KNOXVILLE - As the South Knoxville Waterfront development continues, home values are already starting to take off.
Real estate broker Jennifer Montgomery compiled a report on home sales in the neighborhoods including Old Sevier, Island Home and other parts of South Knoxville north of Sevierville Pike and East Moody Avenue.
"South Knoxville has this fantastic connection to nature, to the Urban Wilderness, so new businesses and proximity to downtown have created a really interesting place to live," Montgomery said.
Montgomery's report found average list prices and sale prices grew significantly, while days on market diminished.
The average list price from last July grew to $177,013, up 63 percent up from July 2016, though the growth between sale prices was lower at 41.1 percent.
"My experience in South Knoxville is that that market started to heat up a year or two ago and since then real estate's been booming," Montgomery said.
Donna Roush has been looking to buy a new home for about a year. Friday evening she was in South Knoxville checking out a new listing.
"South Knoxville right now the homes are affordable, but I'm being told they are going to increase in value," Roush said. "You've got to get on it quickly - they're gone in three days."
Montgomery says as developments in the area continue, home values will also continue to rise.
"As businesses locate and as investment continues and interest in downtown and the Urban Wilderness and the waterfront development continues, I would anticipate continued investment in real estate and price increases," Montgomery said.
Montgomery also said that the number of home listings has decreased while demand has remained steady, thus allowing prices on available homes to grow.
© 2017 WBIR.COM