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Knoxville real estate: Sellers retain leverage as fewer homes are listed for sale – Knoxville News Sentinel

The number of active home listings continues to fall, and that means sellers have gained leverage, according to recent 12-county data from the Knoxville Area Association of Realtors. 

“Sellers gain leverage when inventory falls and respond by asking more for their homes, which explains why Knoxville’s market has seen a sharp rise in new list prices over the past two months,” said Hancen Sale, government affairs and policy director for KAAR. 

Since October, 15-20% more homes go under contract than are being added to the market each week. 

Here’s a look at Knoxville’s real estate market for the week of Dec. 5.

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A 2 bed and 2 bath home at 4301 Macbeth Way, right, in Bearden is listed for 275,000 as of Tuesday, September 14, 2021. The unit next door at 4305 is listed for $280,000.

Home sales for the week of Dec. 5

Active listings, or number of listings on the market in the Knoxville area during the time period: 1,911 (1,947 previous week)

New pending sales, or number of listings that went from active to pending during the time period: 490 (458 previous week)

Median days on market during the time period: 9 (10 previous week)

New listings added during the time period: 389 (386 previous week)

Median list price for new listings added during the time period: $299,900  ($310,950 previous week)

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Business in Knox County through Nov. 30

Knox County Register of Deeds Nick McBride said 15 properties sold last week for $1 million or more, a significant number in Knoxville’s busy real estate transfers market. 

“A total $5.3 billion worth of property has changed hands in Knox County already this year,” McBride said. 

Here’s a snapshot of business in Knox County through Dec. 14.

Foreclosures

  • 2021: 102
  • 2020: 145
  • Percentage change: -29.66%

New subdivisions/ divisions of property

  • 2021: 536
  • 2020: 532
  • Percentage change: .75%

Number of mortgages                        

  • 2021: 27,950
  • 2020: 25,073
  • Percentage change: 11.47%

Value of mortgages

  • 2021: $8,299,273,304.34
  • 2020: $6,756,601,504.34
  • Percentage change: 22.83%

Number of sales 

  • 2021: 14,811
  • 2020: 13,554
  • Percentage change: 9.27%

Value of sales

  • 2021: $5,316,553,532.43
  • 2020: $4,077,770,059.45
  • Percentage change: 30.38%

Property sales by value for the week ending Dec. 14

  • More than $1 million: 15
  • $900,000-$999,999: 1
  • $800,000-$899,999: 2
  • $700,000-$799,999: 4
  • $600,000-$699,999: 8
  • $500,000-$599,999: 11
  • $400,000-$499,999: 24
  • $300,000-$399,999: 61
  • $200,000-$299,999: 59
  • $100,000-$199,999: 50
  • Up to $99,999: 32

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

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