Knoxville housing market becomes more of a win-win for buyers, sellers

KNOXVILLE, Tenn. (WVLT) - The Knoxville housing market is cooling off a little bit for those hoping to find their dream home.

“I think this is the hope for the buyer and the seller right now. We’re entering that market, where it’s going to be more like a win-win,” Remax Principal Broker, Ryan Levenson, said.

He said the win-win is for buyers and sellers.

Knoxville Area Association of Realtors, Government Affairs and Policy Director, Hancen Sale said, “In the last few weeks we’ve started to see things shift. And that’s partly because of mortgage rates, we’re seeing a little bit more inventory and so it’s creating a little less hot market.”

He believed the market has started to cool down.

“I think it’s important to underscore that that is fundamentally a good thing for buyers, a good thing for sellers in the long-term and ultimately a good thing for the stability of the market overall,” Sale said.

Levenson said he does not expect price drops, even though more homes are on the market.

“Demand may not be as high. But I think that we are going to still see appreciation,” Levenson said.

Corey Collier said he’s been trying to buy a house in Knoxville for months.

“It gives me some hope cause it gives me a thought that maybe I will still have a chance and that it’s not so competitive that it’s my full-time job to try and find a house. Maybe I can actually find something and think about. Maybe even get it inspected,” Collier said.

Levenson thinks this trend will last through the rest of 2022.

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