Knox County Housing Market - May 2024

This year for Knox county has gotten off to a somewhat hot start. Every month from January through March we've seen an increasing number of sales...until April.  We've also seen a consistent increase in new listings on the market since December. Increased listings is good, a slow down in sales less so.  But this slow down is pretty small.  Let's take a look at the charts. 

First off, our new listings on the market:

The new listings in April (830) are the same as in April 2020 (831) but a little lower than 2022 (840) and a lot lower than 2021 (881).  So I'd say we're moving the right direction in increasing our supply.  

 

Although it's on the rise, our overall active inventory is still low.  We are above the most recent years, but still lower than 2020. 

 

This low active inventory is due to more pending properties.  Since December, pending properties has gone practically straight up.  We haven't had this many pending properties since June of 2022.  This should lead to increased solds in May/June. 

 

Now for the solds, which have been on the upswing, took a small dip for April - 8% drop from March.  But, as you can see in the chart, months ebb and flow and I don't think this is any indicator of a bad month brewing for May. 

 

Our prices are being driven by supply and demand.  Right now supply and demand are somewhat even thus keeping prices in sort of a swing state or a plateau of sorts. We've been in the same range over the last 12 months with a low of $365,000 for the median price up to a high of $395,000.  April finished with a median price of $387,000.  

 

The average price is following a similar trend, but sits higher at $450,000.  

 

 

The months supply of inventory is still really low.  It climbed to it's high of 1.69 months in November 2023 - a number we hadn't seen since April of 2020.  But it's dipped back down below 1.5 months to just 1.33 or just 40 days of inventory.  

 

 

I still think this data points towards a swing or mixed market.  The months supply shows a seller's market, the pricing shows a swing market, the sales show a buyer's market, but the inventory brings us back to a seller's market. 

It's just a mixed bag right now.  So, if you're thinking or buying, you really should have a strong agent who understand market dynamics to help you take advantage of the opportunities that are there.  

How can I help you?  Send me an email or give me a call today!