Buyers have gained some ground, but sellers remain in the driver’s seat of Knoxville home sales, according to Knoxville Area Association of Realtors data.
“Higher inventory relative to earlier in the year has stabilized prices to a degree,” said Hancen Sale, governmental affairs and policy director at the Knoxville Area Association of Realtors. The weekly data, provided by KAAR, covers a 12-county region in East Tennessee.
That dynamic suggests there is pent-up demand primarily from buyers, Sale said, who were turned off by escalating prices and competition earlier in the year but are now returning to the market.
Homes sales for the week of Aug. 22
Here is the housing data for the week of Aug. 22-28.
Active listings, or number of listings on the market in the Knoxville area during the time period: 2,401 (2,437 previous week)
New pending sales, or number of listings that went from active to pending during the time period: 665 (619 previous week)
Median days on market during the time period: 7 (8 previous week)
New listings added during the time period: 615 (563 previous week)
Median list price for new listings added during the time period: $279,900 ($289,000 previous week)
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Business in Knox County through Aug. 31
Knox County Register of Deeds Nick McBride said statistics for the last week of August still indicate positive real estate trends in Knox County. There was one foreclosure recorded and 13 divisions of property, two more than this week last year.
“The margin on value of mortgages and the value of transfers both crept up slightly again as well. The number of mortgages processed was only 16 greater than a year ago, but sales exceeded those numbers,” McBride said.
In all, 62 more warranty deeds were recorded than last week.
Here’s a snapshot of business in Knox County through Aug. 31.
- 2021: 64
- 2020: 112
- Percentage change: -42.86%
New subdivisions/ divisions of property
- 2021: 392
- 2020: 376
- Percentage change: 4.26%
Number of Mortgages
- 2021: 19,961
- 2020: 16,594
- Percentage change: 20.29%
Value of Mortgages
- 2021: $5,811,970,869.56
- 2020: $4,371,809,026.08
- Percentage change: 32.94%
Number of Sales
- 2021: 10,391
- 2020: 9,037
- Percentage change: 14.98%
Value of Sales
- 2021: $3,573,093,908.10
- 2020: $2,613,841,554.05
- Percentage change: 36.70%
Property sales by value for the week ending Aug. 31
- More than $1 million: 15
- $900,000-$999,999: 1
- $800,000-$899,999: 4
- $700,000-$799,999: 10
- $600,000-$699,999: 10
- $500,000-$599,999: 16
- $400,000-$499,999: 36
- $300,000-$399,999: 71
- $200,000-$299,999: 88
- $100,000-$199,999: 55
- Up to $99,999: 32
Growth and development editor Brenna McDermott can be reached at email@example.com. Follow along with her work on Twitter @_BrennaMcD. Support our local news efforts by becoming a Knox News subscriber.
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