Home buyers gain power but still seller’s market

Buyers have gained some ground, but sellers remain in the driver’s seat of Knoxville home sales, according to Knoxville Area Association of Realtors data. 

“Higher inventory relative to earlier in the year has stabilized prices to a degree,” said Hancen Sale, governmental affairs and policy director at the Knoxville Area Association of Realtors. The weekly data, provided by KAAR, covers a 12-county region in East Tennessee. 

That dynamic suggests there is pent-up demand primarily from buyers, Sale said, who were turned off by escalating prices and competition earlier in the year but are now returning to the market.

Homes sales for the week of Aug. 22

Here is the housing data for the week of Aug. 22-28. 

Active listings, or number of listings on the market in the Knoxville area during the time period: 2,401 (2,437 previous week)

New pending sales, or number of listings that went from active to pending during the time period: 665 (619 previous week)

Median days on market during the time period: 7 (8 previous week)