Real Estate Market Report - Knoxville, TN (Nov, 2023)

by Shawn Wilmoth, CCIM

Current Market Condition

1,162

Active Listings

1,051

Pending Listings

$410,000

Median List Price

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The median sale/list price for the given time period ranges from $319,900 to $399,900. There is a general upward trend in prices, with a peak in October 2023, and some fluctuations throughout the year.

Median Sale/List Price

List Price

Sale Price

The median sale price per square foot shows a gradual increase from November 2022 of $192.307 to a peak of $206.754 in September 2023, with a slight dip in January 2023. The data suggests a steady growth in the real estate market during this period.

Median Sale Price per Square Foot

The median sale price to list price ratio remains consistently high throughout the next year, ranging from 0.994 to 1.0, with a majority of the months at 1.0. This suggests that homes are selling for close to or above their list price, indicating a strong seller's market.

Median Sale Price to List Price Ratio

The first set of data shows an increase in properties sold/listed from November 2022 to October 2023, with a peak in March 2023 at 740 properties sold/listed and a total count of 790 in October 2023. The second set of data shows a decrease in properties sold/listed from November 2022 to October 2023, with the highest amount of properties sold/listed in November 2022 at 563 and the lowest in October 2023 at 542.

Properties Sold/Listed

Properties Listed

Properties Sold

The median days on market for properties remained steady at 55 days from November to December 2022, then increased to 64.5 days in January 2023 before decreasing again to 42 days in April 2023. From there, the median days on market remained relatively stable, fluctuating between 44 and 51 days until October 2023.

Median Days on Market