Knoxville Market Update – April 2025 Trends You Need to Know*
The Knoxville housing market is entering a new phase. After several years of rapid growth, we’re now seeing signs of stabilization. Prices remain strong, but rising inventory and longer selling timelines point to a more balanced market. Whether you’re buying, selling, or simply keeping an eye on trends, here’s what you need to know.
📊 Key Market Highlights – April 2025
- Median Sales Price
• Knoxville (KAARMLS): $404,000
• Greater Region (East TN Realtors): $384,666
• Up ~4.8–4.9% Year-over-Year - Inventory (Months of Supply)
• Knoxville: 2.38 months (+61.4% YoY)
• Region: 2.12 months (+35.9% YoY) - Average Days on Market
• Knoxville: 49 days
• Region: 42 days
• Up ~44% from April 2024 - Listings Activity
• Active Listings: 2,134 (+6.5% Month-over-Month)
• Pending Sales: +10.9% YoY
• Closed Sales: -15.4% YoY
🔍 What This Means for YOU
For Buyers:
More homes, less stress. With inventory up over 60%, buyers now have more choices and better negotiating conditions. Sellers are taking longer to accept offers—giving buyers space to make informed decisions. While mortgage rates remain around 6.3%, slower price growth helps offset some of the monthly cost.
For Sellers:
Strategy matters more than ever. Homes are taking 49 days on average to sell—nearly 50% longer than last year. That means pricing your home accurately and preparing it well (staging, repairs, curb appeal) is essential to attract serious buyers. The good news? Prices are still rising, especially in Knoxville proper.
🏡 National Insight on Real Estate Trends
“We expect modest mortgage rate declines through 2025, which should ease affordability pressures. However, inventory shortages in high-demand markets like Knoxville will persist, preventing significant price drops.”
— National Association of Realtors, April 15, 2025
Mortgage rates may drop slightly later this year, but tight inventory—still 34% below pre-pandemic levels nationwide—will likely keep Knoxville competitive.
Sources: KAARMLS, East Tennessee Realtors, National Association of Realtors
*Data is collected from 3rd party sources over which we have no control. All information is deemed reliable but not guaranteed and should be independently verified.
Why is the data not up to date? The data for residential real estate becomes available from 2 to 6 weeks after the period has ended. Real estate data, especially historical sales data, is collected and processed over time. It takes time to compile, analyze, and disseminate this information.
Stats for Nerds
Key Metrics and Trends
The Knoxville housing market in April 2025 reflects a transition toward more balanced conditions, with moderating price growth, rising inventory, and extended selling timelines. Below is a detailed analysis of the latest data from authoritative sources, including the Knoxville Area Association of Realtors (KAARMLS) and East Tennessee Realtors.
Median Sales Price
- April 2025 Median Sales Price: $404,000 (KAARMLS) | $384,666 (East Tennessee Realtors)
- Year-over-Year (YoY) Change: +4.94% to +4.79%
- Month-over-Month (MoM) Change: Not explicitly reported, but both sources indicate steady appreciation.
Discrepancies between KAARMLS and East Tennessee Realtors likely stem from differing geographic coverage (city vs. regional data). KAARMLS’s $404,000 figure represents Knoxville proper, while East Tennessee Realtors’ $384,666 median reflects broader regional trends.
Months of Inventory
- April 2025 Inventory: 2.38 months (KAARMLS) | 2.12 months (East Tennessee Realtors)
- YoY Change: +61.4% | +35.9%
Inventory levels remain low by historical standards but have risen significantly compared to 2024, signaling increased housing supply. KAARMLS’s sharper YoY increase highlights Knoxville-specific inventory growth.
Average Days on Market
- April 2025 Average Days on Market: 49 days (KAARMLS) | 42 days (East Tennessee Realtors)
- YoY Change: +44.12%
Homes are taking nearly 50% longer to sell than in April 2024, though East Tennessee Realtors report slightly shorter timelines regionally.
Listings Activity
- Active Listings: 2,134 (East Tennessee Realtors, +6.5% MoM)
- Pending Listings: +10.9% YoY (KAARMLS)
- Closed Listings: -15.4% YoY (KAARMLS)
New listings data was not explicitly provided, but rising active inventory and pending sales suggest steady seller entry despite slower closings.
Recent Expert Insight on Knoxville
“Knoxville’s market is cooling but remains competitive. Sellers must price strategically as inventory grows, while buyers gain negotiating power without the frenzy of prior years.”
– KAARMLS Market Brief, May 1, 2025
Market Interpretation: Implications for Buyers and Sellers
For Buyers
- More Options, Less Pressure: With 2.38 months of inventory (up 61.4% YoY), buyers face less competition and can explore more homes.
- Negotiation Opportunities: Longer days on market (49 days) and a 15.4% decline in closed sales indicate sellers may accept concessions or price adjustments.
- Mortgage Rates: Elevated rates (~6.3% as of April 2025) temper affordability, but cooling prices offer partial relief.
For Sellers
- Pricing Precision Required: Overpriced homes linger, as seen in extended market times. KAARMLS emphasizes “realistic pricing” to avoid stagnation.
- Prepare for Longer Sales: Median listing duration of 49 days demands patience; pre-listing upgrades (e.g., staging, repairs) are critical.
- Regional Variations: East Tennessee’s broader market shows slightly faster sales (42 days), suggesting suburban/rural areas may outperform urban Knoxville.
Overall Trend: The market is stabilizing, shifting from a strong seller’s advantage toward balance. Prices remain elevated, but inventory growth and slower sales signal a “wait-and-see” approach among buyers.
National Context: Broader Real Estate Trends
“We expect modest mortgage rate declines through 2025, which should ease affordability pressures. However, inventory shortages in high-demand markets like Knoxville will persist, preventing significant price drops.”
– National Association of Realtors (NAR), April 15, 2025
- Mortgage Rates: Fannie Mae forecasts rates to dip to 6.2% by late 2025, down from 6.3% in early April.
- Inventory Challenges: Nationally, active listings remain 34% below pre-pandemic levels, mirroring Knoxville’s tight supply despite recent gains.
Conclusion
Knoxville’s April 2025 data underscores a market in transition. Buyers benefit from increased inventory and negotiating leverage, while sellers must adapt to longer sales cycles. National trends-gradually declining rates and persistent inventory constraints-suggest Knoxville will avoid a downturn but continue its gradual cooling into mid-2025.
Knoxville Area Association of Realtors (KAARMLS), April 2025 Market Report
East Tennessee Realtors, April 2025 Housing Data
National Assoc