Knoxville Luxury Homes – Sales Increasing Locally & Nationally

Analysis of recent data from the National Association of REALTORS shows that recent sales growth is strongest among luxury homes. Nationally over the past year, more than 11% of homes sold were priced above $500,000.  Nationally sales of higher priced homes were up by more than 35% from one year ago.

NATIONAL FIGURES

• Sales of homes priced from $500,000 – $750,000 were up 35.1%
• Sales of homes priced from $750,000 – $1 Million were up 42.2%
• Sales of homes priced over $1 Million were up 39.9%

KNOXVILLE

• Sales of homes priced from $500,000 – $750,000 were UP 9%
• Sales of homes priced from $750,000 – $1 Million were UP 1%
• Sales of homes priced over $1 Million were UP 28%

KNOXVILLE (INCLUDING SURROUNDING COUNTIES)

• Sales of homes priced from $500,000 – $750,000 were DOWN 6%
• Sales of homes priced from $750,000 – $1 Million were DOWN 15%
• Sales of homes priced over $1 Million were UP 14%

This data allows us to come to a few different conclusions.

1. We know the Knoxville luxury homes market and general real estate market was not hit as bad as other areas of the country.  Thus there is less of a hill to climb to bring numbers (both volume and price) back to normal.  This is why we see less dramatic increases compared to the national numbers.
2. Properties in Knoxville proper are more sought after and an easier sell.  Location, location, location. This is evident in the disparity between Knoxville only numbers and the numbers that include the surrounding area.
3. The Knoxville luxury homes segment with the biggest increase in activity has been luxury homes over $1 Million.