Average Cost of Knoxville Homes in this Real Estate Sellers Market

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Buying a home in Knoxville has become much more expensive over the past year or so.

The high demand and shortage of housing are driving up prices, leaving little housing available for buyers on a budget.

According to data from the Knoxville Area Association of Realtors, the median home price was $ 265,000 in May, up 25% from $ 212,000 in May 2020.

This is a 2% increase from the April median cost of $ 260,000.

Many buyers pay far more than the asking price for properties, which means homes could be listed well below $ 265,000 before the deal closes.

Wondering what $ 265,000 can do for you in the Knoxville area? These five properties on the market are around the median price range in County Knox.

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Keep in mind that homes are selling in record time, so these properties may already be off the market. Selling prices and final costs may also vary as sellers adjust prices and review offers.

Cozy Fountain Town Cottage

Funding failed on a charming two-bedroom, two-bath home at 5709 NE Eldridge Road in Fountain City, giving buyers another opportunity to submit bids. The property is listed for $ 260,000 by Julie Carter of Berkshire Hathaway HomeServices Dean-Smith Realty.

Inside, the 2,100 square foot home features original hardwood floors on the main level and a wood-burning fireplace. The house was built in 1945. Outside, the new owners will be able to enjoy the land of over an acre. The cottage is within walking distance of Fountain City Historic Park and the iconic Duck Pond.

The house also includes options for a third bedroom or an office on the lower level and a workshop in the outbuildings equipped with electricity. It includes a basement and a garage for two cars. The house’s roof was replaced in May 2021, and the seller plans to update the water heater before it closes. New owners will receive a transferred home guarantee.

The property most recently sold for $ 219,900 in April 2021. Prior to that, it sold for $ 145,000 in 2019, according to Knox County records.

Ranch on Rosann

The four bedroom, two bathroom ranch style home located at 2313 Rosann Lane in Fountain City is new to the market. The 1,469 square foot home is listed for $ 269,000 by Howard L. Sentell of Sentell Real Estate.

The home has been remodeled and features an open concept floor plan and updated kitchen. The newly built private master suite has an en-suite master bathroom, which includes a tiled walk-in shower with glass door. The other three bedrooms and the updated full bathroom are located on the other side of the house.

Other updated amenities include windows, water heater, HVAC system, gutters, lighting, back patio, landscaping and a cool paved driveway.

It recently sold in February 2021 for $ 129,000, according to Knox County records.

hempshire house

The house at 10009 Hempshire Drive is listed for $ 262,000, slightly less than the Knoxville Area Association of Realtors' estimated median house price in May 2021.

This four bedroom, three bath home in West Knoxville is conveniently located near recreation and roads. 10009 Hempshire Drive is listed for $ 262,000 by Major Ward of Realty Executives Associates.

Each member of the family will have plenty of space inside the 1,690 square foot home, which includes a family room and a huge deck overlooking a fenced backyard. The house is a short drive from Fort Loudoun Lake, Concord Park and the Pellissippi Parkway.

The property most recently sold for $ 135,000 in 2013, according to Knox County records.

Bungalow with backyard

Escape to this three bedroom, one bath home in Colonial Village. Donna Taylor of Slyman Real Estate listed the home, located at 127 Larry Drive, for $ 269,000.

The house includes a stone walkway to the entrance, in addition to a kitchen, bathroom, fireplace and more. The backyard is park-like and peaceful with a patio, deck and fireplace.

The South Knoxville home is also within a five-minute drive of local breweries, restaurants, and downtown activities.

It recently sold for $ 175,000 in October 2020, according to Knox County real estate records.

Ready to move into the muzzle

This ranch-style home in Halls is listed for $ 250,000 by Holli McCray Home Marketing Group.

Ready to Relocate ? Check out this three bedroom, two bathroom ranch-style home in Halls. The property, located at 2927 Muzzle Lane, is listed for $ 250,000 by Jenay Farrell of Holli McCray Home Marketing Group.

Everything you need is on one level inside the 1,370 square foot home. Vendors have upgraded the stainless steel appliances included in the large kitchen-diner. The high cathedral ceilings make the living area spacious. It includes a formal master suite and a rear patio that overlooks the back yard.

The property is minutes from Halls Schools, Fountain City, major retailers and several local restaurants. The home most recently sold in December for $ 158,950, according to Knox County records.


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