Knoxville house prices rise over 60% from 2020 to 2023

August 30, 2023 by No Comments

New statistics have recently revealed the jump in prices for your average Knoxville home. While these numbers are great news if you’re a real estate mogul in the region, it’s not so good if you’re looking to get onto the property ladder.

This is because house prices reportedly jumped 62.9% from March 2020 to July 2023 and so far, the market doesn’t show any signs of slowing down. This also means that Knoxville has the hottest property market in the country and this figure could end up as a 79% increase by the end of the year. The information providing this data was released by Zillow and was then mentioned by Lance Lambert on Twitter, who is a property expert.

In other measurements, this means that during this time, the average Knoxville property price rose from $201,846 to $361,765 during this time. When put like that, you can see how it would be very tough to enter the property market as a newcomer as this price leap far outpaces the rise in wages in the Tennessee area.

It is not known if or when the Knoxville housing market will decline but based on this, it doesn’t look like it will happen anytime soon. This means that if you can’t afford a property here, then sadly you may be forced out of the city into something more affordable. On a final note, most of the US property market has also experienced massive gains during the same period, so in that sense Knoxville is not alone.

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