KNOXVILLE, Tenn. (WVLT) – With 2023 in the rearview mirror and a tumultuous year for potential home buyers and renters, East Tennessee Realtors are looking to move into new homes in the Knoxville area Published predictions about what will happen next year to those who are. .
Hansen Sale of East Tennessee Realtors took to the stage at the Tennessee Theater Thursday afternoon and predicted the housing market would start to trend in a direction more favorable to potential buyers.
Regarding the situation in 2023, Sale said, “The median household could only buy one-fifth of the stocks on the market.''
He said he predicts that by 2024, the asking prices for many of these high-priced homes will fall to amounts that are more manageable for more people.
“Buyers who once entered the market and bid will return as interest rates fall and home price growth flattens out,” he said.
According to the report, there was a 21% decrease in homes listed for sale under $300,000 last year, contributing to the average asking price of homes in Knoxville being higher than the national average.
Home prices have increased by as much as 15% over the past few years, but are expected to rise by less than 4% this year.
For renters, the projected increase would be less than $100 a month in rent, Sale said.
Sale feels the market is starting to level off after several years of strong increases, but he still expects cost increases to be small.
“We have to build more housing, otherwise nothing will change in terms of housing affordability unless we see more housing. is the only solution,” Sale said.
Mr. Sale believed that occupancy rates for housing options coming to market in East Tennessee in 2024 would continue to exceed 95%.
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