Knoxville housing market ranked 7th in nation, but is a ‘seller’s market’

KNOXVILLE (WATE) – It’s a springtime tradition when people start thinking about real estate.

Housing markets around Tennessee are hot. Real estate website Zillow calls Nashville the hottest market in the country and Knoxville is not far behind at number seven.

“I know it’s hot because real estate prices are low in Knoxville compared to the rest of the country and we have so much to offer here,” said Michael Twigg, a resident of Knoxville.

Twigg has lived in Knoxville for the past 16 years and he’s starting see more neighbors move in on his quiet cul-de-sac. He thinks everything Knoxville has to offer is the reason why.

“A lot of outdoor activities, there’s water everywhere we go, there’s mountains to hike in. So we just love the family friendly atmosphere that we have here,” said Twigg.

At Wiechert Realtors, agents are listing and showing dozens of properties each day. With rising home values, a beautiful place to live and plenty of opportunities for employment, Knoxville is seeing more “for sale” signs pop up in front lawns.

Jeff Grebe, a broker and owner of Weichert Realtors said, “Compared to other parts of the country, we still have a great value for what you can get for your money.”

Compared to affordability in other cities, Knoxville is on the lower end for cost of living. Residents pay no state income tax except on interest and dividends, but to live in Knoxville, you need to act fast.

“If you’re somebody out there thinking about selling, now is the time,” Grebe adds.

Homes are selling quickly in many neighborhoods. How you look at being called one of the hottest housing markets all depends of what side of the spectrum you’re on. For buyers, it’s not the best of news.

Grebe adds, “Now it’s not really about how much you can save on the home, it’s about getting the home.”

In this housing market, real estate agents say you can’t afford to be picky. Home values are expected to rise 4.4 percent in the next year.

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