STEADY AS SHE GOES…
Overall, there has been very little change in the Knox County housing market over the past few months. Home prices have remained consistent despite rising housing inventory.
The number of new listings that hit the market in April was the highest monthly total since August of 2022. Given that the average number of days that homes are on the market and the sales-to-list price ratio have both remained steady is evidence that there is still very strong demand for homes in our area.
The big news for the housing market in April was the higher-than-expected inflation numbers, which kept the Federal Reserve from lowering rates. In turn, mortgage interest rates increased over the 7% threshold. While many experts predict that rates will eventually decline, the timing of this downward trend has been delayed.
That said, we are eagerly awaiting lower interest rates to help ease the housing affordability issues we’re experiencing throughout the county.
Despite higher rates, the number of jobs and people coming to Knox County continues to fuel the demand for housing in our area. Housing experts still predict slight growth in home prices over the next few years.
