DAILY REAL ESTATE NEWS | JustLISTEDknoxville.com | This Week: The median list price in KNOXVILLE,TN this week is $209,900. The 2817 properties have been on the market for an average of 119 days.Inventory is tightening and days-on market is falling. But demand as measured by the Market Action Index is also trending down. The market is not giving strong up or down signals from these data.
Supply and Demand
The market has shown some evidence of slowing recently. Both prices and inventory levels are relatively unchanged in recent weeks. Watch the Market Action Index for changes as it can be a leading indicator for price changes.
While this week the median didn't fluctuate much, prices continue to sit at all time highs. A persistent drop of the Market Action Index into the Buyer's zone will be a leading indicator of the price strength subsiding.
Inventory of Properties Listed for Sale
Inventory has been falling in recent weeks. Note that declining inventory alone does not signal a strengthening market. Look to the Market Action Index and Days on Market trends to gauge whether buyer interest is changing with the available supply.
Market Action Index
The KNOXVILLE market is currently in the Buyer's Advantage zone (below 30), though not strongly so. The 90-day Market Action Index stands this week at 28.27 so buyers should expect to find reasonable levels of selection.
Days on Market
The properties have been on the market for an average of 119 days. Half of the listings have come newly on the market in the past 84 or so days.