Knoxville Real Estate Market: September 2024 Insights
The Knoxville real estate market in September 2024 saw some interesting shifts, reflecting broader trends in East Tennessee. Here’s a breakdown of what’s happening in the local market, what it means for buyers and sellers, and how to navigate these changes.
Home Sales: A Slight Dip, But Still Steady
East Tennessee’s home sales were down 7.8% compared to August and dropped slightly by 1.0% year-over-year. While this might sound concerning, it’s important to remember that the market is still active. This seasonal slowdown is common as summer ends, and it gives buyers a bit more breathing room to find their dream home.
Median Sale Price: On the Rise
The median sale price in September reached $371,250 — a 9.19% increase compared to the same time last year. This growth shows that the Knoxville area remains a sought-after market with strong demand for housing. For sellers, this is great news, as higher home values mean more equity. For buyers, it’s a reminder to act quickly if you find a home you love since prices are continuing to rise.
Inventory: A Welcome Boost
One of the most notable changes is the 38.3% increase in total housing inventory compared to last year. More homes on the market mean more options for buyers, which can ease some of the competition we’ve seen in recent years. However, with the average time on market still relatively short, it’s important for buyers to stay prepared to make offers quickly.
Days on Market: Slightly Longer, But Still Fast
Homes in Knoxville were under contract in 20 days or less in September, which is a bit longer than the 11-day average from a year ago. This slight slowdown reflects the increased inventory, giving buyers a bit more time to make decisions while still keeping the market competitive.
Selling Prices: The Power of Pricing Right
Nearly 41% of homes sold at or above the asking price, with about 19% going for over asking. Of these, 8% sold for at least $10,000 over asking, and almost 3% went for $25,000 or more above. For sellers, this data highlights the importance of pricing your home correctly to attract competitive offers. For buyers, it’s crucial to understand the value of the homes you’re considering and be ready to negotiate.
New Construction: A Growing Share
New construction made up 12.36% of all home sales in September. This is an exciting opportunity for buyers looking for modern features, energy efficiency, and customizable options. Builders are helping to meet the demand for housing in Knoxville, which can alleviate some pressure from the resale market.
What Does This Mean for Buyers and Sellers?
For buyers, the increased inventory and slightly longer days on market create a less stressful environment compared to the height of the seller’s market. However, rising prices mean it’s still important to act decisively and have your financing ready.
For sellers, the market remains strong. The rising median price and competitive nature of the market mean you’re likely to receive solid offers if your home is priced well and marketed effectively.
The Knoxville market continues to thrive, balancing steady demand with increasing inventory. Whether you’re looking to buy your first home, sell your current property, or invest in new construction, now is a great time to take advantage of the opportunities in our growing market.
If you’re curious about how these trends affect your personal real estate goals, let’s chat! I’d love to help you navigate the Knoxville market and find your perfect fit.
