Knoxville Real Estate Market Update: Is The Housing Bust Over?
In recent months, it feels like the Knoxville real estate market has picked up. It has left many people wonder whether or not Knoxville real estate market has turned — at long last.
Nationally, many sources have reported that real estate market has slowly started to recover or that the real estate market has finally bottomed out. One notable report came from the S&P /Case-Shiller Home Price Indices which reported that in May 2012 homes prices rose 2.2% from April to May, after seven months of continually reporting declines in home prices. Another notable report came from U.S. Census Bureau and the Department of Housing and Urban Development, which reported that new housing starts rose 6.9% during the month of June.
So what about our local real estate market?
During the month of May 2012, Knoxville saw a 37% increase in the number of homes sold compared to May 2011. During the month of June 2012, the market saw a 24% increase in the number of homes sold compared to June 2012. In May 2012, homes spend an average of 129 days on the market, while homes in May 2011 spent 123 days on the market. In June 2012, homes spent an average of 121 days on the market, while homes in during the month of June in 2011 spend an average of 130 days. Check out the chart below of a side by side comparison.
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So what exactly does this mean for those wanting to buy or sell a home? For buyers, this is a great time to buy a home. Mortgage interest rates are at record lows and housing affordability in Knoxville has never been better. Trying to time the real estate market can be difficult and there are no shortage of great deals on the real estate market. If you are someone who has been thinking about buying for awhile, it is a great time to finally buy as there is no saying what home prices will do. And, for those who have been considering selling their home, there are many buyers out there looking for great homes.
Are you considering buying or selling? If so, let me know if there is anyway that my team and I can assist you. Rick can be contacted at 865-696-9002 or via email at Rick@TheBigOrangePress.Com. I can be contacted at 865-392-5880 or via email at Kati@TheBigOrangePress.Com.
*Data collected from the Knoxville Area Association of Realtors.