As of October 2021, home prices in Knoxville were up 14.5 percent compared to the same time last year, with a median selling price of $285K, according to Redfin, while housing inventory has decreased.
With demand outpacing supply, it’s no wonder values are on the rise in this northeast Tennessee city. There was already a housing shortage here, but it’s been compounded by the number of people moving in from out of state. Across the country, there is a big influx of people moving out of big cities like Los Angeles, Chicago, and New York City to enjoy a lower cost of living elsewhere, among a long list of other reasons.
While the higher demand is rising price tags in Knoxville, homes in this city are still far more affordable as compared to properties in major metropolitan areas.
In the past, newcomers have typically moved here for work, but most arriving in more recent months are working virtually through jobs they already have. In addition, with interest rates at an all-time low, there are more millennials purchasing homes in areas like Knoxville for the relatively inexpensive cost of living.
When more people are looking to buy homes than there are homes available for sale, it drives prices up. Many buyers are even putting in offers above the listing price. But, of course, this city near the Great Smoky Mountain foothills isn’t the only one with a lower cost of living. So, why are so many deciding to purchase Knoxville real estate?
A Moderate Climate
The climate in Knoxville is a lot milder than it is in midwestern cities or New England. There’s far less snow and an average of more than 200 sunny days a year. The average low in January is just below freezing, while the high in July is about 87 degrees. You won’t have to worry about Arctic winters and constantly shovelling snow or enduring temperatures so hot it’s dangerous to go outside.
There’s Plenty For Outdoor Enthusiasts
One of the biggest benefits of living in Knoxville is that it offers all the amenities of a big town without being far from nature, peace, and quiet.
The city’s proximity to Great Smoky Mountains National Park and Big South Fork National Park coupled with 85 miles of paved greenways running along rivers and ridges, and the 50 miles of trails at the Urban Wilderness, make it an outdoor enthusiast’s dream. Just about every recreational activity imaginable, from hiking, climbing, and biking to fishing, boating, and paddling, it’s all at your doorstep here.
Golfers will have 14 courses to choose from within the city and another 11 within 20 miles, with the variety providing an option for every skill level and budget.
The Knoxville school system is among the top 80 percent of the state’s school districts, with top-ranked schools to the north and west of downtown. Plus, the athletic programs at Knoxville schools are ranked among the top 5 percent in the country. There are 45 private schools available too.
Art and Culture
There are many cultural institutions here, from art and history museums to professional theaters, live music venues, an opera, and a symphony. Local artists also add to the spirited feel with painted murals, sculptures, and works of art displayed throughout the town.
Art can even be seen in the delicious, culturally inspired dishes prepared by Knoxville chefs. There is a wide range of eateries serving all types of creative cuisine, often with a focus on locally sourced foods.