Home Values in Knoxville: What Sellers Need to Know
Curious how much your home is worth in Knoxville’s dynamic real estate market? Whether you’re thinking about selling, hoping to cancel PMI, or simply interested in current home values in your neighborhood, having a solid understanding of your property’s value is key to informing your future plans.
In this article, we’ll explore the latest home price trends in Scruffy City, offer advice on getting the best home value estimate, and share practical strategies to enhance your home’s value. Plus, we’ll introduce easy tips and tools to help you secure the best possible price when it comes time to sell your Knoxville home.
Editor’s note: This post is for educational purposes and is not intended to be construed as financial advice. HomeLight always encourages you to consult your own advisor.
Current home values in Knoxville
Since 2020, Knoxville’s median home price has climbed by 36.8%, according to FRED Economic Data. In June of 2020, the typical home in Knoxville sold for $332,650. Fast forward to June of 2024, and that price has increased to $455,000.
Knoxville currently ranks 38th on the FHFA’s House Price Index list of Top 100 Metro Areas, which tracks over 400 cities across all 50 states. According to East Tennessee Realtors’ Q2 2024 Market Pulse Survey, the median days on market in the Knoxville region was significantly lower than the national average, at 14 days, while home sales received an average of 2.7 offers.
“Our latest Market Pulse survey results show that a sizable share of homes continue to receive multiple offers and competition remains robust, especially among lower-priced starter homes,” said Hancen Sale, former Government Affairs and Policy Director at East Tennessee Realtors, said in a recent release.
The table below illustrates exactly how home prices in the Knoxville metro area have climbed over the last five years:
Year
Median home price
Percent change year-over-year
2024 (June)
$455,000
+1.10%
2023
$450,000
+12.6%
2022
$396,450
+17.5%
2021
$332,450
+0.06%
2020
$332,650
+4.6%
Source: Federal Reserve Economic Data (FRED)
This upward trend isn’t limited to Scruffy City; it’s a phenomenon seen across the entire country. According to the S&P CoreLogic Case-Shiller National Home Price Index, home prices in the United States have increased by over 50% since the start of 2020.
This dramatic rise has led to substantial increases in equity for most homeowners, giving them more leverage to make financial decisions such as investing in new properties, remodeling their homes, or even setting aside retirement funds. In early 2024, ICE’s Mortgage Monitor report revealed that the average mortgage-holding homeowner has acquired $299,000 in equity.
For comparison, the table below shows median home prices in cities near Knoxville:
City
Median home price
Distance from Knoxville
Maryville
$368,200
20-30 min (17.4 miles)
Farragut
$636,000
18-26 min (17.3 miles)
Oak Ridge
$306,300
28-40 min (23.2 miles)
Harriman
$245,000
40-50 min (41.5 miles)
Clinton
$297,000
24-40 min (18.3 miles)
Lenoir City
$361,600
26-40 min (26.3 miles)
Powell
$387,500
12-20 min (10.2 miles)
Seymour
$377,000
18-30 min (11.4 miles)
Alcoa
$276,000
18-26 min (14.6 miles)
Norris
$350,000
22-30 min (21.2 miles)
Home value averages of multiple public transaction sites
Typical travel times 8 a.m. midweek
In the next section, we’ll show you exactly how to obtain an accurate value for your Knoxville-area home.
