Knoxville's December 2023 Market Update
Mark McCormick
Mark McCormick was born in Western Pennsylvania and has lived in East Tennessee since he graduated from Lebanon Valley College in 2004...
Mark McCormick was born in Western Pennsylvania and has lived in East Tennessee since he graduated from Lebanon Valley College in 2004...
General Overview
The Knox County real state market has definitely cooled some as we approach winter. We are seeing some longer days on market for some homes, especially for the homes listed over 450,000 dollars, and we have seen a decrease in the average price of homes sold. Number of new listings has decreased as well, which is not non-typical as we approach the holiday season.
Inventory is still historically low, even more so than last month. It seems to be a trend as property owners do not seem to be upgrading or downsizing due to interest rates. Buyers do have a few options currently for homes though, and currently builders are still producing spec homes which is helping inventory a little bit as well.
December Market Update for Knoxville
606
New Listings
1069
Active Listings
539
Under Contract
527
Closed Sales
Homes Sold
97.4%
Sold-To-List-Ratio
$362,500
Average Sales Price
1.8
Months of Supply
20.6
Average Days on Market
Curious about how your home's value has changed?
We will gladly prepare a Comparative Market Analysis for you so that you are armed with the most current information.