Knoxville real estate snapshot: Homes are spending a few more days on the market

Real estate agent Kanika White explains her “Don’t Sell Grandma’s House … Yet!” program

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There were slightly fewer active listings in the Knoxville area for the week of Aug. 15-21, according to data from the Knoxville Area Association of Realtors. 

The figures, pulled from a 12-county region, show the speed in which homes have been sold has slowed: The median time on market was eight days, up from six days.

a group of lawn chairs sitting on top of a wooden fence: Home at 5709 NE Eldridge Rd. in Fountain City lists for $260,000. Pictured on Monday, June 14, 2021. © Saul Young/News Sentinel Home at 5709 NE Eldridge Rd. in Fountain City lists for $260,000. Pictured on Monday, June 14, 2021.

There were fewer listings added than the week before. 

Here’s a look at the numbers. 

Homes sales for the week of Aug. 15-21

Active listings, or number of listings on the market in the Knoxville area during the time period: 2,437 (2,471 previous week)

New pending sales, or number of listings that went from active to pending during the time period: 619 (630 previous week)

Median days on market during the time period: 8 (6 previous week)

New listings added during the time period: 563 (603 previous week)

Median list price for new listings added during the time period: $289,000 ($287,450 previous week)

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Business in Knox County through Aug. 24

Knox County Register of Deeds Nick McBride said the Knox County real estate market in 2021 is still leading last year’s numbers. 

“Although the totals are well ahead, last week alone in comparison to 2020, was a little slower,” McBride said. The office recorded 23 fewer sales and 71 fewer mortgages than the same week in 2020.

McBride recorded two foreclosures and 20 subdivisions of property last week. Twelve sales were in excess of $1 million. 

Here’s a snapshot of business in Knox County through Aug. 24.

Foreclosures

  • 2021: 63
  • 2020: 110
  • Percentage change: -42.73%
  • New subdivisions/ divisions of property

  • 2021: 379
  • 2020: 365
  • Percentage change: 3.84%
  • Number of Mortgages                        

  • 2021: 19,315 
  • 2020: 15,964 
  • Percentage change: 20.99%
  • Value of Mortgages

  • 2021: $5,557,910,043.47         
  • 2020: $4,185,297,165.21
  • Percentage change: 32.80%
  • Number of Sales                       

  • 2021: 10,043 
  • 2020: 8,736   
  • Percentage change: 14.96%
  • Value of Sales

  • 2021: $3,392,859,808.10         
  • 2020: $2,527,111,821.62         
  • Percentage change: 34.26%
  • Property sales by value for the week ending Aug. 24

  • More than $1 million: 12
  • $900,000-$999,999: 1
  • $800,000-$899,999: 4
  • $700,000-$799,999: 3
  • $600,000-$699,999: 9
  • $500,000-$599,999: 12
  • $400,000-$499,999: 21
  • $300,000-$399,999: 53
  • $200,000-$299,999: 85
  • $100,000-$199,999: 55
  • Up to $99,999: 21
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    Growth and development editor Brenna McDermott can be reached at brenna.mcdermott@knoxnews.com. Follow along with her 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 snapshot: Homes are spending a few more days on the market

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