A ribbon cutting ceremony takes place at "The Villas at Anchor Park" in Farragut on Friday afternoon.
(WBIR, Knox Co.) The housing market continues its turn around in Knox County.
Latest numbers show an increase from last year in residential development and some of the highest numbers since 2008.
According to The Market Edge, so far this year there has been an increase for residential building permits in Knox County.
Entering the second half of the year, it's up by 28.1% compared to 2012. So far, there are 598 new permits in Knox County this year, compared to the 467 at the halfway point in 2012.
According to The Market Edge President Dale Akins, not all the growth is concentrated to West Knox County.
"It starts basically in Halls, comes around to Karns, and comes into West Knoxville and even in South Knoxville. It's everywhere except pretty much East and part of that's a function of not having sewer," Akins said.
On Friday afternoon, a ribbon cutting ceremony was held for The Villas at Anchor Park, a new development in Farragut.
TJ Development has started Phase One, which includes 32 lots with 2,700-3,200 square foot floor plans. Prices start at $350,000.
The project is seven years in the making.
"At that time things were turning down and so we decided to wait and hold off until everything got a little better," said Todd Johnson, with TJ Development.
Johnson went on to say, "We feel like there's going to be a shortage of new homes in the Knoxville area pretty soon so we're hoping to take advantage of that."
Johnnie Creel with Keller Williams Reality said there are three people who are ready to buy at The Villas at Anchor Park.
"I think we're still growing here. We're pretty much built out I think in the Bearden and Sequoyah Hills area for us. But I think out here there's still some open land," Creel said.
Eventually, The Villas at Anchor Park will include 92 lots.