Month after month, Knoxville home prices increase. The latest data doesn’t give any indication that those increases will stop.
According to the Freddie Mac Housing Price Index, Knoxville’s May home prices increased by 21.4% since May 2020 – a higher rate of increase than Chattanooga, Nashville, Tennessee and the United States.
What would it take for Knoxville’s skyrocketing home prices to come back to Earth?
“Fundamentally, it comes down to our housing stock,” Hancen Sale, governmental affairs and policy director for the Knoxville Area Association of Realtors (KAAR), told Knox News.
The National Association of Realtors reports approximately 6.8 million homes are needed to satisfy demand nationwide, and starter homes are the hardest to find.
While the number of homes needed to satisfy demand locally isn’t tracked, ask anyone who has hunted for a home or is in the real estate industry in Knox County and they’ll tell you the same thing –