More than 7 million people now live in Tennessee
Tennessee experienced its largest year-over-year population increase since 2007 and surpassed seven million residents in 2022.
Home sales and prices are up in the Knoxville area, and it’s not just because locals are moving into new homes.
Tennessee experienced its largest year-over-year population increase since 2007 and surpassed seven million residents in 2022, according to new Census data compiled by the Tennessee State Data Center. The more people that move here, the more homes they need to live in.
The real estate market is getting hot again, according to the latest Market Pulse report from the Knoxville Area Association of Realtors (KAAR). Here are some stats they give based on data from March 2023:
- Home sales in the Knoxville Area increased in February – up 2.2 percent from the previous month but still down 18 percent from a year ago.
- The median home sale price was $320,000 in February — up 6.67 percent from the previous year.
- Total housing inventory remains elevated – up 100 percent from a year ago but still more than 48 percent below pre-pandemic levels.
- Half of the homes sold were under contract in 25 days or less, unchanged from the previous month.
- Twenty-five percent of homes sold for more than the asking price, up from 18% the previous month,
- Knoxville experienced the 2nd fastest rent growth of any U.S. metro area in 2022, according to a report from the National Association of Realtors (NAR).
- Nearly half of sellers’ agents said staging a home reduced its time on the market, according to new NAR research.
What buyers are facing now are fewer affordable homes with higher mortgage rates compared to this time last year.
You can subscribe to the monthly housing market email from KAAR here.
