This summer felt as strong as ever and the numbers tend to back that up. Lets’s take a look….

*Single family homes within a 4 mile radius of downtown Knoxville.

 

The number of homes sold fell off a bit from last summer and came in just above the summer 2017 levels. Buyers would have appreciated a few more homes on the market but the number of homes sold is still above the 2017 level and the change from last year isn’t enough to draw much from.

*Single family homes within a 4 mile radius of downtown Knoxville.

 

Average days on market didn’t change significantly from last year and we are still seeing quality homes go under contract almost immediately after going on the market. It is hard to go much lower than where we are at in terms of days on market so when things stay the same it means homes are still moving fast.

 

*Single family homes within a 4 mile radius of downtown Knoxville.

 

Average sold price continued to go up as we would expect given the average days on market numbers with no significant increase in volume. Interestingly we saw a dip last year in the average sold price during the summer. That dip coincided with with what felt like to us a drop in buyer interest late last summer and throughout the 2018 fall season. This fall buyers seem to be out in force so it will be interesting to see if the fall numbers reflect what we have been seeing on the ground. We will just have to wait and see!

Every home is unique, and your own home’s value will depend on many factors. If you are considering selling your home we would love to put our experience and knowledge of Knoxville’s historic neighborhoods to work for you!

*Source data from Knoxville Area Association of Realtors MLS. Information is deemed reliable but not guaranteed.

It was another strong spring for Knoxville’s historic neighborhoods. Let’s take a look at some of the numbers from the historic core to see how they compare to the last couple of years.

 

*Single family homes within a 4 mile radius of downtown Knoxville.

 

The number of homes sold has held fairly steady the few years and this year is no exception, finishing the season with 362 single family homes sold in the historic core. The lack of change isn’t really notable by itself but it does help give us some context for the next two charts…

 

*Single family homes within a 4 mile radius of downtown Knoxville.

 

Average days on market continues to go down averaging just 39 days this spring. Basically buyers are buying as soon as homes come on the market because if they don’t someone else will. Given that environment the last chart doesn’t come as a huge surprise…

 

*Single family homes within a 4 mile radius of downtown Knoxville.

 

The average sold price this spring continues to rise at a good clip, coming in at $181,000. While that is great for current homeowners, buyers are continuing to feel the pinch. It will be interesting to see if buyer demand supports continued price increases throughout the year or if, like last year, things tend to even out as we head into summer and fall.

Every home is unique, and your own home’s value will depend on many factors. If you are considering selling your home we would love to put our experience and knowledge of Knoxville’s historic neighborhoods to work for you!

*Source data from Knoxville Area Association of Realtors MLS. Information is deemed reliable but not guaranteed.

For our first look at Knoxville’s historic neighborhoods housing market I thought we would take a look back over the last 5 years to see how prices of homes sold in Knoxville’s historic core are changing compared to the homes further out from the city. Here are a few definitions and takeaways.

  • Historic Core: Single family homes within a 4 mile radius of downtown Knoxville.
  • County Doughnut: All single family homes that reside in Knox County outside of the City limits.
  • Both areas have seen a sizeable gain in value over the last 5 years which is in line with national trends.
  • The historic core has seen a roughly 15% greater increase in value during that time than the county doughnut.
  • Prices increase for many reasons. While supply and demand play a large role one often overlooked driver of price increase is the improvement of homes through renovation.

Every home is unique, and your own homes value will depend on many factors. If you are considering selling your home we would love to put our experience and knowledge of Knoxville’s historic neighborhoods to work for you!

*Source data from Knoxville Area Association of Realtors MLS. Information is deemed reliable but not guaranteed.

Trendlines will be a place for us to explore market data as it relates to Knoxville’s historic neighborhoods. Starting in the new year we will take a look at how home values, supply, and demand are changing in our historic neighborhoods and what that might mean for your home’s (or future home’s) value.

Hold tight! We’ll be posting soon.

First Neighborhoods Realty, LLC

...is a boutique firm specializing in the historic neighborhoods in and around downtown Knoxville.

© 2019 First Neighborhoods Realty, LLC
123A S. Gay Street
Knoxville, TN 37902

office@firstneighborhoods.com

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