As of March 2023, the real estate market in Knoxville, Tennessee has been stable and steady. The demand for properties continues to rise, and the inventory remains limited, leading to a seller’s market. The average home price in Knoxville has increased by approximately 5% as compared to March 2022. The median price of homes sold in the region has also increased by about 6% year-on-year.
The market has been driven by a strong local economy, which has provided many job opportunities, attracting many individuals and families to relocate to Knoxville and the surrounding areas. Apart from the stable economy, Knoxville is also known for its excellent schools, affordable cost of living, and numerous outdoor recreational activities.
In March 2023, the average time a house spent on the market before selling in Knoxville was 30 days, compared to 45 days during the same period the previous year. This indicates that homes are being bought quickly, and buyers need to act fast to secure a property. Bidding wars have become increasingly common, with some properties being sold at above the asking price.
As the market continues to favor sellers, many buyers are struggling to find available properties within their budget. This has resulted in multiple offers on desirable homes, driving prices even higher. Those who wish to purchase a property are advised to have their finances in order and be prepared to act fast.
Overall, the real estate market in Knoxville, Tennessee, is thriving, with no signs of slowing down any time soon. As the economic situation remains stable, more people will continue to move to Knoxville, causing demand to increase even further in the future.