Is Knoxville, TN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Knoxville is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Knoxville has remained a Seller's Market.

Key Takeaway

Knoxville is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Knoxville, TN

How much do homes in Knoxville, TN cost?

Median Sold Price

$366,771

$208/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$28,318(+8.4%)

Key Takeaway

Homes in Knoxville have sold for 8.4% more than they did a year ago.

Summary: The median home sold price in Knoxville was $366,771 in May 2024, up 8.4% from last year, and the median price per square foot was $208.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $173.5K$238.7K
+37.6%
2 $228.3K$249.6K
+9.3%
3 $325K$349.9K
+7.7%
4 $475K$499.2K
+5.1%
5+ $642K$651.5K
+1.5%

Summary: Knoxville housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 37.6%, 2 bedroom homes increased by 9.3%, 3 bedroom homes increased by 7.7%, 4 bedroom homes increased by 5.1%, and 5+ bedroom homes increased by 1.5%.

Median Sold Price Compared To Nearby Cities

Strawberry Plains
+16.3%
Knoxville
+8.4%
Powell
+3.0%
Alcoa
0.4%
Farragut
0.3%

Housing Supply in Knoxville, TN

How many homes are available in Knoxville, TN?

Number of Homes For Sale

Apr 2024May 2024CHANGE
1,8151,838+1.3%

Summary: The Knoxville real estate market had 1,838 homes for sale in May 2024, a 1.3% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 3229
-9.4%
2 286279
-2.4%
3 848871
+2.7%
4 513503
-1.9%
5+ 136156
+14.7%

Summary: The Knoxville housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 9.4%, 2 bedroom homes decreased by 2.4%, 3 bedroom homes increased by 2.7%, 4 bedroom homes decreased by 1.9%, and 5+ bedroom homes increased by 14.7%.

Number of Homes Sold

Apr 2024May 2024CHANGE
527558+5.9%

Asking Price vs. Sold Price

222 Homes Were Sold
Under Asking

142 Homes Were Sold
At Asking

192 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Knoxville, you may be able to get a good deal. 39.9% of homes here sold below asking price last month.

Summary: A total of 558 homes were sold or pending in Knoxville in May 2024, up by 5.9% month-over-month. Of the 556 sold homes, 40% were sold under asking, 26% were sold at asking, and 35% were sold over asking.

Days on Market for Knoxville, TN

How long does it take to sell a home in Knoxville, TN?

Average Sale Time

May 2023May 2024CHANGE
25 Days27 Days+9.9%

Summary: Homes in Knoxville had an average of 27 days on market in May 2024, up by 9.9% compared to last year.

Breakdown of Home Sale Times

417 Homes Were Sold
Under 30 Days

84 Homes Were Sold
In 30 - 90 Days

51 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Knoxville are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 558 homes were sold in Knoxville; 75% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

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