Knoxville Market Update – April 2017

Tennessee mortgages can be impacted by the local real estate market, and vice versa.

As mortgage professionals serving clients throughout Tennessee, we are regularly checking on the local real estate market to see how it is currently preforming in comparison with the past and how real estate experts believe these trends will impact the future.

In the most recent report by the Knoxville Area Association of REALTORS that was released in mid-March, the average price of homes across all single-family units in the area was recorded at $198,962. This figure is only slightly higher than the average price of $194,905 that recorded for the same time period last year, which shows great stability in the Knoxville housing market.

Of the single-family homes that were sold between February 1st and February 28th this year, the majority were 3-bedroom homes in the $200,000 – $249,999.99 price range. The next largest category of homes sold were also 3-bedroom homes, but these homes were in the $120,000 – $139,999.99 price range.

Most condominium sales during February 2017 also came from the sale of 3-bedroom units in the $29,999.99 and under price range.

While there was a total of 1,050 single-family homes and 153 condominium units sold last month, there are still around 5,984 active single-family home listings and 638 active condominium listings available for purchase.

A significant 463 of the total sales in February were financed by conventional loans. The rest were mostly financed by cash and FHA, USDA, and VA loans.

Regardless of your financial situation or your loan requirements, we can help you find the best options to meet your home purchase needs! Call us today if you are interested in one of these or any other financing options or have any general mortgage questions. We are happy to help and look forward to saving you money on your Tennessee mortgages!

 

Source:  https://kaarmls.com/sites/default/files/feb17nar.pdf