Knoxville housing market: demand for housing continues

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The Knoxville Area Association of Realtors has new data on developments in the real estate market during the month of August.

The median selling price of the home was $ 289,000, an increase of 22.2% from a year ago.

Home sales fell 0.3%, but are still up 4.5% year-on-year. Half of the homes sold in August went under contract in three days or less.

Demand for housing in Knoxville is holding up and absorbing new inventory coming into the market, said Hancen Sale, KAAR’s director of government affairs and policy.

The organization tracks real estate data for an area of ​​12 counties.

“Active listings have hovered around 2,400 for nine straight weeks, which isn’t necessarily a bad thing since inventory typically declines in the second half of the year,” Sale said.

Here’s a look at home sales for the week of September 26th.

Home sales for the week of September 26

This home, located at 1221 Bradshaw Garden Road and photographed Thursday, September 30, 2021, is currently for sale for $ 274,900.

Active ads, or number of listings in the Knoxville area market during the period: 2,437 (2,411 the previous week)

New sales pending, or number of listings that went from active to pending during the period: 616 (593 the previous week)

Median days on the market during the period: 7 (7 previous week)

New ads added during the period: 560 (482 previous week)

Median list price for new listings added during the period: $ 300,000 ($ 284,200 the previous week)

Knoxville real estate overview:Fewer new homes on the market

House prices in Knoxville:Median home selling prices hit a new high last week

Business in Knox County through October 5

Knox County Deed Registry Nick McBride said real estate transactions have seen a lull as fall approaches, a trend that typically lasts through the end of the year.

“That being said, looking at the same time frame over the past few years will reveal the continued strength in our market,” McBride told Knox News.

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His office last week registered six fewer trust deeds than the same time last year. It also recorded two foreclosures and eight million dollar transfers.

Here’s a look at business in County Knox through October 5

Seizures

  • 2021: 75
  • 2020: 126
  • Percent change: -40.48%

New subdivisions / property divisions

  • 2021: 441
  • 2020: 425
  • Percent change: 3.76%

Number of mortgages

  • 2021: 22 813
  • 2020: 19,507
  • Percent change: 16.95%

Mortgage value

  • 2021: $ 6,632,936,600.00
  • 2020: $ 5,071,247,695.65
  • Percent change: 30.79%

Sales value

  • 2021: $ 4,091,607,016.21
  • 2020: $ 3,096,461,486.48
  • Percent change: 32.14%

Number of sales

  • 2021: 12 010
  • 2020: 10,587
  • Percent change: 13.44%

Sales of value properties for the week ending October 5

  • Over $ 1 million: 8
  • $ 900,000 to $ 999,999: 2
  • $ 800,000 – $ 899,999: 2
  • $ 700,000 – $ 799,999: 6
  • $ 600,000 – $ 699,999: 12
  • $ 500,000 – $ 599,999: 13
  • $ 400,000 to $ 499,999: 26
  • $ 300,000- $ 399,999: 71
  • $ 200,000 – $ 299,999: 108
  • $ 100,000 to $ 199,999: 58
  • Up to $ 99,999: 39

Growth and Development Editor-in-Chief Brenna McDermott can be reached at [email protected] Follow his work on Twitter @_BrennaMcD. Support our local information efforts by become a Knox News subscriber.



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