Home inventory is up in the Knoxville real estate market, a promising sign for potential buyers.
On the flip side, the median home price jumped by about $15,000 from the previous week of data tracked by the Knoxville Area Association of Realtors.
The median number of days on the market has increased after a historic low earlier in the year and home inventory is up by about 15%, according to Hancen Sale, governmental affairs and policy director at the Knoxville Area Association of Realtors.
“New listings added to the MLS continue to outpace pending listings,” Sale said. “This suggests the market has reached or is nearing a peak in terms of how fast demand and prices can grow.”
Home sales for the week of Aug. 1
Active listings, or number of listings on the market in the Knoxville Area during the time period: 2,439 (2,398 previous week)
New pending sales, or number of listings that went from active to pending during the time period: 639 (620 previous week)
Median days on market during the time period: 6 (6 previous week)
New listings added during the time period: 709 (595 previous week)
Median list price for new listings added during the time period: $295,000 ($279,900 previous week)
Business in Knox County through Aug. 10
Knox County Register of Deeds Nick McBride said the real estate market in Knoxville is remarkable.
“The value of property financed, as well as that of property transferred, are both in excess of 30% above last year’s numbers,” McBride said of the data, which now is collected Wednesday through Tuesday, a slight change from previous weeks.
He recorded two foreclosures last week, and divisions of property now exceed last year’s numbers. Ten properties sold last week for $1 million or more.
Here’s a snapshot of business in Knox County through Aug. 10.
Foreclosures
- 2021: 61
- 2020: 101
- Percentage change: -39.61%
New subdivisions/ divisions of property
- 2021: 345
- 2020: 344
- Percentage change: .29%
Number of Mortgages
- 2021: 18,234
- 2020: 14,867
- Percentage change: 22.65%
Value of Mortgages
- 2021: $5,188,900,660.86
- 2020: $3,871,561,104.34
- Percentage change: 34.03%
Number of Sales
- 2021: 9,411
- 2020: 8,163
- Percentage change: 15.29%
Value of Sales
- 2021: $3,097,403,656.75
- 2020: $2,353,115,527.02
- Percentage change: 31.63%
Property sales by value for the week ending Aug. 10
- More than $1 million: 10
- $900,000-$999,999: 3
- $800,000-$899,999: 1
- $700,000-$799,999: 3
- $600,000-$699,999: 6
- $500,000-$599,999: 18
- $400,000-$499,999: 31
- $300,000-$399,999: 57
- $200,000-$299,999: 87
- $100,000-$199,999: 62
- Up to $99,999: 26
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.
