For Immediate Release | DAILY REAL ESTATE MARKET NEWS | JustListedKnoxville.com Real-time Real Estate Market Profile
All 12 Federal Reserve districts witnessed moderate to modest economic growth as the housing market continued to improve on rising home values and more demand for a smaller inventory of homes, the Fed's November Beige Book said Wednesday.
Residential real estate activity improved in most districts, with multifamily construction posting moderate to strong growth on its own.
In the Knoxville Tennessee Market we are seeing: The market has been on a downward trend recently and this week, while essentially flat, doesn't break us out of that cycle. The median list price in KNOXVILLE, TN this week is $169,900.
Inventory has been lightening lately and the Market Action Index has been trending up. These are mildly positive indications for the market.
Home sales have been exceeding new inventory for several weeks. However because of excess inventory, prices have not yet stopped falling. Should the sales trend continue, expect prices to level off soon and potentially to resume their climb from there. Watch prices as the market transitions from a Buyer's market to a Seller's market.
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