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.
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
$365,052
$206/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Knoxville have sold for 8.9% more than they did a year ago.
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
Key Takeaway
If you're buying a home in Knoxville, you may be able to get a good deal. 52.8% of homes here sold below asking price last month.
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
Key Takeaway
Many homes in Knoxville are selling fast, if you're buying plan to act quickly.
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.
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. 
Listings courtesy of RealTracs Middle Tennessee Regional MLS as distributed by MLS GRID.
© 2024 of the REALTRACS MLS. All rights Reserved. 
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© 2024 Greater Chattanooga Association of REALTORS®.