Is 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, Knoxville has remained a Seller's Market.
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
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
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $173.5K | $238.7K | +37.6% |
2 Bedrooms | $228.3K | $249.6K | +9.3% |
3 Bedrooms | $325K | $349.9K | +7.7% |
4 Bedrooms | $475K | $499.2K | +5.1% |
5+ Bedrooms | $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 | $315K | $366.5K | +16.3% |
Knoxville | $338.4K | $366.7K | +8.4% |
Powell | $339.9K | $349.9K | +3.0% |
Alcoa | $274.8K | $276K | 0.4% |
Farragut | $665K | $667K | 0.3% |
Housing Supply in Knoxville, TN
How many homes are available in Knoxville, TN?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
1,815 | 1,838 | +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
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 32 | 29 | -9.4% |
2 Bedrooms | 286 | 279 | -2.4% |
3 Bedrooms | 848 | 871 | +2.7% |
4 Bedrooms | 513 | 503 | -1.9% |
5+ Bedrooms | 136 | 156 | +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 2024 | May 2024 | CHANGE |
---|---|---|
527 | 558 | +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
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 2023 | May 2024 | CHANGE |
---|---|---|
25 Days | 27 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
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.