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Intense housing market creates unforseen competition between buyers in Knoxville

More than 40,000 housing units must be built before 2050 in order to keep up with the influx of people

KNOXVILLE, Tenn. — If you have been thinking about selling your home, now is the time to do it.

The housing market is booming with buyers and under-represented by sellers.

"We're in these kinds of multiple offer situations that I haven't experienced in 20 years," said Jennifer Montgomery, the principal broker and owner of Trotta Montgomery Real Estate.

She said some new listings don't last much longer than a week, and many are selling well-above the asking price.

Listing prices have been going up since 2020, yet buyers still partake in competitive bidding.

Blake Gonyea has been looking for a home for his young family for the pat year. He agreed that it's a competitive time to buy.

"It seems like every time that we'd put in an offer, it was outbid pretty quickly," Gonyea said.

And not just by small a small amount.

"They were pretty outrageous out bids, you know—$5,000 to $10,000—over what we were even offering," Gonyea said.

The problem: more people want houses than the county has available.

"It's really frustrating for buyers," Montgomery said, "I heard of a house that had 30 offers. And I thought, 'I've never heard of that. You know what? That's a lot of offers.'"

This type of competitive bidding is what shot housing rates sky high.

However, the Gonyea family has not given up hope. They are visiting a listing tomorrow.

Gonyea and his wife Taylor, have a one year old daughter named Juniper.

Gonyea said they hope to expand their family in the future.

"We are just a little crammed where we're at right now," Gonyea said, "we want a place where she can feel comfortable and safe growing up."

Credit: Blake Gonyae

First, the Gonyae family looked to buy a home in Knoxville.

"As the market just got crazier and crazier, we've really expanded our look to include places like Oak Ridge or Powell," Gonyae said.

Montgomery echoed the Gonyae family's experience saying this has become much more regular.

"Goodness, everybody's looking everywhere, and all the four directions," Montgomery said.