Knoxville Real Estate Market: How Home Buying Will Change – Knoxville News Sentinel | Jewelry Dukan

Knoxville’s housing market remains hot as buyers snap up homes in days and at inflated prices.

Knoxville ranked 13th out of the top 100 metro areas for home price growth for the second quarter of 2022. According to the Federal Housing Finance Agency’s home price index, prices rose 4.9% sequentially and 25.6% year-on-year.

The average selling price in the Knoxville area was $324,500 in July, up more than 14% from July 2021, according to the Knoxville Area Association of Realtors’ August Market Pulse report.

Despite the year-on-year increases, prices are down slightly from this summer’s peak. Realtor.com reported a $9,000 drop from June through August.

Home sales are down. According to KAAR, they fell by 10.1% from June to July.

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