Knoxville Real Estate Market Report, April 2024

Home prices in in Knoxville, Tennessee, peaked in late 2023, and while there has been a slight tapering off, prices remain on the higher side. As of March 2024, the average value in Knoxville stands at a robust $399,900. This fluctuations pattern is mirrored in the cost per square foot, which had hit a high of $205 in October 2023, but as we turn the corner into March, the rate has adjusted to $213—indicative of the market’s volatility.

The nuances of the market are also clear when we look closer at the sold property trends. After a noticeable drop in sale prices from October 2023, there has been a rebound by March 2024. The average sale price currently rests at approximately $355,558, and the cost per square foot is around $219. These figures reflect the market’s recovery and could signal a resurgence in buyer confidence or suggest a response to inventory shifts.

The number of properties listed for sale has seen a decline from October 2023, which can be indicative of a tightening in available inventory, potentially influencing the stabilization of prices. With a peak in sold property count in December 2023, the following months display a downswing, with 3,203 properties sold recently, demonstrating the ebb and flow of the market’s activity.

Comparative Real Estate Dynamics: Knoxville and Nearby Cities

Extending our lens to nearby cities like Powell, Rockford, Corryton, Heiskell, and Mascot, we can determine a unique rhythm in each locality’s market.

• Powell currently has an average value of $383,450 and a sales price of approximately $340,099. The city’s property count stands at 46, signaling a more exclusive market.
• Rockford exhibits an interesting contrast; though it features a lesser property count of 8, its average sale price is a lofty $413,137, outranking the others, with a high cost per square foot at $279. This could be indicative of a premium market segment or unique property characteristics that command higher prices.
• Corryton showcases an average value of $348,250 and an average sale price of $323,202 with a cost per square foot of around $213, reflecting a steady market demand. Conversely, Heiskell, with a very limited 3 properties listed, posts an average sale price of $326,172 and a lower cost per square foot at $195.
• Mascot, with a property count of 7, has the lowest average value at $280,000 and a sales price of approximately $260,239, suggesting a more affordable entry point into the property market, complemented by a cost per square foot of $182.
• Understanding Knoxville’s Real Estate Market Fluctuations

The interplay of average values, property counts, and cost per square foot underscores the fluctuating Knoxville market. Seasonal trends, economic factors, and changes in inventory all contribute to the market’s pulse.

With the peak in October 2023 and a moderate dip following, buyers and sellers in Knoxville have navigated a changing landscape. Notably, the reduced property count could be squeezing the inventory, possibly driving up the average sale prices. The increased price per square foot from February to March 2024 suggests resilience in value per unit area, which may appeal to sellers and test the buyer’s market tenacity.

Simultaneously, the dip in sold property count indicates a potential lull in transactions, which could serve as an incentive for sellers to adjust their strategies or for buyers to enter the market to capitalize on lesser competition.

In comparison, adjacent cities exhibit a mixed bag of trends, with some like Rockford showing higher sale prices despite a lower property count, possibly due to the exclusivity or high demand of specific real estate segments.

These insights into Knoxville and its neighboring cities reflect a real estate market rich in diversity and complexity. For those considering investment or homeownership in these regions, understanding these trends is essential for making informed decisions in a landscape that remains both promising and unpredictable.