ResalesKnoxville, Tennessee: Rising Prices, Stable Market
Rising prices and stability between a buyer"s and seller"s market characterize the East Tennessee city of Knoxville.
Home to the University of Tennessee, Knoxville offers mid-sized city living set in a green paradise of mountains, lakes and rivers, and at an enviably low cost in housing.
For local Realtors, Knoxville"s attractions include its great beauty, diversity of employment, and quality of life.
"Knoxville is a very pleasant, mid-sized East Tennessee town located near the Great Smoky Mountains National Park," explains Realtor Jim Lee. "The Park receives over 10 million annual visitors. With the atomic city of Oak Ridge less than 15 miles away Knoxville enjoys a symbiotic relationship with her neighbor providing the majority of housing for the Oak Ridge workers.
"The East Tennessee market is beginning to heat up as interest rates remain at very attractive levels for home buyers," continues Lee. "Seven percent or so fixed rates are driving a lot of sales here plus a renewed interest in single family homes and condos as investments since the recent poor performance of the stock market.
"There is a great selection of both new and resale homes and condos in all price ranges from the low 80s into the mid to high six figure range.
"Knoxville"s average sales price is $138,000 and that will buy you a nice 3-4 bedroom, 2-3 bath, 2000 square feet home with typically a 2-car garage," says Lee. "In the nearby bedroom community of Farragut the average sales price is $210,000 and that gets you a very nice 3-4 bedroom, 2400 square feet or more home with a 2 or 3 car garage."
Knoxville offers a number of subdivisions, including West Moreland, Sherwood, Deane Hill, Timbercrest, West Hills, Sugarwood, Crestwood Hills, Benington, Farmington, Kingston Woods, Westland Meadows, Echo Valley, Andover, Fox Den, Montgomery Cove and others, according to Realtor Don Anderson.
"Knoxville"s great diversification of employment lends to the stability of our community," says Anderson. "Slow but steady and consistent growth has been the greatest single factor for appreciation in all of the areas mentioned. It has been estimated that greater than 95% of home sellers have beaten inflation when the term of ownership exceeded 3 years.
"This is truly an exceptional buyer"s market," adds Anderson. "The number of homes on the market in the subject areas has caused the cream to rise to the top at the same time that interest rates are at their lowest in years - a wonderful combination in any market. New construction is very active and attractive in the $150,000 to $300,000 range."
"It"s a great place to live and work," says Realtor Steven Albin.
"Buyers are really looking for good values in their new purchases," he advises. "Buyers are looking for properties that don"t need work and were priced at the same or priced more that the homes purchased. New home prices are moving up in some areas of Knoxville. Sellers of good properties should not have a hard time of selling and getting a fair market price."
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