SO WHERE DO WE GO FROM HERE?
2023 has come to a close, and as expected, we did not see a real estate market crash. Home prices are still up around 9% from the end of 2022.
While some appreciation is projected for 2024 (especially in the lower price points) home prices, as a whole, appear to have plateaued in Knox County. The median home price in our area has been relatively flat since September. With interest rates declining, this is a welcomed sight for those looking to buy a home.
Homebuyers should also enjoy more homes to choose from in 2024 as the inventory of homes for sale is projected to rise throughout the year.
As a result of rising inventory, home sellers should expect to experience a longer amount of time on the market. With buyers having more homes to choose from, pricing one’s home correctly will be crucial to getting it sold quickly.
HOWEVER, if interest rates continue to drop into the low-to-mid 5% range, another tsunami of homebuyers could enter the market. This scenario could potentially put Knox County back into a red-hot real estate market status with multiple offers and very short amounts of time on the market for listings that are properly listed.
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