Knoxville, TN December 2023 Actual Property Market Replace

Hey there, people! Should you’re contemplating a transfer to Knoxville, Tennessee, you’ve got come to the precise place. My identify is Todd Juel, and I am right here to provide the actual scoop on the December 2023 actual property market in Knoxville. There’s a lot misinformation on the market, and I wish to be sure to have the information you want to make knowledgeable choices about your transfer.

Days on Market: Let’s begin with the typical days in the marketplace. On the finish of December 2023, the typical days in the marketplace had been 23.8 days, which is up by 3 days from November. Nevertheless, once we evaluate it to December 2022, properties are literally sitting 2 days much less in the marketplace in Knoxville. Which means the market continues to be shifting, even through the vacation season.

Bought to Listing Value: Houses in Knoxville are promoting at 96.8% of the record worth in December 2023, which is down barely from November. Nevertheless, once we evaluate it to December 2022, there’s solely a small change, indicating that properties usually are not promoting at enormous reductions.

Absorption Price: The absorption charge in Knox County on the finish of December 2023 was 1.77 months, which is an enchancment from November. Which means if no extra properties had been listed, it could take lower than 2 months to promote out of every part in the marketplace. That is nonetheless a vendor’s market, nevertheless it’s a great indicator that extra properties are lastly coming onto the market.

Median Bought Value: The median offered worth of a house in Knoxville in December 2023 was $365,000, up barely from November. After we evaluate it to December 2022, there is a 10.8% improve 12 months over 12 months. Which means costs are nonetheless growing in Knoxville, regardless of what some could also be saying in regards to the market crashing.

In conclusion, the true property market in Knoxville continues to be going sturdy. Should you’re trying to purchase a house in Knoxville, sooner is healthier than later. With a drop in rates of interest and an absence of stock, we are able to anticipate to see a rise in appreciation charges in 2024. You probably have any questions, be happy to depart them within the feedback beneath or attain out to me instantly. I hope this knowledge has been useful to you, and I can not wait to see you round Knoxville quickly!