FEELIN’ HOT, HOT, HOT…
Fueled by an economy that is growing at nearly twice the pace of the national economy, Knoxville’s housing market has shown no signs of slowing down. The average sales price in May skyrocketed to just over $460K compared to $425K in April. While this could only be a one-month aberration, average home prices are still trending upward from the start of 2023.
Housing inventory also crept up in May, which is a welcome sign for the many homebuyers waiting for that right home to hit the market.
Despite the increase in the number of homes for sale, our sales price-to-list price ratio remained above 100%, signaling that demand still far outweighs the housing supply in the Knoxville area.
Housing affordability is becoming more and more of a concern for Greater Knoxville. As home prices recently rose above the national average for the first time ever, homes for sale in lower price points have become quite scarce. Rapid net population growth and extremely low unemployment are a few of the primary factors driving this trend.
If you are curious about what your house is now worth given the recent increase in home prices, reach out to our research team for a no-obligation home value estimate: https://homemarketinggroup.com/your-home-value/