Knoxville real estate: Sellers retain leverage as fewer homes are listed for sale

Brenna McDermott, Knoxville News Sentinel
·2 min read

The number of active home listings continues to fall, and that means sellers have gained leverage, according to recent 12-county data from the Knoxville Area Association of Realtors.

"Sellers gain leverage when inventory falls and respond by asking more for their homes, which explains why Knoxville's market has seen a sharp rise in new list prices over the past two months," said Hancen Sale, government affairs and policy director for KAAR.

Since October, 15-20% more homes go under contract than are being added to the market each week.

Here's a look at Knoxville's real estate market for the week of Dec. 5.

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A 2 bed and 2 bath home at 4301 Macbeth Way, right, in Bearden is listed for 275,000 as of Tuesday, September 14, 2021. The unit next door at 4305 is listed for $280,000.
A 2 bed and 2 bath home at 4301 Macbeth Way, right, in Bearden is listed for 275,000 as of Tuesday, September 14, 2021. The unit next door at 4305 is listed for $280,000.

Home sales for the week of Dec. 5

Active listings, or number of listings on the market in the Knoxville area during the time period: 1,911 (1,947 previous week)

New pending sales, or number of listings that went from active to pending during the time period: 490 (458 previous week)

Median days on market during the time period: 9 (10 previous week)

New listings added during the time period: 389 (386 previous week)

Median list price for new listings added during the time period: $299,900 ($310,950 previous week)

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Business in Knox County through Nov. 30

Knox County Register of Deeds Nick McBride said 15 properties sold last week for $1 million or more, a significant number in Knoxville's busy real estate transfers market.

"A total $5.3 billion worth of property has changed hands in Knox County already this year," McBride said.

Here’s a snapshot of business in Knox County through Dec. 14.

Foreclosures

  • 2021: 102

  • 2020: 145

  • Percentage change: -29.66%

New subdivisions/ divisions of property

  • 2021: 536

  • 2020: 532

  • Percentage change: .75%

Number of mortgages

  • 2021: 27,950

  • 2020: 25,073

  • Percentage change: 11.47%

Value of mortgages

  • 2021: $8,299,273,304.34

  • 2020: $6,756,601,504.34

  • Percentage change: 22.83%

Number of sales

  • 2021: 14,811

  • 2020: 13,554

  • Percentage change: 9.27%

Value of sales

  • 2021: $5,316,553,532.43

  • 2020: $4,077,770,059.45

  • Percentage change: 30.38%

Property sales by value for the week ending Dec. 14

  • More than $1 million: 15

  • $900,000-$999,999: 1

  • $800,000-$899,999: 2

  • $700,000-$799,999: 4

  • $600,000-$699,999: 8

  • $500,000-$599,999: 11

  • $400,000-$499,999: 24

  • $300,000-$399,999: 61

  • $200,000-$299,999: 59

  • $100,000-$199,999: 50

  • Up to $99,999: 32

Growth and development editor Brenna McDermott can be reached at brenna.mcdermott@knoxnews.com. Follow along with her work on Twitter @_BrennaMcD. Support our local news efforts by becoming a Knox News subscriber.

This article originally appeared on Knoxville News Sentinel: Knoxville real estate: Homes for sale continue to decrease