PEOPLE ARE STILL BUYING HOMES
Many people feel uneasy about the real estate market right now. Most of us know that home prices are at all-time highs and interest rates are significantly higher than they were 2 years ago. However, the market data for our area suggests that there is still relatively substantial home buyer demand.
Below you’ll notice that average home prices in Knoxville are still up 7% from last year and the average days-on-market is still a favorable 18 days. For some perspective, the average days-on-market for a home in Knoxville 10 years ago was well over 100 days.
All eyes are on the Federal Reserve and interest rates. Our overall economy has not slowed down as quickly as expected, which is why the Federal Reserve keeps rates, which is helping to push mortgage rates higher. This trend is expected to stop at some point in the near future.
The credible experts we follow are now saying that they expect mortgage rates to begin falling again sometime in early 2024. We are eagerly awaiting this to happen because it will help bring some much-needed housing affordability back into our market. This will also give those who purchased this year a chance to refinance and save some money.
Learn more about your local housing market: https://listings.homemarketinggroup.com/idx/market-reports