Homes for sale continue to increase in price

Home sales rose 9.6{73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82} from August to September, according to seasonally adjusted data from the Knoxville Area Association of Realtors. 

Nationwide, new home construction fell by 1.6{73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82} in September from the previous month, but year-to-date construction is 17{73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82} higher than in 2020, according to the National Association of Realtors. 

In the second week of October, the median list price in the Knoxville area went up, and so did the median days on market, according to KAAR data from a 12-county region.

The median number of days a home was on the market during the week was nine. Earlier in the summer, it had averaged four or five days. 

Here’s a look at Knoxville’s real estate market for the week of Oct. 10.

Home sales for the week of Oct. 10

Active listings, or number of listings on the market in the Knoxville area during the time period: 2,342 (2,392 previous week)

New pending sales, or number of listings that went from active to pending during the time period: 577 (566 previous week)

Median days on market during the time period: 9 (7 previous week)

New listings added during the time period: 477 (494 previous week)

Median list price for new listings added during the time period: $306,875 ($289,900 previous week)

Business in Knox County through Oct. 19

For the week ending Oct. 19, Knox County Register of Deeds Nick McBride recorded 10 new divisions of property, two foreclosures and six property sales worth more than $1 million. 

“Trust deeds and warranty deeds are still trending way greater than that of last year, with an increase of 27{73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82} for mortgages and 30{73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82} for sales,” McBride said. “Fewer sales were recorded last week than that of last year, however the value of the sales of this year greatly outweigh those of last year.”  

Here’s a snapshot of business in Knox County through Oct. 19.

Foreclosures

• 2021: 77
• 2020: 129
• Percentage change: -40.31{73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82}

New subdivisions/ divisions of property

• 2021: 460
• 2020: 441
• Percentage change: 4.31{73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82}

Number of mortgages                        

• 2021: 23,876
• 2020: 20,589
• Percentage change: 15.96{73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82}

Value of mortgages

• 2021: $6,930,942,600.00       
• 2020: $5,426,807,643.47
• Percentage change: 27.72{73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82}

Value of sales 

• 2021: $4,282,666,948.64
• 2020: $3,278,016,764.86
• Percentage change: 30.65{73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82}

Number of sales

• 2021: 12,527
• 2020: 11,168
• Percentage change: 12.17{73375d9cc0eb62eadf703eace8c5332f876cb0fdecf5a1aaee3be06b81bdcf82}

Property sales by value for the week ending Oct. 19

• More than $1 million: 6
• $900,000-$999,999: 1
• $800,000-$899,999: 2
• $700,000-$799,999: 4
• $600,000-$699,999: 4
• $500,000-$599,999: 10
• $400,000-$499,999: 22
• $300,000-$399,999: 46
• $200,000-$299,999: 58
• $100,000-$199,999: 53
• Up to $99,999: 31