The Knoxville real estate market has been steady throughout most of 2018. Knoxville homes were selling for a median price of around $170K in January and February and have steadily risen throughout the year. And yet, there are a limited number of houses for sale in Knoxville.

This is due to the high demand for inventory in the region. More and more people from out of state are finding tranquillity in Knoxville. Needless to say, if you want to buy a home, you’ll need to act fast.

If you want to sell a home, you can expect a quick turn around with buyers practically lined up at your doorstep.

If you’re considering buying or selling a house in Knoxville, then you’ve come to the right place. In this article, we’re discussing some of the current trends in the housing market there. Keep reading to learn more.

5 Things to Know About the Knoxville Real Estate Market

You can visit a website to contact a realtor directly about buying or selling a home in Knoxville. But, before you do that, you should know what to expect, especially if you’re coming in from out of state.

Some of the major statistics presented here are also found at Trulia.com where you can learn more about Knoxville at a glance.

Median Sales Price

The median sales price in Knoxville was up during the summer months and should level out around $185K for the rest of the year. This averages out to about $114 per square foot which is about a 5% increase compared to the same period last year.

Crime

Crime is relatively average in Knoxville with the most frequent crimes reported in the past year as counts of alarm, counts of theft and counts of assault. You can find more information about specific neighborhoods through various websites such as areavibes.com that offers a grade for each city.

Demographics

Knowing who your potential neighbors are will make a big difference when buying a house.

In Knoxville, the median household income is just under $50K and 71% of the population are homeowners. The median age is 39 and 40% of those residents are single. 39% of Knoxvillians are college educated.

Buyers

Knoxville is a beautiful place to live with plenty of conveniences and a sturdy job market, too. It’s only going to be a matter of finding the right home in a competitive market.

Sellers

Homes are selling at about 99% of their asking price so as long as you’re listing your home within the appraised limit, you can probably expect to lure a buyer relatively quickly.

Final Thoughts

Keep in mind that you should also look into the school district in the neighborhood where you plan on buying, even if you don’t have kids. Good schools generally mean better neighborhoods.

Knoxville real estate is soaring due to recent improvements in the downtown sector and proximity to the Smoky Mountains. It’s a tight market with only about 3000 homes for sale and plenty of realtors in Knoxville yearning for your business.

If you still have questions about how to understand the housing market in Knoxville, TN, feel free to contact us. We have decades of experience in real estate.