss the needs seniors have in today’s world and the challenges seniors face when they need to downsize…

To learn more about Prime West Knoxville, visit https://www.liveprimewestknoxville.com/

To get more information about available senior services in the Knoxville area, visit https://seniornetworktn.com/

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.

Get Your Local Market Report

Knox County Housing Market Snapshot | April 2025

GOOD VIBRATIONS

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”…

Get Your Local Market Report