The Knoxville & Farragut Tennessee sales figures for May of 2008 are now available to view here.

Days on the market (time from listing to contract) are almost unchanged from this past April; 101 days in May versus 100 days in April of 2008.

The median price of a 3 bedroom Knoxville area home was $184,700 this past May versus $163,600 in April 2008. The median is the middle price; half of all sales were above the median and half were below. With the big rise that means we sold more expensive houses in May than we did in April.

When you compare May of 2008 against May of 2007 there are some differences there as well.

  • May 2007 the median price of a 3 bedroom home was $171,900
  • May 2008 that median price was $184,700, a $12,800 increase.
  • May 2007 days on market was 88 days
  • May 2008 was 101 days so it’s taking an average of 13 days longer to sell a house.
  • In May of 2007 we sold a total of 1,666 single family homes and condos in all price ranges.
  • In May of 2008 we sold 1,213 so that’s 453 fewer units.

All in all, Knox County sales are still good, interest rates are still around the bottom of the 6% range but I tend to agree with the experts and predict they will start drifting upwards in the next few months.

If you’re in the market for a house or condo, is a great place to start looking.

Please feel free to call or email me with any real estate questions you may have.