realtors knoxville Archives

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.

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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.

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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”…

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How will tariffs affect the homebuilding industry?

The recently imposed tariffs on goods such as lumber and concrete have a direct impact on the homebuilding industry. If the costs of these goods rise due to these tariffs, then it could cause builders to raise the prices of their homes or stop building altogether because their margins would become too tight

Our good friend and client, Dan Mitchell, discusses the impact of tariffs on the homebuilding industry with Jake Tapper on CNN.

Check out Dan’s newest development in Louisville, TN: https://liveineaglecliffs.com

Knox County Housing Market Snapshot | March 2025

HOUSE LISTINGS & INVENTORY ON THE RISE…

The upward trend of new listings and housing inventory continued in March. More specifically, our total housing inventory is up over 35% from a year ago.

The increased number of homes on the market continues to push up the number of days that homes remain unsold. In addition, fewer homes are selling for the full asking price because of increasing competition in the market.

That said, home prices in Knox County are still slightly higher than a year ago. Despite higher housing inventory, the overall demand for homes in our area is keeping prices relatively steady.

Our local economy remains very strong with tremendous growth potential. Therefore it’s still a good time to be buying or selling real estate in this area, especially with recent declines in mortgage interest rates.

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Selling Knoxville | Episode 11

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

In this episode, Holli goes behind the scenes at the 2025 Greater Impact Realty Awards to see what makes it such a great real estate firm and why Home Marketing Group merged with them in March 2025 to open Greater Impact Realty Knoxville… T

To learn more about our merger with GIR, visit https://hollimccray.com/big-announcement/

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 working on enhancing our business to ensure that we were providing the best experience for both our agents and clients in the midst of a challenging real estate market.

As part of this growth journey, we made the strategic decision to join forces with an amazing 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 some new logos, signs, 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 also now have an internal network of over 200 agents throughout East Tennessee to help us find buyers to purchase our listings.

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

Knox County Housing Market Snapshot | December 2024

COOLING DOWN…

Despite home prices being up over 7% from last year, several indicators reveal that the Knoxville housing market is slowing down as we close out 2024.

Our average “days-on-market” for homes listed shot up to its highest level in years (54 days). Our list price-to-sales price ratio also continued its downward trend and fell to its lowest level in 2024.

A year ago, many predicted that mortgage rates would be in the 5% range at the end of 2024 and the housing market would be booming. What actually happened was that 30-year mortgage rates finished the year above 7% and 2024 was one of the slowest housing markets in terms of transactions our country has seen almost 30 years.

Experts, once again, predict that interest rates will decline in 2025, but not by much. And those waiting for a market crash will likely need to be very patient because there is no indication of any massive home price depreciation coming to our fast-growing area any time soon…

Our advice? Don’t try and time the real estate market. Go ahead and buy or sell a home if it helps improve your lifestyle and/or financial situation. Nobody is predicting that homes will get cheaper over the next 5 years…

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