Knoxville is home to more than 187,000, the city borders the Tennessee River in the eastern part of the state. The city has a storied history and served as the first state capital. Knoxville is home to the University of Tennessee and the Tennessee Supreme Court. Residents here have easy access to the Great Smokey Mountains National Park.
Knoxville spans 102 square miles and includes riverfront and hilltop backdrops. The city is part of the Great Appalachian Valley, between the Great Smokey Mountains and the Cumberland Plateau. The Tennessee River flows through downtown Knoxville. The city’s unique topography provides ample opportunities for a variety of activities.
Knoxville sees more snow than other areas of the state, with an average of 6 inches per year. Knoxville sees 50 inches of rain annually, nearly double the national average of 28 inches. The rainy weather help maintain the green hills and trees surrounding the area. Summer highs sit around 88 degrees, and winter lows hover near 28 degrees. While summer highs hover in the high 80s, the high humidity (near 70%) can make warmer months more uncomfortable.
Understanding the neighborhood where you’ll buy or sell a property is critical. The real estate industry has a well-known phrase: location, location, location. When you’re buying or selling a property, the one thing that can’t be changed is the location. You’ll want to choose wisely. If you’re selling your property, highlighting the benefits of your neighborhood is a great way to attract buyers. If you’re purchasing a house, a closer look at the community will help you understand the market and investment potential more clearly.
Need to sell your home fast? Get an offer from Brick, fast!
Whether you’re moving on a deadline or you just want to speed up the sales process so you can move on faster, we can help. We offer:
Fast, fair offers: The average home sits on the market between 25 and 30 days. Once your home is under contract, it can take up to 45 days to close. At Brick, we’ll make a fair, cash offer within days.
No closing costs: Selling a home can cost several thousand dollars when you factor in realtor fees, closing costs, and repairs. You won’t have any of those expenses when you sell to Brick.
No walkthroughs: Don’t worry about scheduling open houses or walkthroughs. We purchase homes as-is. We can even buy properties site unseen. We also buy properties in any condition.
Close in days: Instead of waiting a month or more to finalize your sale and move on, sell to Brick. Once you accept the cash offer, we can close the deal within days.
Housing Market Trends in Knoxville, Tennessee
The housing market in Knoxville is somewhat competitive. Sales have decreased by just under 6% from last year, but sales prices have increased by nearly 30%. At publication, the median sales price for a home in Knoxville, Tennessee, is $307,650. The average house stays on the market for 35 days. On average, homes in Knoxville sell for around 3% above the listing price. Popular properties often sell for 9% above the listing price.
Homes are selling slightly faster than last year. In 2021, the average home stayed on the market for 39 days, and the median sales price was $265,000
Sales prices have trended upwards over the last five years. In 2018, the median sales price for a home in Knoxville was $172,700, and the average home stayed on the market for 56 days.
May and June have the highest number of home sales, while December and January have the lowest.
Tips for Selling Your Home Fast:
Significant life changes don’t always come at the most convenient times. Selling your home may be a desire, or it might be a necessity. Whether you’ve decided to start a new life across the country on a tight deadline or are just ready to ditch your investment properties, managing your sale the right way is essential. Check out these helpful articles for navigating the quick sale of your house:
- Need to sell a home quickly to avoid foreclosure?
- When you need to sell your home fast, what are your options?
- How to sell a house that needs work when you don’t want to do it.
Critical Tips for Selling Your Home:
Selling your home(s) can be difficult, but it doesn’t have to feel overwhelming. Taking a few minutes to prepare for the sales process can make a difference when it comes time to part with your house. Here are a few things to consider:
Why are you selling?
Before you list your house or contact us for a cash offer, it helps to know why you’re selling your home. Identifying the why helps with sales, including setting expectations for a sales price. It can also help you emotionally process the transaction to let go of your property.
Sellers offloading an inherited property, downsizing, going through retirement, or selling because of a divorce, should consider whether their emotional attachment could make the sales process more difficult. We’ve noticed that buyers who are overly passionate about the sale are more likely to:
- Ignore staging advice
- Overprice the home
- Respond irrationally to lower offers or requests for repairs
- Fail to market to their target audience
If you’re selling because you want to liquidate your investment properties, you may need to consciously withdraw the idea of control over what happens to the property once you sell.
What are your selling needs?
Once you’ve identified why you’re selling and identified ways to emotionally detach from the sales process, it’s time to think about your needs during the sales process. Which of these are concerns you have about your upcoming move?
- Cost of relocation
- Access to equity in your property
- Ability to provide seller financing
- Time to pack and move
- Cost of realtor fees and closing costs
- Cost of repairs
- Finding a buyer to purchase the property as-is
- Desire or ability to manage walkthroughs and appraisals
Many sellers spend as much as 10% of their sales price on repairs, fees, and closing costs. Are you comfortable or able to let go of that money to sell your home on the traditional market? If your home needs extensive repairs, you may need to pay for repairs or make concessions on the sale price. If you’d rather avoid appraisals and negotiating with buyers, selling your home for cash could be a better option.
Prepare for signing and closing
Signing and closing are the most anticipated parts of selling a house. This final step makes everything official. The process can vary depending on whether you sell your home through the traditional market or with an ibuyer.
If you sell your home on the traditional market, the sale can fall through at any point before closing. Complications with appraisal or funding could delay a sale. In worst-case scenarios, a deal could fall if a buyer isn’t approved for financing or the lender refuses to fund the loan because the property appraises for less than the offered amount.
You’ll meet with the lender and the buyers during closing and sign paperwork to finalize the sale. Before the final paperwork, your property undergoes an appraisal and inspection. The agent will do a title search, and you’ll complete any repairs or other concessions. Once the closing paperwork is filed, and the title is transferred into the seller’s name, the home is no longer yours.
When you work with an ibuyer, the closing process is a little different. The process is much faster because there are fewer hoops to jump through. We offer more flexibility for sellers, including the ability to control when you move out. We don’t require inspections or appraisals, and you won’t have to worry about our financing falling through. We can help you sell your home in days instead of weeks.
What does Knoxville, Tennessee have to offer:
Knoxville has a rich history with easy access to art, historic sites, and the celebration of music. Nestled in the valley near the Great Smokey Mountains, there’s plenty to see and do in and around Knoxville. Some popular attractions include:
- Zoo Knoxville
- Knoxville Museum of Art
- Ijams Nature Center
- World’s Fair Park
- McClung Museum of Natural History and Culture
- Sunsphere
- Women’s Basketball Hall of Fame
- Knoxville Botanical Garden and Arboretum
- The Great Smokey Mountains
- Mabry Hazen House
- Blount Mansion
- Seven Islands State Birding Park
- Muse Knoxville
- Three Rivers Rambler
- Lakeshore Park
- Emporium Center
- Conford Park
- Historic Ramsey House
- Victor Ashe Park
- Historic Cherokee Caverns
- Will Skelton Greenway
- Founders Park
- Baker Creek Preserve
- Fort Dickerson Quarry
- Springbrook Park
- Historic Westwood
- Gay Street Bridge
- Ross Marble Quarry
