Home inventory levels continue to fall faster than is typical this time of year, according to data from the Knoxville Area Association of Realtors.
Demand is fueled by homebuyers racing to lock in low mortgage rates, said Hancen Sale, government affairs and policy director for KAAR.
“Inventory fell by more than 3% from the previous week,” Sale said. “While historically home prices are lower in the fall, the surge in demand has kept home prices above their typical seasonal trend. With the overall economy showing marked signs of improvement, the housing market is set to finish strong in 2021.”
Here’s a look at Knoxville’s real estate market for the week of Oct. 31.
Home sales for the week of Oct. 31
Active listings, or number of listings on the market in the Knoxville area during the time period: 2,138 (2,210 previous week)
New pending sales, or number of listings that went from active to pending during the time period: 558 (642 previous week)
Median days on market during the time period: 8 (7 previous week)
New listings added during the time period: 449 (493 previous week)
Median list price for new listings added during the time period: $317,450 ($299,900 previous week)
MORE:What’s next for Knoxville’s housing market? Some bold and not so bold predictions
Business in Knox County through Nov. 9
Knox County Register of Deeds Nick McBride said 14 properties sold for $1 million or more last week.
“Both sales and mortgages came in at more than 100 less than the same week last year, yet it’s near impossible that this year will not far exceed last year’s data at year end,” he said.
Here’s a snapshot of business in Knox County through Nov. 9.
Foreclosures
- 2021: 86
- 2020: 133
- Percentage change: -35.34%
New subdivisions/ divisions of property
- 2021: 485
- 2020: 473
- Percentage change: 2.54%
Number of mortgages
- 2021: 25,605
- 2020: 22,549
- Percentage change: 13.55%
Value of mortgages
- 2021: $7,494,184,608.69
- 2020: $5,951,317,756.52
- Percentage change: 25.92%
Value of sales
- 2021: $4,713,196,835.13
- 2020: $3,600,222,224.32
- Percentage change: 30.91%
Number of sales
- 2021: 13,434
- 2020: 12,218
- Percentage change: 9.95%
Property sales by value for the week ending Nov. 9
- More than $1 million: 14
- $900,000-$999,999: 1
- $800,000-$899,999: 2
- $700,000-$799,999: 4
- $600,000-$699,999: 3
- $500,000-$599,999: 16
- $400,000-$499,999: 25
- $300,000-$399,999: 49
- $200,000-$299,999: 69
- $100,000-$199,999: 37
- Up to $99,999: 28
Growth and development editor Brenna McDermott can be reached at brenna.mcdermott@knoxnews.com. Follow along with her work on Twitter @_BrennaMcD. Support our local news efforts by becoming a Knox News subscriber.
