Across the country the media continues their “doom & gloom” mantra for home sales; “Record foreclosures”, “Bankrupt Lenders”, “Thousands of layoffs in mortgage industry”.

However the major flaw in those stories is that they all reference the so called “national real estate market”.

In fact, there is no “national real estate market” but rather hundreds of local markets, each with their own set of local influences.

In our local market which comprises the greater Knoxville, Tennessee area including the contiguous counties, sales are humming along rather nicely. The chart below compares the latest data, the 2nd quarter home sales report for the past 9 years.

knoxville tn real estate

A glance at the chart below shows an increase for each of those 9 years for a median priced, 3 bedroom Knoxville area home.

knoxville tennessee 2nd qtr sales

Here’s another year by year breakdown of our median price for a 3 bedroom home:

2nd Qtr 1999   $100,000

2nd Qtr 2000   $105,000

2nd Qtr 2001   $109,900

2nd Qtr 2002   $112,900

2nd Qtr 2003   $119,900

2nd Qtr 2004   $124,900

2nd Qtr 2005   $139,900

2nd Qtr 2006   $149,900

2nd Qtr 2007   $159,000

As you can see the greater Knoxville area market has been increasing slowly but steadily over the past 9 year according to the latest available data.

Knoxville has a very diverse economy which, combined with our mild climate, strategic location, and several other factors make it a great place to live, work, play, and raise a family.

That and today’s interest rates in the mid to low 6% range along with great selection of new and resale homes, make Knoxville, Tennessee a great place to buy a home.

Visit my website, www.KnoxvilleMLS.com to find a nice home for you and your family then call me to help you buy it.