Hardin Valley Real Estate Market
The Knoxville Area Association of REALTORS recorded 577 homes sold in the Hardin Valley zip code of 37932 in 2019. Let’s break down the data to learn more about the real estate market in our area.
The Mountain and Valley
The title of Mountain or the most expensive home sold in Hardin Valley belongs to 3105 W Gallaher Ferry Rd. Closed on February 22nd for an impressive $1,625,000.00, the proud new owner purchased their home for 91% of the $1.79 M list price after 110 days on the market. This spacious two story with basement home boasts 7,365 square feet of living space containing 6 bedrooms, 5 full baths and 3 half baths on a 3.15 acre lot. Perhaps best of all, this is waterfront property on Melton Hill Lake with a multi-water craft dock already in place.
The Valley or the least expensive house sold in 37932 is 1709 Sails Way in Devanshire subdivision just off of the Lovell Rd and Pellissippi Parkway interchange. Sold for $98,000 on the 12th of April, this 3 bedroom, 2 full bath, single story value buy was on the market for only 1 day. The original list price was $99,000 and the seller may have given a slight break on price as the buyer purchased with cash.
The dash refers to the other 575 Hardin Valley homes sold in between our Mountain and Valley this past year.
$200,000 and under: 63
$500,000 and above: 41
The median sale price was $335,875. Overall, our housing inventory is still extremely young; 238 (41%) of the houses that transferred ownership were built in 2018 or 2019.
Focusing on the remaining 339 resold homes in 37932, listings were on the market for 42 days on average (median of 12 days) prior to receiving an accepted offer that eventually closed. One of my favorite statistics is the Real Estate Batting Average. This is the comparison of list price to sale price and it is a must ask for any home seller interviewing a realtor. The Real Estate Batting Average for Hardin Valley homes built in 2016 and older is 97.9%. Using the 37932 median price of $335,875, a 2.1% price drop is a decrease of $7,053 from the list price.
As displayed in the infographic above, Hardin Valley is seeing an increasing percentage of homes being sold in the $400,000-$500,000 (18%) and the $500,000+ (7%) categories, which were only 7% and 3% respectively in 2018. While homes are appreciating at an unprecedented pace, we are starting to see newer, more expensive homes and subdivisions come in to build out this demographic.
Nationally, economists changed their prediction for 2020 over the course of the past year from a declining housing market to continued robust sales. The biggest variable will come this fall with the presidential elections. Historically, buyers and sellers tend to put moving on hold until they see the outcome and impact of the election. Locally, I expect another seller’s market due to limited inventory created by the draw to new construction and our great schools in Hardin Valley as well as continued emigration from California and the North to Tennessee.
Interest rates dropped over the course of the past year and are not forecasted to significantly increase in 2020. This will give buyers additional purchase power to try keep pace with the climbing list prices.
Real Estate Questions?
Article author, Adam Wilson, can be reached by phone (865.233.8648 mobile, 865.622.5171 office) or by email (email@example.com) with any questions. Adam is the managing broker of Adam Wilson Realty, a Hardin Valley based real estate firm located between the McDonalds and Wendy’s on Hardin Valley Rd (2043 Castaic Lane Suite C, Knoxville TN 37932.)