Knoxville Property Values Surge with Higher Per Square Foot Costs in May 2024

In the evolving landscape of Knoxville, the average value of properties is on the rise with the price per square foot – both in list values and sale prices – is showing an upward trajectory. Let’s take a look into the details of these trends and how they reflect on the real estate dynamics within Knoxville and its neighboring areas as of May 2024.

See our previous Knoxville report from when average home values were sitting at around the $400k mark.

Analysis of Knoxville’s Increasing Property Values

Over the recent months leading up to May 2024, Knoxville has experienced a steady increase in the average property values, marking a shift in the housing market dynamics. The average value of properties in the city saw a leap from $400,000 in January 2024 to $425,000 by May 2024. This upward trend in values is further supported by the per square foot metrics: in January this year, the per square foot value averaged about $213, increasing by $5 per sq ft to $218 by May 2024.

The average sale price per square foot followed a similar trajectory, moving from $198 in January to an impressive $221 by May – a 12% increase. These rising figures not only indicate a burgeoning market but also suggest that properties are gradually becoming more valuable, and purchasers are willing to pay more per square foot of space.

Knoxville and Surrounding Areas Performance

Expanding the scope to Knoxville’s neighboring cities such as Powell, Corryton, and Mascot provides further insight into the area’s wider real estate landscape:

• In Powell, the average property value as of May 2024 stands at $400,000, with a property per square foot value of $196. Powell’s properties also fetched an average sale price of $367,000 with an average sale price per square foot at $219.
• Corryton recorded a slightly higher average per square foot value of $226 and an average sale price per square down at $211, indicating a potential differential between list prices and finalized sale prices.
• Mascot showed an average property value of $282,000 with a sizeable per square foot value of $223. However, its average sale price per square foot was notably lower at $180, suggesting a competitive market which could be inducing lower final sale prices.

Homes For Sale

An integral part of understanding the real estate market is looking at how many homes are for sale at any given point in time, plus the actual number of sold homes. Knoxville had 1,175 properties listed for sale in May, and a total of 3,527 properties sold. This disparity suggests a dynamic market with high demand.

Comparatively, Powell, a smaller market, had 66 properties listed and 218 sold—a high sold-to-listed ratio indicating a potentially fast-moving market segment. Corryton and Mascot presented a more traditional pace, with properties sold figures reasonably proportional to the listings.

To conclude, the Knoxville real estate market and its adjacent cities demonstrate a robust inclination towards increasing property values, and a healthy flow of sales. This trend not only spells favorable conditions for sellers due to higher yields per square foot but also indicates an active market scenario which could influence future real estate developments and investments in and around Knoxville, TN.