Is Knoxville, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$365,052
$206/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Knoxville was $365,052 in March 2024, up 8.9% from last year, and the median price per square foot was $206.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $170K | $237K | +39.4% |
2 Bedrooms | $225K | $245K | +8.9% |
3 Bedrooms | $324.4K | $349.7K | +7.8% |
4 Bedrooms | $468.4K | $500K | +6.7% |
5+ Bedrooms | $646.3K | $660K | +2.1% |
Summary: Knoxville housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 39.4%, 2 bedroom homes increased by 8.9%, 3 bedroom homes increased by 7.8%, 4 bedroom homes increased by 6.7%, and 5+ bedroom homes increased by 2.1%.
Median Sold Price Compared To Nearby Cities
Strawberry Plains | $315K | $348K | +10.5% |
Knoxville | $335K | $365K | +8.9% |
Powell | $329.9K | $347.9K | +5.5% |
Alcoa | $270.6K | $285K | +5.3% |
Farragut | $640.7K | $670K | +4.6% |
Housing Supply in Knoxville, TN
How many homes are available in Knoxville, TN?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
1,460 | 1,538 | +5.3% |
Summary: The Knoxville real estate market had 1,538 homes for sale in March 2024, a 5.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 21 | 22 | +4.8% |
2 Bedrooms | 204 | 236 | +15.7% |
3 Bedrooms | 719 | 754 | +4.9% |
4 Bedrooms | 409 | 423 | +3.4% |
5+ Bedrooms | 107 | 103 | -3.7% |
Summary: The Knoxville housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 4.8%, 2 bedroom homes increased by 15.7%, 3 bedroom homes increased by 4.9%, 4 bedroom homes increased by 3.4%, and 5+ bedroom homes decreased by 3.7%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
359 | 444 | +23.7% |
Asking Price vs. Sold Price
234 Homes Were Sold
Under Asking
95 Homes Were Sold
At Asking
114 Homes Were Sold
Over Asking
Summary: A total of 444 homes were sold or pending in Knoxville in March 2024, up by 23.7% month-over-month. Of the 443 sold homes, 53% were sold under asking, 21% were sold at asking, and 26% 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
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
31 Days | 38 Days | +25.2% |
Summary: Homes in Knoxville had an average of 38 days on market in Mar 2024, up by 25.2% compared to last year.
Breakdown of Home Sale Times
268 Homes Were Sold
Under 30 Days
105 Homes Were Sold
In 30 - 90 Days
71 Homes Were Sold
Over 90 Days
Summary: During March 2024, 444 homes were sold in Knoxville; 60% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 16% of homes were sold over 90 days.