KNOXVILLE, Tenn. — The Knoxville Area Association of Realtors released a report about the area's housing market on Sunday.
The report found that home sales in the area increased in March — up by 8% compared to February. However, it was down by around 9% compared to last year. It also found that the median home sales price was up to $325,000 in March, up by around 5.9% compared to last year.
They also said that half of the homes sold were under contract in 16 days or less. They also said around 23.8% of those homes sold for more than the asking price, down by around 25% compared to last month. They also said around 15% of all total home sales were from new construction.
The report also said during the first quarter of 2023, sold homes received around two offers. Last year, they said they received around six offers.
"While homes aren't receiving as many offers as in the early months of 2022, multiple offer scenarios remain extremely common with half of all homes receiving at least two offers," the report says.
KAAR also said that "middle-income homeowners in Knoxville" gained around $109,890 in wealth over the past decade due to an appreciation on the value of their homes. They said low-income homeowners gained $89,120 and upper-income households saw an increase of $147,490.
The report also said that Hispanic homeowners experienced the smallest wealth gains, accumulating more than $120,000 over the last decade. They said Black homeowners gained $125,300 in wealth, white homeowners experienced $128,800 in wealth gains, and Asian homeowners say an increase of $304,230.
The report also discussed increasing mortgage rates. They said that the average 30-year fixed mortgage rate was 6.43% for the week ending April 27, and increase of 6.27% earlier in the month. They said the monthly mortgage payment for homes in the median price range was up by more than $400 from the previous years.