Knoxville home prices keep growing, what’s next?
The Market Pulse report by East Tennessee Realtors shows Knoxville keeps climbing as a desirable city to live.
The Federal Home Finance Agency (FHFA) tracked home prices across the country in Quarter 3 of 2023. Once again, Knoxville ranked fourth out of 100 metro areas for growth. The scruffy city grew by 11.6 percent from the previous year, more than twice the national average.
According to FHFA data, home prices in Nashville fell during the same period.
“Despite the highest mortgage rates in more than two decades, home prices continue to rise at a strong pace,” said the East Tennessee Realtors in the monthly Market Pulse report.
However, despite the housing market ticking up over the course of the past few years. East Tennessee Realtor’s shared home sales could begin to fall in 2024.
Rent prices were also a topic of discussion in the monthly newsletter. The University of Tennessee’s student housing market ranked 11 nationally for rent growth in Fall 2023.
East Tennessee Realtors’ found rents increased by 15.9 percent from the previous school year. They said that growth is directly correlated with enrollment numbers. There was a 100 percent occupancy rate for Fall 2023.
Read more from the monthly Market Pulse report here.