“Our median list price here in Knoxville is about $42,000 higher than the national average,” said Hancen Sale, the government affairs and policy director for the Knoxville Area Association of Realtors. “It’s significant and we were below the national average just last year, so we have seen that disparity grow really quickly.”
The Knoxville housing market has changed since the pandemic with prices continuing to trend upwards, but the sale of homes slowing down.
“Our housing market was extremely competitive,” Sale said. “It was really hard to find a home much less afford one, but over the last year we have started to see things decelerate.”
He believes if more houses are built then prices will eventually fall.
“It shows that we are severely underbuilt and that we desperately need more housing,” Sale said. “There is a lot of talk from the chamber about trying to retain young professionals and college graduates and a big part of that is being an affordable place to live with an affordable housing stock.”
Sale believes as of now however there is no indication of prices slowing down. If you are renting, there is expected to be some breathing room in the future.
“We have a record number of units under construction more than we ever had in the history of the Knoxville metro area,” Sale said. “There is more supply on the way that is slated to become available in the next 12 months.”