The average sales price was $453,000 in August. In August 2022 the average sales price was $413,000. Home prices are up 9.6% and inventory is down 19% since August of 2022!!! According to the most recent estimates from Freddie Mac, the country is short about 3.8 million units of housing. These statistics are directly out of the Multiple Listing Service. Call us today at 865-588-1234 if we can help with your real estate needs or would like more information about a specific area!
Knoxville is a vibrant city that experiences many changes. With the boom of the housing market, Knoxville real estate prices continue to rise dramatically. This report seeks to explore how these changes affect the entire community and what it means for those who are looking to buy or sell their homes. Your home can sell too if you’re willing to price it competitively and list with a proactive Knoxville Realtor. The Knoxville real estate brokerage community sells 93% of all homes in North America each year! Contact us today if we can help with your Knoxville Real Estate needs! To learn more about what other homeowners are saying about our team, visit our google business page!
Let’s get a quick overview on Knox County, which makes up the Knoxville metropolitan area, before diving into each of the communities. Knox County has a population of roughly 490,000. This makes it the third in line for the most populous county across the state of Tennessee. Since the pandemic accelerated an already growing trend of moving away from the cities into mid-size cities. Growth is still lower in all cities due to demographic changes and a slowing birth rate. However, a small percentage of a large number of people moving away from larger cities is still a sizable number for a city like Knoxville.
Knoxville is a popular city for those moving from the big North east cities and California cities. Recently, 7,000 households moved to Knox County between 4/2020 and 8/2021. In conclusion, this equates to 14 NET new households per day moving to Knoxville, or roughly 411 new properties needed per month! This gives real color to why Knoxville citizens keep hearing anecdotes from realtors, clients about the difficulty finding housing. Above all, this leads to many of the communities in Knox County such as, Sequoyah, Bearden, Hardin Valley, Karns, Farragut, Cedar Bluff, and West Hills becoming in high demand.
The community that sits off Kingston Pike, between the city’s downtown and West Knoxville is a prestigious neighborhood, Sequoyah Hills. Initially developed in 1920s by developers who were inspired by its namesake – an Cherokee scholar known for developing his own alphabet system! The homes here contain numerous examples of notable residential architecture created during mid 20th century. Well known architects such as Charles I Barber and Benjamin McMurry are still known today for their works.
According to the United States postal service, roughly 88% of the Sequoyah Hills homeowners are above the age of 34 and have an annual household income between 70k-100k. In conclusion, visit our post about Sequoyah Hills to search for homes and gather more information about this Knoxville neighborhood.
Farragut, Tennessee is a town in Knox County with 23,506 residents as according to the 2020 census. This town is a part of the Knoxville Metropolitan Area. Above all, It’s named after Union Admiral David Farragut who was born just east of here at Campbells Station where he later fought during America’s Civil War days; making this area richly deserves its title – “The Navy Yard.” This area is in the 37934 zip code and has everything to do in Turkey Creek Shopping center.
In addition, there are several popular neighborhoods in Farragut such as Fox Den, Bridgemore, Fox Run, Weatherly Hills, along with so many more. What makes this area so popular? The Farragut school system, in city taxes in most neighborhoods, the proximity to Interstate 40, along with the plethora of retail shopping and dining.
There are a lot of businesses that run along Kingston Pike and Middle Brook Pike in the Bearden area. You can send your kids to Bearden Elementary, Bearden Middle and Bearden High. There are over 2,000 students enrolled in Bearden High school. This community is in the 37919 and 37909 zip code. You can get onto I-40 within 5 minutes, this makes Bearden a popular location due to the easy access it has to Kingston Pike and the highway. Most people who live in the West Hills area will also refer to their location as Bearden.
There is almost no more land for businesses to be developed in the Cedar Bluff location. Home Depot, Lowes, entertainment venues and a plethora of restaurants are in this location. Cedar Bluff is in between Bearden and Farragut which makes a highly desirable location. Most of Cedar bluff is in the 37923 zip code. Private schools such as CAK, Webb and Catholic are in this location.