What's happening with Knox county prices?

Time for the June Market update!  

 

The real estate market through May has continued to be strong for sellers in Knox county.  So far it's been following the tpyical trends of more listings and more sales through spring.  

 

May saw 848 new listings come on the market in May that's a moderate increase of 1.8% over April, but it's 9.2% higher than May of 2023 which was one of the lowest years in recent times. 

 

 

Those new listings brought the overall listings up a little, but still down from the peak in October.  May seems to be the early ramp up in listings in previous years, so I expect to see more in the coming months. 

 

With the increase in listings we've also seen an increase in sales. It's a modest increase of just 1.4% over May 2023.  In 2023, June was the peak for sales.  Based on what I see in pending sales, I think this June we'll see a much higher number than 2023.

 

 

This has kept the months supply of inventory low.  We are ahead of May of 2023, but it's still seller's market teritory being at just 1.5 months.  

 

 

And of course our prices. The median price is up from May of 2023 by $1500.  So, year over year it's up, but barely. You can see in this chart that it remains in the "sideways" mode where it's just flirting with the $400,000 number. We're either going to crest that number this summer and hang above $400k for a few months before the fall/winter, or we're going to hit and the market will reject a $400,000 median price for Knox county.  Only time will tell, but my bet is that prices move up based on our supply and demand right now. 

 

How does this data affect your plans?  Thinking of making a move?  Contact me today and let's make a plan to help you move forward!