Knoxville is one of the fastest-growing cities in Tennessee. With a population of over 188,085 people, Knoxville has seen an influx of families and young professionals looking for homes to call their own.
So whether you are considering buying your first home or are just curious about what’s happening with the housing market in 2021, this guide will give you everything you need to know!
What is it about Knoxville?
Knoxville, located in east Tennessee, is a growing city with plenty to do and see. Professionals and families are moving to the area for its affordability, southern charm, and outdoor activities. But is Knoxville a good place to live?
One way to answer that question is to learn some facts about Knoxville to help you decide if Knoxville is a place you and your family should call home.
Another way to learn more about the area is to research the housing market. It will show you if home values are holding steady, what the average home price is in Knoxville, and the best areas to live in. This will help you figure out if Knoxville is affordable and provide a good return on your investment in the future.
This guide will look at:
- Average Home Price in Knoxville
- High and Low Home Prices in Knoxville
- Best Areas to Live in Knoxville
- Sale-to-list Price Ratio in Knoxville
- Average Days on Housing Market
>>Learn more about living in Knoxville, TN pros and cons
Average Home Price in Knoxville
As with many housing markets in 2021, Knoxville has seen a rise in home values, increasing the average home price in Knoxville. Currently, the average home price is $279.9k and the median price per sq/ft is $160. That is an 18% increase year-over-year.
*Data from Zillow.com
The typical home value of homes in Knoxville is $274,440. This value is seasonally adjusted and only includes the middle price tier of dwellings. Knoxville home values have gone up 25.1% over the past year.
The current data would indicate that the housing market is doing well, also that buying or selling real estate in the Knoxville market is favorable.
>> Learn more about the truth about real estate prices
High and Low Home Prices in Knoxville
Knoxville has a range of home prices. The highest home price currently on the market in Knoxville is $5.2 million. The lowest home price is around $60,000- for a home in livable condition. There are homes available for less than that but are fixer-uppers in need of significant repairs.
As mentioned above, the median list price is $279.9k, but the median home sold price is $284.1k. This could be due in part to the sale-to-list price ratio which we’ll cover more about later on.
- Sequoyah Hills is the most expensive neighborhood in Knoxville, with a median listing price of $685,000.
- Beaumont is the least expensive area, with a median listing value of $94.9K.
Best Areas to Live in Knoxville
In total, Knoxville consists of 69 neighborhoods currently. Below we’ll break down some of the best areas to live in Knoxville in different categories.
The Best Area to Live in Knoxville for Good Public Schools:
Farragut, TN, a suburb of Knoxville, has top-rated schools and is an overall good area to live in, but these other school districts come highly rated.
- Maryville City Schools- Maryville, TN
- Oak Ridge School District – Oak Ridge, TN
- Alcoa City Schools- Alcoa, TN
The Best Area to Live in Knoxville for Private Schools:
- Christain Academy of Knoxville- West Knoxville
- Grace Christain Academy- North West Knoxville
- Knoxville Adventist School- Sequoyah Hills
The Best Area to Live in Knoxville for Walkability:
- Downtown Knoxville
- The University of Tennessee area
- Fort Sanders
Knoxville’s overall walkability score is 31.
The Best Area to Live in Knoxville for Affordability:
- Oak Ridge – The Oak Ridge area is considered an affordable neighborhood to live in. It has a median income of $52,000, with home prices averaging between $250-$300,000. This suburb of Knoxville is home to almost 30,000 people, many of which are families. It is also an area that is known for its public schools and is listed in the Top 10 School Districts in the state of Tennessee. In addition, Oak Ridge is considered the suburb with the easiest commute to the city center.
- Maryville– This suburb of Knoxville has a median income of $52,120 with an average home price of $253,200. This suburb of Knoxville is home to almost 29,950 people. Maryville public schools are above average. Commute times to Knoxville aren’t great, but employment in Maryville is abundant. Maryville is more affordable, with older homes ranging in the low $100k’s and newer homes averaging $200k’s +. Maryville is considered the best suburb for buying your first house.
- Sevierville– This suburb of Knoxville is considered the best suburb when your family is ready to scale up. The median income is $34,167, and the median home price is $283,000. This suburb of Knoxville is home to 18,426 people. Home appreciation is up 22.1% in the last 12 months, and the public schools in this district have shown improvement every year and are rated above average for the region. Furthermore, the crime rate in Sevierville is one of the best in the Knoxville metro area.
The Best Area to Live in Knoxville for Safety:
- Loudon- Based on violent and property crime rates, Loudon was given a score of B.
- Kingston– Based on violent and property crime rates, Kingston was given a score of B-.
- Norris– Based on violent and property crime rates, Norris was given a score of B+.
Sale-to-list Price Ratio in Knoxville
The sale-to-list price ratio is the percentage of the original list price of homes that sell. Typically, this number is any number below 100% – meaning that the property sold for less than the list price. The sale-to-list price ratios can change depending on factors like whether it’s a distressed sale, the length of time the home has been “on” the market, and other variables.
As of September 2021, Knoxville’s sale-to-list ratio is right at 100%, meaning homes in Knoxville, TN, sold for approximately the asking price on average.
Furthermore, Knoxville, TN, is experiencing a seller’s market, which means that more people are looking to buy than there are homes available. So if you are a Knoxville homeowner that would like to relocate, downsize, or upsize, now would be a good time to see a positive return on your investment.
For someone looking to buy a home in the Knoxville area, this means competition may be fierce, so you’ll want to be ready to make an offer quickly or possibly submit an offer above the asking price.
Average Days on Housing Market
As we enter the fall and winter seasons, the housing market tends to slow down. Fewer prospective buyers mean longer days on market.
On average, homes sell after 46-days on the market but can range anywhere from 40-70 days.
So that’s 46-days to receive an offer, then you’re looking at 35-days to close if all goes well. So from listing to closing, you’re looking at approximately 81 days.
But average days on the housing market can change. For example, the best month to sell a house for speed in Knoxville is August which will close 9-days faster on average.
The slowest month is February, which can add 13 more days to closing.
The Knoxville housing market is expected to be in high demand, so it’s important that you learn where the best areas are for your needs. Whether you want a house or condo with plenty of space and amenities or something more urban-oriented closer to downtown Knoxville—you can find what you need! We hope these tips help make finding your perfect home easier than ever before.
If you’re a homeowner looking to sell but are concerned your home is too outdated, or in need of some major renovations, well, we buy homes in Tennessee and could make you a cash offer for your property no matter its condition.
We’re cash home buyers in Knoxville that purchase real estate in Tennessee, Alabama, and Georgia. Besides single-family homes, we also buy duplexes, triplexes, and apartment complexes. And if you’re looking for someone to “buy my house in Nashville,” we’d be happy to make you an offer for that too.
We’re one of the top home buying companies in Tennessee and are a BBB accredited business with an A+ rating and 4.9/5 star Google reviews.
Feel free to contact us or visit our website- Nexus Homebuyers, to learn more about how it works or to request a cash offer today!