Knoxville real estate housing market: How buying a home will change

Knoxville’s housing market remains hot as buyers snatch homes within days and for higher prices.

Knoxville ranked 13th out of the top 100 metro areas for increased home prices during the second quarter of 2022. Prices were up 4.9% over the previous quarter and up 25.6% over the previous year. Federal Housing Finance Agency’s house price index.

According to the Knoxville Area Association of Realtors’ August Market Pulse report, the average selling price in the Knoxville area in July was $324,500, up 14% from July 2021.

Despite the year-over-year increase, prices have come down slightly since the peak of this summer. reported a drop of $9,000 from June to August.

Home sales are down. According to KAAR, they decreased by 10.1% from June to July.

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