Knoxville Mortgage Rates – Knoxville Market Update

Knoxville mortgage rates can be affected by any number of things, from the national economy and interest rates set by the Fed, to local market statistics. Even your particular financial situation can affect the rates you are offered and approved for on your mortgage.

As professionals in the industry, we strive to stay up to date on all of this information, including local real estate markets, because we know these statistics affect more than just interest rates. They also effect where our clients will be choosing to live and build their lives.

During the month of April this year, there was a total of 1,412 single family homes sold in the Knoxville area. Of these homes, 206 had 2 bedrooms or less, 863 had 3 bedrooms, and 343 had 4 or more bedrooms.

The homes with 2 bedrooms or less sold for an average price of $112,678. The homes with 3 bedrooms sold for an average price of $176,931. And the homes with 4 or more bedrooms sold for an average price of $312,583. When these figures are considered as a whole, the average sales price of homes throughout the entire Knoxville area was $200,509 in April 2017.

Of the 1,412 homes sold, 574 were financed with a Conventional mortgage, 193 were financed with an FHA loan, 203 were financed with a USDA loan, and 92 were financed with a VA loan.

As of the beginning of May, there were still about 6,183 active listing in the Knoxville area in a variety of price ranges from $29,999 and under to $500,000 and over.

It is our hope that the above information gives you a bit more insight into the market you are living in or looking to purchase your new home in. Our goal is to make your home financing decisions as simple as possible and we believe that the more accurate and relevant information you have access to, the more likely that goal is to be reached.

If you have any questions about Knoxville mortgage rates or the local market or are interested in getting your mortgage process started, give us a call today! We are looking forward to helping you save on your home financing!

 

 

Source: https://kaarmls.com/sites/default/files/apr17nar.pdf