Wondering about the housing market in our area? I’m sure you see and hear all the reports in the national media but what does that mean for Knoxville? Our economy seems to stay pretty steady with smaller ups and downs than you see nationally. Since Knoxville tends to somewhat resist national trends and the impact they have on the rest of the country, what does that look like for the local housing market right now?
According to recent market reports, the housing market in Knoxville, TN is expected to continue its steady growth trend into 2023. Factors such as a strong economy, low unemployment rates, and a growing population are contributing to an increase in demand for housing in the area. Sellers can sell their homes pretty quickly and prices are still higher than last year.
Additionally, with interest rates projected to remain steady, there is expected to be continued interest from buyers in purchasing homes. However, with limited inventory available, it is likely that home prices will continue to rise.
Overall, the 2023 housing market in Knoxville, TN is expected to be a seller’s market with high demand and limited supply. As a result, buyers will need to be prepared by obtaining a preapproval letter from a lender and having few or no contingencies so they can move quickly when they find the home they want to buy.
Tere Sells Homes 