Sellers retain their influence as fewer homes are listed

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The number of active real estate listings continues to decline, which means sellers have gained influence, according to recent data from 12 counties from the Knoxville Area Association of Realtors.

“Sellers gain influence when stocks drop and react by asking for more for their homes, which is why the Knoxville market has seen a sharp increase in new list prices over the past two months,” said Hancen Sale, manager. government affairs and KAAR policies.

Since October, 15 to 20% more homes are under contract compared to the number of homes added to the market each week.

Here’s a look at the Knoxville real estate market for the week of December 5th.

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A 2 bedroom, 2 bath home at 4301 Macbeth Way, right, in Bearden is listed for 275,000 as of Tuesday, September 14, 2021. The unit next door at 4305 is listed for $ 280,000.

Home sales for the week of December 5

Active ads, or number of listings in the Knoxville area market during the period: 1,911 (1,947 the previous week)

New sales pending, or number of listings that went from active to pending during the period: 490 (458 the previous week)

Median days on the market during the period: 9 (10 previous week)

New ads added during the period: 389 (386 previous week)

Median list price for new listings added during the period: $ 299,900 ($ 310,950 the previous week)

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Business in Knox County through November 30

Knox County Deed Registry Nick McBride said 15 properties were sold last week for $ 1 million or more, a significant number in Knoxville’s busy real estate transfer market.

“A total of $ 5.3 billion in real estate has already changed hands in Knox County this year,” McBride said.

Here’s a look at business in Knox County through December 14.

Seizures

New subdivisions / property divisions

  • 2021: 536

  • 2020: 532

  • Percent change: 0.75%

Number of mortgages

Mortgage value

Number of sales

  • 2021: 14 811

  • 2020: 13 554

  • Percent change: 9.27%

Sales value

Real estate sales in value for the week ending December 14

  • Over $ 1 million: 15

  • $ 900,000 to $ 999,999: 1

  • $ 800,000 – $ 899,999: 2

  • $ 700,000 – $ 799,999: 4

  • $ 600,000 – $ 699,999: 8

  • $ 500,000 to $ 599,999: 11

  • $ 400,000 to $ 499,999: 24

  • $ 300,000- $ 399,999: 61

  • $ 200,000 – $ 299,999: 59

  • $ 100,000 to $ 199,999: 50

  • Up to $ 99,999: 32

Growth and Development Editor-in-Chief Brenna McDermott can be reached at [email protected] Follow his work on Twitter @_BrennaMcD. Support our local news efforts by becoming a Knox News subscriber.

This article originally appeared on Knoxville News Sentinel: Knoxville Real Estate: Homes for Sale Continue to Go Down



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