Home buying in Knoxville was a competitive sport in 2020, according to data from the Knoxville Area Association of Realtors.
With a record low housing inventory and a high demand, the Knoxville residential real estate market is more tight and more expensive than it was a year ago.
In November, home sales and sale prices were up more than 20% year-over-year, while supply was down 30%.
A lack of available housing and rising sale prices could create barriers to growing the workforce and maintaining an affordable community, said Hancen Sale, KAAR’s governmental affairs and policy director.
He knows the competitive nature of the market firsthand; he’s been searching for the right home for about five months. If you really want a home right now, he said, you’ve got to go in with an offer over asking price and expect competition.
“If it’s a house that’s reasonably priced and it’s well…