Knoxville, TN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Knoxville, TN Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Knoxville Housing Market Information

With a population of 187,347, 79,458 total housing units (homes and apartments), and a median house value of $157,271, Knoxville real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Knoxville, accounting for 53.49% of the city's housing units. Other types of housing that are prevalent in Knoxville include large apartment complexes or high rise apartments ( 32.24%), duplexes, homes converted to apartments or other small apartment buildings ( 7.74%), and a few row houses and other attached homes ( 5.24%).

People in Knoxville primarily live in small (one, two or no bedroom) single-family detached homes. Knoxville has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Knoxville built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Knoxville built between 1940-1969 ( 34.60%). A lesser amount of the housing stock also hails from between 2000 and later ( 13.46%). There's also some housing in Knoxville built before 1939 ( 12.11%).

Vacant housing appears to be an issue in Knoxville. Fully 10.94% of the housing stock is classified as vacant. Left unchecked, vacant Knoxville homes and apartments can be a drag on the real estate market, holding Knoxville real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Knoxville Home Appreciation Rates

Appreciation rates for homes in Knoxville have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 23.85%, which ranks in the top 40% nationwide. This equates to an annual average Knoxville house appreciation rate of 2.16%.

Appreciation rates are so strong in Knoxville that despite a nationwide downturn in the housing market, Knoxville real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Knoxville appreciation rates continue to be some of the highest in America, at 7.51%, which is higher than appreciation rates in 92.82% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Knoxville. Knoxville appreciation rates in the latest quarter were at -0.08%, which equates to an annual appreciation rate of -0.31%.

Relative to Tennessee, our data show that Knoxville's latest annual appreciation rate is higher than 80% of the other cities and towns in Tennessee.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Knoxville differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Knoxville - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Knoxville real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$157,271

Knoxville, TN HOME PRICES

Value Range
> $1,243,000 0.6
$932,001 - $1,243,000 0.7
$622,001 - $932,000 1.7
$497,001 - $622,000 1.7
$373,001 - $497,000 6.0
$249,001 - $373,000 12.2
$124,001 - $249,000 37.6
$62,001 - $124,000 31.8
$0 - $62,000 7.7

High for TN
Average for Nation

Value Relative to Nation Value Relative to State
54.1021897810219 39.2857142857143

Number Of Homes And Apartments:
79,458

Knoxville Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TN*
Compared To
America*
Latest Quarter:
2019 Q1 - 2019 Q2
Last 12 Months:
2018 Q2 - 2019 Q2
Last 2 Years:
2017 Q2 - 2019 Q2
Last 5 Years:
2014 Q2 - 2019 Q2
Last 10 Years:
2009 Q2 - 2019 Q2
Since 2000:
2000 Q1 - 2019 Q2
71.91% 2.82%
8
7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,096 / per month

Homeownership Rate

Homeownership
Owners 43.16
Renters 56.84
Vacant 10.94

Housing Market Details

 

Age of Homes

AGE OF Knoxville HOMES
2000 or Newer 13.5
1970 - 1999 39.8
1940 - 1969 34.6
1939 or Older 12.1

Types of Homes

TYPE OF Knoxville HOMES
Single-Family 53.5
Townhomes 5.2
Small Apt. Buildings 7.7
Apt. Complexes 32.2
Mobile Homes 1.2
Other 0.0

Home Size

SIZE OF Knoxville HOMES
No Bedroom 3.62
1 Bedroom 14.64
2 Bedrooms 35.96
3 Bedrooms 35.16
4 Bedrooms 8.61
5 or more bedrooms 2.01