KNOXVILLE, Tenn. — A real estate expert in Knoxville said that the median price for a three-bedroom home was the same year-over-year, for the first time in a while.
Suzy Trotta is a real estate expert who regularly writes about the city's housing market. She analyzes trends in Knoxville and said the number of closed units in April 2023 was down year-over-year, and month-over-month.
She also said that for the first time since the COVID-19 pandemic, median home prices were stagnant compared to the year before, at around $310,000 for a three-bedroom home. While it was the same price as April 2022, the median price saw a $2,000 compared to March 2023.
"For years, we have watched home prices climb, and climb, and climb. For the first time in, I can't remember when, our median price for a three-bedroom home was the same year-over-year," she said. "So, that's nothing to freak out over. That upward momentum of that line could not continue at that pace forever. There's no way we would have doubled our sales price in another two years, probably if we kept going."
According to the data, the number of homes sold in April was also lower than in several previous years.
"Sometimes, we get a little bit of a periodic dip there," she said. "But, again, I think this is a market correction. They were so high the last few years, they had to come down just a little bit."
She also said that compared to last month, the number of active listings in Knoxville fell slightly, but overall has maintained a similar level throughout 2023.
"This is spring selling season, we'd like to see more active listings on the market, but I'll take as many as I can get," she said.
She also said that there was around two months' worth of supply of homes on the market. She said that a healthy real estate market would have around six months' worth of supply.
Although the supply was still low in April 2023, it ticked slightly upward compared to March 2023.
"We would like six months at least. That would let buyers have some breathing room in the market, they would not have to make a decision as soon as they leave the house. We haven't seen that kind of decision time in years," she said. "We are still in a seller's market ... I'm seeing a little bit of negotiation between buys and sellers, a little bit of play, but we're still not in a buyer's market yet."