Is Knoxville, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2022
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
$352,585
$204/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2022
Key Takeaway
Homes in Knoxville have sold for 25.9% more than they did a year ago.
Summary: The median home sold price in Knoxville was $352,585 in November 2023, up 25.9% from last year, and the median price per square foot was $204.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $175K | $225K | +28.6% |
| 2 Bedrooms | $205.1K | $240K | +17.0% |
| 3 Bedrooms | $289.1K | $340.1K | +17.6% |
| 4 Bedrooms | $402.7K | $495.2K | +23.0% |
| 5+ Bedrooms | $558K | $642.8K | +15.2% |
Summary: Knoxville housing prices by bedroom type for November 2023 compared to the previous year: The home price of 1 bedroom homes increased by 28.6%, 2 bedroom homes increased by 17%, 3 bedroom homes increased by 17.6%, 4 bedroom homes increased by 23%, and 5+ bedroom homes increased by 15.2%.
Median Sold Price Compared To Nearby Cities
| Knoxville | $279.9K | $352.5K | +25.9% |
| Alcoa | $249.9K | $290K | +16.0% |
| Strawberry Plains | $285K | $325K | +14.0% |
| Farragut | $599.6K | $672.3K | +12.1% |
| Powell | $314.9K | $330.2K | +4.9% |
Housing Supply in Knoxville, TN
How many homes are available in Knoxville, TN?
Number of Homes For Sale
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 1,732 | 1,695 | -2.1% |
Summary: The Knoxville real estate market had 1,695 homes for sale in November 2023, a 2.1% decrease compared to October 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 26 | 14 | -46.2% |
| 2 Bedrooms | 244 | 239 | -2.0% |
| 3 Bedrooms | 817 | 798 | -2.3% |
| 4 Bedrooms | 500 | 498 | -0.4% |
| 5+ Bedrooms | 145 | 146 | +0.7% |
Summary: The Knoxville housing inventory by bedroom type for November 2023 compared to the previous month: The inventory of 1 bedroom homes decreased by 46.2%, 2 bedroom homes decreased by 2%, 3 bedroom homes decreased by 2.3%, 4 bedroom homes decreased by 0.4%, and 5+ bedroom homes increased by 0.7%.
Number of Homes Sold
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 460 | 352 | -23.5% |
Asking Price vs. Sold Price
172 Homes Were Sold
Under Asking
74 Homes Were Sold
At Asking
100 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Knoxville, you may be able to get a good deal. 49.7% of homes here sold below asking price last month.
Summary: A total of 352 homes were sold or pending in Knoxville in November 2023, down by 23.5% month-over-month. Of the 346 sold homes, 50% were sold under asking, 21% were sold at asking, and 29% 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
| Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|
| 144 Days | 103 Days | -28.2% |
Summary: Homes in Knoxville had an average of 103 days on market in Nov 2023, down by 28.2% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Knoxville are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During November 2023, 352 homes were sold in Knoxville; 0% of homes were sold within 30 days, 1% of homes were sold within 30 to 90 days, and 1% of homes were sold over 90 days.
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Knoxville Area Association of REALTORS® Multiple Listing Service. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some or all of the listings may not belong to the firm whose website is being visited. Real estate listings held by brokerage firms other than this broker are indicated by detailed information about them such as the name of the listing firms. 
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Greater Chattanooga Association of Realtors®. IDX information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Copyright© 2023 Greater Chattanooga Association of REALTORS®.
Listings courtesy of RealTracs Middle Tennessee Regional MLS as distributed by MLS GRID.
© 2023 of the REALTRACS MLS. All rights Reserved.