Is West Knoxville, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, West Knoxville has remained a Seller's Market.
Housing Prices in West Knoxville, TN
How much do homes in West Knoxville, TN cost?
Median Sold Price
$350,000
$225/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in West Knoxville was $350,000 in May 2024, up 12% from last year, and the median price per square foot was $225.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $160K | $197.5K | +23.4% |
2 Bedrooms | $240K | $264.5K | +10.2% |
3 Bedrooms | $315.8K | $345K | +9.2% |
4 Bedrooms | $561K | $547.5K | -2.4% |
5+ Bedrooms | $857.5K | $776.6K | -9.4% |
Summary: West Knoxville housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 23.4%, 2 bedroom homes increased by 10.2%, 3 bedroom homes increased by 9.2%, 4 bedroom homes decreased by 2.4%, and 5+ bedroom homes decreased by 9.4%.
Housing Supply in West Knoxville, TN
How many homes are available in West Knoxville, TN?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
180 | 172 | -4.4% |
Summary: The West Knoxville real estate market had 172 homes for sale in May 2024, a 4.4% decrease compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 6 | 3 | -50.0% |
2 Bedrooms | 34 | 39 | +14.7% |
3 Bedrooms | 95 | 80 | -15.8% |
4 Bedrooms | 32 | 32 | 0.0% |
5+ Bedrooms | 13 | 18 | +38.5% |
Summary: The West Knoxville housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 14.7%, 3 bedroom homes decreased by 15.8%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 38.5%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
58 | 60 | +3.4% |
Asking Price vs. Sold Price
25 Homes Were Sold
Under Asking
12 Homes Were Sold
At Asking
23 Homes Were Sold
Over Asking
Summary: A total of 60 homes were sold or pending in West Knoxville in May 2024, up by 3.4% month-over-month. Of the 60 sold homes, 42% were sold under asking, 20% were sold at asking, and 38% were sold over asking.
Days on Market for West Knoxville, TN
How long does it take to sell a home in West Knoxville, TN?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
13 Days | 17 Days | +34.7% |
Summary: Homes in West Knoxville had an average of 17 days on market in May 2024, up by 34.7% compared to last year.
Breakdown of Home Sale Times
48 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During May 2024, 60 homes were sold in West Knoxville; 80% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.