Middle-income Knoxville homeowners gain six-figure home wealth
If you're looking to build some home wealth by buying a house, the Knoxville Area Association of Realtors shares insight into the area housing market in its latest Market Pulse Report.
New data from the National Association of Realtors® (NAR) reveal that middle-income homeowners in Knoxville accumulated $109,890 in wealth as their homes appreciated over the last 10 years.
NAR data also showed substantial variation and inequality in wealth gains across different income and racial and ethnic groups. Low-income homeowners in Knoxville were able to build $89,120 in wealth in the last decade from home price appreciation only, while upper-income households saw an increase of $147,490.
Although Hispanic homeowners experienced the smallest wealth gains among any other racial or ethnic group in Knoxville, these owners were able to accumulate more than $120,000 in wealth in the last decade. Black homeowners gained $125,300 in wealth, Asian homeowners saw an increase of $304,230, and White homeowners experienced $128,800 in wealth gains from their homes over the past 10 years.
If you’re looking to build some home wealth by buying a house, the Knoxville Area Association of Realtors (KAAR) has more insights into the area housing market in its latest Market Pulse Report.
- Home sales in the Knoxville Area increased in March – up 8 percent from the previous month but down 8.9 percent from a year ago. Overall, home sales were down 17.5 percent in the first quarter of 2023.
- Apartment rents in Knoxville were up 12.75 percent in the first quarter of 2023, compared to 4.46 percent growth nationally.
- The median home sales price was $325,000 in March — up 5.88 percent from the previous year.
- Total housing inventory remains elevated – up 95 percent from a year ago but still well below pre-pandemic levels.
- Half of the homes sold were under contract in 16 days or less, down from 25 from the previous month.
Get even more housing market insights by subscribing to KAAR’s monthly Market Pulse Newsletter here.