Here is your Knox County Market Update for May 2023!

Currently, the median sales price for a home in our area is running right at $385,000. That's an increase of 11.43% since this time last year alone. The average days on market is also 24 which actually has dropped a couple of days since last month where was running right around 27. Inventory has also been steadily decreasing. The actual absorption rate is running right at 0.88 months. In layman's terms, this means that we actually have less than one month supply of housing for sale in Knox County. In the last 30 days, we have had 803 new listings, 633 pending homes and 564 homes closed in our area area.

So what does this mean for you? This means that the market is staying strong here. With low inventory levels and a high demand for housing, prices have continued to climb. That's great news for sellers! For buyers, although inventory is low, now could still be a great time to find a house. If you have an experienced agent on your side who's got an in depth knowledge of the market and some great tools and tactics to help you get your offer accepted, nothing can stand in your way!

I hope this has been helpful. And do not forget to give us a shout if you need any help. We're always here for you!