Knoxville TN Real Estate Market Report: June 2024

The Knoxville TN real estate market has experienced notable trends and developments throughout June 2024, offering both opportunities and challenges for buyers, sellers, and investors. As one of the most dynamic markets in East Tennessee, Knoxville continues to attract attention for its affordability, growth potential, and quality of life. This month’s report highlights key market trends, price movements, and the role of professional real estate photography and real estate video marketing in enhancing property appeal.

Market Overview

June 2024 witnessed a moderate increase in home prices in Knoxville, reflecting a balanced market with steady demand and supply. According to recent data, the median home price in Knoxville rose by 3.5% compared to May 2024, reaching $325,000. This growth is primarily driven by the ongoing influx of out-of-state buyers seeking more affordable housing options and the attractive lifestyle Knoxville offers.

Inventory and Sales

Inventory levels have remained stable, with a slight increase in new listings as homeowners take advantage of favorable market conditions. The number of active listings in June 2024 was 1,200, marking a 2% increase from the previous month. Despite the rise in inventory, the market continues to favor sellers, with properties spending an average of 30 days on the market before going under contract.

Sales volume also saw a positive trend, with a 4% increase in closed transactions compared to June 2023. This growth highlights the resilience of the Knoxville real estate market amidst broader economic uncertainties.

Neighborhood Insights

Several neighborhoods in Knoxville have emerged as hotspots for real estate activity. Areas such as Sequoyah Hills, Bearden, and Northshore have seen significant interest from buyers, thanks to their desirable locations, excellent schools, and community amenities. These neighborhoods have experienced above-average price appreciation and quicker sales times, making them attractive options for both homebuyers and investors.

The Role of Real Estate Photography and Video Marketing

In today’s competitive real estate market, the importance of professional real estate photography and real estate video marketing cannot be overstated. High-quality visuals are crucial in capturing the attention of potential buyers and showcasing properties in the best possible light.

Real estate photography in Knoxville has evolved into a sophisticated art form, with professional photographers using advanced techniques to highlight the unique features of each property. From drone shots that provide stunning aerial views to twilight photography that captures the property’s ambiance, these visuals significantly enhance a property’s appeal. Professional real estate photographers in Knoxville ensure that each listing stands out in online searches, attracting more views and generating higher interest.

Real estate video marketing has also become a game-changer in the industry. By offering virtual tours and promotional videos, sellers can provide an immersive experience for potential buyers. These videos allow buyers to explore properties from the comfort of their homes, making it easier for out-of-state buyers to make informed decisions. In a city like Knoxville, where scenic beauty and architectural diversity are key selling points, real estate video marketing effectively showcases these attributes, driving more engagement and quicker sales.

Future Outlook

Looking ahead, the Knoxville real estate market is expected to maintain its positive trajectory. Continued economic development, population growth, and the appeal of East Tennessee’s lifestyle will likely support sustained demand. However, potential interest rate hikes and economic uncertainties could pose challenges, making it crucial for buyers and sellers to stay informed and adaptable.

Conclusion

June 2024 has been a dynamic month for the Knoxville TN real estate market, characterized by rising prices, stable inventory, and robust sales activity. As the market continues to evolve, the role of professional real estate photography and real estate video marketing will remain pivotal in helping properties stand out and sell faster. For those looking to buy or sell in Knoxville, leveraging these visual marketing strategies can make a significant difference in achieving their real estate goals.

In summary, Knoxville’s real estate market in June 2024 presents a promising landscape for both buyers and sellers, with professional photography and video marketing playing a critical role in driving success.

Below are some of our most recent images we’ve captured for the month of June 2024. If you like our work, we would love to earn your business! Please feel free to view our Real Estate Photography Packages/Pricing OR if you’re looking to get your vacation rental property photographed you can view our Vacation Rental Photography Packages/Pricing as well!