The Knoxville real estate market continues to show dynamic movement with a combination of low inventory, quick sales, and competitive prices. Whether you’re a buyer or a seller, staying informed about current trends is key to making the best decisions. Here’s a detailed overview of where the market stands right now.

Low Inventory Creates High Demand
The Knoxville housing market currently has only 2.06 months of inventory available, which is considered very low. A “balanced market” typically has around six months of supply, meaning buyer demand is outpacing the supply of homes. As a result, buyers may face increased competition when searching for their next property.

However, there’s a slight improvement compared to last year. The 12-month change in months of inventory has increased by 39.19%, giving buyers a bit more selection than in 2023—but not enough to shift the market out of a seller’s favor.

Quick Sales: Homes Moving in 17 Days
Even with the slight uptick in inventory, homes are selling at an impressive pace. The median time on the market is just 17 days, indicating a strong seller’s market. Well-priced homes are attracting multiple offers quickly, leaving buyers with little time to deliberate.

This fast turnaround is an advantage for sellers. The limited supply of homes and quick sales means sellers have more leverage in negotiations.

List to Sold Price Percentage Reflects Strong Seller Power
Another indicator of market strength is the 98.5% list-to-sold price ratio. This metric shows sellers are getting nearly their full asking price, reinforcing that demand is high and buyers are willing to meet competitive prices to secure their ideal home. Sellers can feel confident listing at market value, knowing that offers close to asking are likely.

Stable Pricing: Median Sold Price at $410,215
The median sold price in Knoxville currently sits at $410,215, reflecting a stable and healthy market. This price point suggests that, while demand remains high, the market isn’t experiencing unsustainable growth. Buyers can expect fair market value, and sellers are still enjoying strong appreciation in home values.

What This Means for Buyers and Sellers

• Buyers: Be prepared to act fast. With homes selling in just over two weeks, having financing ready and working closely with an experienced agent will give you a competitive edge.
• Sellers: Now is a great time to list your property. The combination of low inventory, quick sales, and near-asking price offers provides a prime opportunity to maximize your sale. Pricing your home appropriately from the start will help you take full advantage of the strong demand.

A Balanced and Active Market for Fall 2024
Overall, Knoxville’s real estate market remains active, balanced, and favorable to both buyers and sellers. The low inventory and quick sales indicate a strong seller’s market, but the gradual supply increase offers buyers hope. As we move into the final months of the year, this stable market presents opportunities for everyone involved—buyers can find competitively priced homes, and sellers can benefit from robust demand and solid offers.

Now is a great time to act if you’re considering buying or selling. Contact us at Heritage Property Advisors for tailored advice or to learn more about how these trends could impact your next move. Our team is ready to guide you through the process and help you succeed in this dynamic market!