9 5 LINKEDINCOMMENTMORE

(WBIR-Knoxville) New numbers show Knox and the surrounding counties experiencing significant growth in the housing market.

According to The Market Edge, residential building permits are up by 35% in the Knoxville area from last year, making it the second largest increase out of the 14 areas The Market Edge studies.

In the study, the Knoxville market includes the following counties: Anderson, Blount, Hamblen, Jefferson, Knox, Loudon, Monroe, Roane and Sevier.

Roane and Hamblen Counties were the only ones that had slight decreases.

In Knox County, residential building permits are at 921, compared to 678 at this time last year.

Farragut has already surpassed the amount of residential building permits from last year. The town has issued 86 permits, 6 more than the total amount from 2012 (80).

"This is so far our best year since 2009 and we still have three more months to go. So it's definitely been a good year," said David Smoak, town administrator for Farragut.

Farragut had 28 residential building permits in 2009, 34 in 2010, 49 in 2011, and 84 in 2012.

"I think certainly the economy has gotten better, interest rates have remained low, we've had several developments that have changed hands over time. Those new developers have really came in and started getting some housing going so I think all of those things have really helped out quite a bit," Smoak said.

Homes are not the only contributing factor to residential building permits, it also includes apartments, condos, and duplexes.

To get a quarterly update on housing trends, visit The Market Edge.

9 5 LINKEDINCOMMENTMORE
Read or Share this story: http://on.wbir.com/1aTGDMH