Find more inventory in the second half of 2022

The Knoxville real estate market has been scorching hot for at least a year.

Kanika White, a real estate agent at Keller Williams Realty, said it’s been a wild ride.

“I’ve been in the housing industry for almost 20 years, I’ve never seen the market like this,” White said. β€œIt’s either a good time to buy or a good time to sell. And right now it’s both.”

But in Knoxville and across the country, signs of change are beginning to appear.

With market shifts and rising mortgage rates, here’s what both buyers and sellers can expect for the second half of 2022.

Knoxville’s housing market is cooling slightly

While the market is still incredibly hot, White said it is cooling off. But not enough to significantly change the landscape.

Kanika White

Property prices have fallen slightly and more offers are staying on the market a little longer. Instead of hours, homes can go unsold for days or even weeks.

This is mainly due to rising interest rates.

At the end of 2021, 30-year fixed-rate mortgage rates were at an incredibly low rate of 3.11%, according to Hancen Sale, government director of the Knoxville Area Association of Realtors. However, those rates have remained around 5.25% over the past month.

Leave a Comment