Is South Knoxville, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, South Knoxville has remained a Seller's Market.
Key Takeaway
South Knoxville is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in South Knoxville, TN
How much do homes in South Knoxville, TN cost?
Median Sold Price
$284,145
$237/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in South Knoxville have sold for 13.7% more than they did a year ago.
Summary: The median home sold price in South Knoxville was $284,145 in May 2024, up 13.7% from last year, and the median price per square foot was $237.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $268.5K | $359.9K | +34.0% |
| 2 Bedrooms | $237K | $246K | +3.8% |
| 3 Bedrooms | $253K | $290K | +14.6% |
| 4 Bedrooms | $310K | $295.7K | -4.6% |
| 5+ Bedrooms | $450K | $451K | 0.2% |
Summary: South Knoxville housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 34%, 2 bedroom homes increased by 3.8%, 3 bedroom homes increased by 14.6%, 4 bedroom homes decreased by 4.6%, and 5+ bedroom homes increased by 0.2%.
Housing Supply in South Knoxville, TN
How many homes are available in South Knoxville, TN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 52 | 36 | -30.8% |
Summary: The South Knoxville real estate market had 36 homes for sale in May 2024, a 30.8% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 4 | 0.0% |
| 2 Bedrooms | 13 | 8 | -38.5% |
| 3 Bedrooms | 24 | 18 | -25.0% |
| 4 Bedrooms | 10 | 5 | -50.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The South Knoxville housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 38.5%, 3 bedroom homes decreased by 25%, 4 bedroom homes decreased by 50%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 20 | 15 | -25.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in South Knoxville, you could pay more than the asking price. 46.7% of homes here sold above asking price last month.
Summary: A total of 15 homes were sold or pending in South Knoxville in May 2024, down by 25.0% month-over-month. Of the 15 sold homes, 27% were sold under asking, 27% were sold at asking, and 47% were sold over asking.
Days on Market for South Knoxville, TN
How long does it take to sell a home in South Knoxville, TN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 9 Days | 37 Days | +284.3% |
Summary: Homes in South Knoxville had an average of 37 days on market in May 2024, up by 284.3% compared to last year.
Breakdown of Home Sale Times
10 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in South Knoxville are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 15 homes were sold in South Knoxville; 67% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Knoxville Area Association of REALTORS® Multiple Listing Service. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some or all of the listings may not belong to the firm whose website is being visited. Real estate listings held by brokerage firms other than this broker are indicated by detailed information about them such as the name of the listing firms.