Knoxville, TN, is a city that offers a plethora of experiences for its residents and visitors. Whether you're a nature lover, a foodie, a history enthusiast, or an art aficionado, Knoxville has something for everyone. Along with its vibrant culture, the city offers a dynamic housing market that continually evolves to meet the evolving needs of its residents. In this article, we'll explore the latest updates in Knoxville's housing market, including new developments, trendy neighborhoods, and the growing demand for affordable housing. So, buckle up and get ready to dive deeper into the housing landscape of Knoxville, Tennessee.
Quick Facts:
- Population estimate for 2023: 196,823.
- Knoxville home prices rose 10.5% to $305K in March 2023.
- Homes typically sell in 39 days.
- The average household makes $64,650 a year.
Knoxville, TN, in a Nutshell
Knoxville, located on the Tennessee River in eastern Tennessee, boasts a unique combination of historical charm, delectable southern cuisine, a dynamic downtown district, outdoor recreation, and passionate sports enthusiasts. Nestled at the base of the Great Smoky Mountains, Knoxville is a sought-after location for nature enthusiasts, college students, young professionals, families, and retirees. Boasting a population of over 193,000 residents with a median age of 33.5, Knoxville is rapidly growing in popularity, with nearly 10,000 individuals relocating to the area in 2020, averaging over 25 individuals per day. Fondly referred to as a "Scruffy Little City," Knoxville prides itself on its rich heritage.
Employment
In the midst of the ongoing economic recovery, Knoxville, TN boasts an unemployment rate of 3.20%, demonstrating a promising downward trend from the 3.40% rate recorded just last month. Knoxville's median household income was recorded at $64,650, indicating a small increase as compared to Memphis households with $62,588 and Sardis households with $52,678. However, a disconcerting 15.1% of Knoxville families still struggle to make ends meet and live below the poverty line, which poses a huge societal challenge and calls for proactive measures to address income inequality and promote economic well-being.
Economy
The city of Knoxville has a thriving retail sector, thanks to the various shopping centers located throughout the area. This has resulted in a multitude of employment opportunities for residents, which has ultimately led to an increase in household incomes. The local government has also played a significant role in promoting economic growth and sustainability, providing generous subsidies for research and development, as well as incentives for investment in renewable energy projects. As a result, Knoxville has enjoyed continued prosperity over time.
Knoxville, TN, Real Estate Market
The real estate market in Knoxville has experienced a significant increase in home prices, with a 10.5% rise compared to March of the previous year. The median price for a home in Knoxville now stands at $305K, which is a clear indication of the city's robust housing market. On average, homes sell after 39 days on the market, slightly longer than last year's figure of 35 days, indicating a healthy balance between supply and demand. Despite the decrease in the number of homes sold, with only 291 sold this March compared to 343 last year, Knoxville is still a desirable location for property investment.
Real Estate Trends
Despite the fact that home prices in Knoxville have seen a significant increase during the pandemic, a noteworthy observation is that about 25% of renters have the financial capacity to afford a home with a median price tag, taking into consideration a 10% down payment. This percentage is comparatively higher than the average rate observed throughout the country. In fact, Knoxville has experienced a recent surge in population growth, which was last observed in 2007. This positive trend seems to be mainly driven by Knoxville's advantageous affordability in contrast to the overall economical status of the nation. Additionally, the healthy job market and the supply of homes, which rebounded in 2022, have contributed to keeping the real estate market in great demand in 2023.
Final Thoughts
Knoxville, TN is a bustling city with a plethora of entertainment options, ample employment opportunities, and an attractive real estate market. With its diverse population and abundance of attractions, the city provides the perfect place for individuals of all ages to live their best life. Additionally, there is plenty of potential for economic growth and development over the next few years. Therefore, Knoxville may be the perfect location for anyone looking to relocate or invest in property soon. Regardless of your motivations for relocation, you can rest assured that Knoxville has something to offer everyone who chooses to make it their home.
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