What is the Average Home Price in Knoxville, TN, as of May 2023?
Here's a quick statistics data to give you an idea.
May 2022 vs. May 2023
Median "Listing" Home Price and Median Home "Sold" Price
In May 2023, the Median Listing Home Price in Knoxville, TN,
was $429.900, trending up 16.49% year-over-year.
In May 2023, the Median Home Sold Price in Knoxville, TN,
was $345,000, slightly trending up 3.67% year-over-year.
April 2023 vs. May 2023
Median "Listing" Home Price and Median Home "Sold" Price
In May 2023, the Median Listing Home Price in Knoxville, TN,
was $429.900, trending up 2.33% month-to-month
In May 2023, the Median Home Sold Price in Knoxville, TN,
was $429.900, insignificantly trending up 0.52% month-to-month
My Suggestions for Buyers:
Monitor Market Trends:
Keep a close eye on the year-over-year and month-to-month changes in median
listing and sold home prices in Knoxville, TN. Understanding the market trends
will help you make informed decisions about when to enter the market.
Budget Flexibility:
With a significant year-over-year increase of 16.49% in median listing home prices,
it is advisable to have some flexibility in your budget. Consider saving a bit more o
exploring financing options to account for potential price increases in the future.
Act Promptly:
The month-to-month increase in median listing home prices of 2.33% suggests that prices
are still rising. If you're in the market for a home, it may be advantageous to act promptly
to avoid potentially higher prices soon.
My Suggestions for Sellers:
Capitalize on Market Conditions:
With a substantial year-over-year increase of 16.49% in median listing home prices,
sellers in Knoxville, TN, are in a favorable position. Consider maximizing your profits
by taking advantage of the strong market demand and increased prices.
Pricing Strategy:
As median listing home prices show a month-to-month increase of 2.33%, evaluating your
pricing strategy is crucial. Price your home competitively to attract potential buyers while
capitalizing on the upward price trend.
Highlight Unique Selling Points:
With rising prices, it becomes even more important to showcase your home's unique
features and value. Make sure to highlight any distinctive aspects that set your property
apart from others in the market.