Knoxville’s housing market remains hot as buyers snatch up homes in a matter of days and for over asking price.
Knoxville ranked 13th out of the top 100 metro areas for home price growth during the second quarter of 2022. Prices were up 4.9% over the previous quarter and up 25.6% over the previous year, according to the Federal Housing Finance Agency’s House Price Index.
The average sale price in the Knoxville area in July was $324,500, up more than 14% from July 2021, according to the Knoxville Area Association of Realtors’ August Market Pulse report.
Despite the year-over-year increases, prices have decreased slightly from this summer’s peak. Realtor.com reported a $9,000 dip from June to August.
Home sales are down. They decreased by 10.1% from June to July, according to KAAR.
While the housing market is more expensive and the housing supply is more limited than it was pre-pandemic, KAAR’s governmental affairs and …….