Hmmmm, our sales don't seem to "PLUNGING!" in East Tennessee

By
Real Estate Agent with RE/MAX Shoreline New Hampshire & Maine

Reading or listening to the national news you would think the entire United States real estate industry is down the proverbial tubes.

"Lender bankruptcies", "National real estate market down", "record foreclosures", etc., etc.

Sure, there are areas where the local economy is not the greatest and there are also areas where buyers have gone into some unwise loans and unfortunately might lose their homes, but there are also lots of bright spots in the real estate market too.

My area of Knoxville, Tennessee seems to be one of them. The graph below represents the 2nd quarter sales report for a median priced, 3 bedroom Knoxville home for the past 9 years. The trend has been up for those years as well as all the years beyond.

knoxville tennessee median home prices

Here's the year by year breakdown:

2nd Quarter 1999  

$100,000

2nd Quarter 2000

$105,900

2nd Quarter 2001

$109,900

2nd Quarter 2002

$112,900

2nd Quarter 2003

$119,900

2nd Quarter 2004

$124,900

2nd Quarter 2005

$139,900

2nd Quarter 2006

$149,900

2nd Quarter 2007

$159,000

 

 

 

 

 

 

Nothing too shabby about those numbers for slow, steady appreciation.

Posted by

Jim Lee , REALTOR®, Certified Residential Specialist (CRS)

http://JimLee.com  RE/MAX Shoreline

100 Market St., Suite #200, , Portsmouth, NH 03801 Phone: (603) 431-1111 x3801

Visit New Hampshire Maine Real Estate.com to search homes, get Seacoast area information, and find out how great living on the New Hampshire and southern Maine Seacoast really is.

 

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Rainmaker
123,467
Rebecca Savitski
BSR Real Estate Group - Cary, NC
NC Real Estate Listings
Its not all gloom and doom the Raleigh market isvery consistant.
Aug 27, 2007 02:24 AM #1
Rainmaker
513,582
Leigh Brown
Leigh Brown & Associates, RE/MAX Executive - Charlotte, NC
CEO, Dream Maker - Charlotte, NC
Anyone want to remember the fable of the tortoise and the hare?  Knoxville is like Charlotte-we've never been gangbusters but I'll take slow and steady any day.
Aug 27, 2007 02:31 AM #2
Ambassador
4,109,717
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

This is great local information for buyers and sellers, Jim. Once again we see support for what we all have been saying - real estate is local. I have found a lot of variety in my own area when looking at different communities and local statistics.

Jeff

Aug 27, 2007 02:35 AM #3
Rainer
29,394
Michael Roberts
Real Estate Professionals of Glynn - Saint Simons Island, GA
Our market here in coastal georgia is unique.  we have two markets .  First you have the resort/retirement market on Saint Simons Island and you have the mainland market.  In years past typical behavior has been that when one was flat the other was booming.  Well that past performance remains true except the seperation and distinction is wider.  Resort is way down and mainland is down too on high end... only on the 125K to the 250,000 range we're pluggung along... So at 110mph but somewhere around 60.... steady...
Aug 27, 2007 02:54 AM #4
Rainer
49,884
Brian Foxworth SC, GA, FL, & TN Mortgage Loans
Palmetto South Mortgage - Columbia, SC
I completely agree Jim. Here in SC, TN, and NC, where we lend, we actually saw an increase in business because we offer FHA, VA, and Rural Housing in additon to the Vanilla Conforming programs. The government programs allow us to still help those buyers whose credit issues don't qualify them for the Imploding Subprime loans and they also get a better rate! Those of us who see this glass more than half full will keep closing deals while they others wallow in the "doom and gloom"
Sep 13, 2007 08:26 AM #5
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Jim Lee

Portsmouth NH Realtor, Portsmouth, NH
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