Knoxville Real Estate Market: How Home Buying Will Change

The Knoxville real estate market remains hot as buyers take over homes within days and for too high a price.

Knoxville was ranked 13th in the top 100 metropolitan areas for home price growth during the second quarter of 2022. Prices increased 4.9% over the previous quarter and 25.6% over the year earlier, according to the Federal Housing Finance Agency’s home price index.

The average selling 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 year-over-year increases, prices have fallen slightly from this summer’s peak. Realtor.com reported a $ 9,000 drop from June to August.

Home sales are falling. They fell 10.1% from June to July, according to KAAR.

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