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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Powell is a seller's market

Buyer's
Market

Difference Since August 2023

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

Key Takeaway

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

Housing Prices in Powell, TN

How much do homes in Powell, TN cost?

Median Sold Price

$359,800

$192/sqft

Based on all homes sold in the last 12 months.

Difference Since August 2023

+$29,816(+9.0%)

Key Takeaway

Homes in Powell have sold for 9% more than they did a year ago.

Summary: The median home sold price in Powell was $359,800 in August 2024, up 9% from last year, and the median price per square foot was $192.

Median Sold Price By Bedroom Count

# BEDSAug 2023Aug 2024CHANGE
1 $214K$167.5K
-21.7%
2 $227.2K$245K
+7.8%
3 $326.6K$351.5K
+7.6%
4 $394.9K$420K
+6.3%
5+ $625K$505K
-19.2%

Summary: Powell housing prices by bedroom type for August 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 21.7%, 2 bedroom homes increased by 7.8%, 3 bedroom homes increased by 7.6%, 4 bedroom homes increased by 6.3%, and 5+ bedroom homes decreased by 19.2%.

Median Sold Price Compared To Nearby Cities

Powell
+9.0%
Knoxville
+6.9%
Heiskell
-27.6%

Housing Supply in Powell, TN

How many homes are available in Powell, TN?

Number of Homes For Sale

Jul 2024Aug 2024CHANGE
112114+1.8%

Summary: The Powell real estate market had 114 homes for sale in August 2024, a 1.8% increase compared to July 2024.

Homes For Sale By Bedroom Count

# BEDSJul 2024Aug 2024CHANGE
1 00
0.0%
2 1214
+16.7%
3 6065
+8.3%
4 3530
-14.3%
5+ 55
0.0%

Summary: The Powell housing inventory by bedroom type for August 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 16.7%, 3 bedroom homes increased by 8.3%, 4 bedroom homes decreased by 14.3%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Jul 2024Aug 2024CHANGE
2325+8.7%

Asking Price vs. Sold Price

12 Homes Were Sold
Under Asking

8 Homes Were Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Powell, you may be able to get a good deal. 48% of homes here sold below asking price last month.

Summary: A total of 25 homes were sold or pending in Powell in August 2024, up by 8.7% month-over-month. Of the 25 sold homes, 48% were sold under asking, 32% were sold at asking, and 20% were sold over asking.

Days on Market for Powell, TN

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

Average Sale Time

Aug 2023Aug 2024CHANGE
15 Days26 Days+77.1%

Summary: Homes in Powell had an average of 26 days on market in Aug 2024, up by 77.1% compared to last year.

Breakdown of Home Sale Times

15 Homes Were Sold
Under 30 Days

9 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During August 2024, 25 homes were sold in Powell; 60% of homes were sold within 30 days, 36% of homes were sold within 30 to 90 days, and 4% 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 20 Days Ago

Newest Listings in Powell, TN

Nearby Markets to Powell, TN

What housing markets are near Powell, TN?