KNOXVILLE, Tenn. — Fewer median-income earners can find homes to own in Knox County, according to reports from realty experts. The East Tennessee Realtors group said homes that used to sell for around $200,000 are now going for around $400,000 — and income has not kept pace.
"I've seen houses that need to be completely renovated go for $250,000," said Suzy Trotta, a realtor in Knox County. "I saw people in '09 and '10 with the $8,000 they were getting from the Obama administration, able to buy a $70,000 house at 4%."
The U.S. Census found in 2022 that the median income for Knox County was around $68,580 per year. The median home in Knox County costs around $365,000 as of May 2024, according to the East Tennessee Realtors group — an increase of more than $10,000 compared to the previous month and around $30,000 more expensive than May 2023.
"We've lived here for 20 years. My husband really rebuilt this home," said Jennifer Beyt Coffin. "It's a lot of property and it just became kind of overwhelming to manage all of this by myself after his passing."
She said she married her husband in their backyard, and they spent decades building and improving their home. However, she had to move away and sell her house. The real estate market now is vastly different compared to when she bought her home, and she said she was able to move into her new home only because she could sell the old one.
"It was kind of a serendipitous event that led me to these buyers, and so that was very helpful," said Coffin. "It was a great benefit to me to be able to sell this at this time in the market. You know, eight years ago, five years ago, might not have gotten that same price for this house."
Now, monthly mortgage payments can reach around $3,000 per month for a modest home in Knox County.
"I mean, depending on how much money you put down, what your credit score is, there are some variables there but you're looking at probably somewhere around $2,500 or $3,000, depending on the loan type," Trotta said.
Trotta said anyone with a dream of owning a home shouldn't give up on it, because she said what goes up must come down. She said prices may not fall back to where they were a decade ago, but she said the market may start to ease. She said potential homebuyers should find an agent they trust.