The Knoxville Area Association of REALTORS recorded 777 homes sold in the Hardin Valley zip code of 37932 in 2020. That’s exactly 100 more homes than sold 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 13050 George Lovelace Lane. Closed on August 28th for an impressive $1,250,000.00, the proud new owner purchased their home for 94% of the $1.325 M list price. Originally listed for $1.448 M, the house sold just short of a year with 349 days on the market. Nicely sized at 3,876 sq ft, this two story basement comes with 3 bedrooms and 3 1/2 baths. Perhaps the biggest selling point was the 12.4 acres with horse stable and riding pens.

The Valley or the least expensive house sold in 37932 is 1222 Amber Meadows Circle in Amber Meadows subdivision at the intersection of Snyder Rd and Snyder School Rd. Sold for $125,000 on the 13th of November, this 3 bedroom, 2 full bath, split foyer value buy sold the first day it was on the market. The buyer paid the list price and used a conventional loan to provide their funds.

The Dash

The dash refers to the other 675 Hardin Valley homes sold in between our Mountain and Valley this past year.

HOMES SOLD

$200,000 and under: 45

$200,001-$300,000: 125

$300,001-$400,000: 305

$400,001-$500,000: 131

$500,000 and above: 71

*Active Listings By Price Range

The median sale price was $362.232. Overall, our housing inventory got even younger; 313 (46%) of the houses that transferred ownership were built in 2019 or 2020, an increase of 5% from last year.

Focusing on the remaining 364 resold homes in 37932, listings were on the market for 27 days on average (median of 8 days) prior to receiving an accepted offer, a 15 day decrease from 2019’s 42 days on market (median of 12 days).

BATTER UP!

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 2018 and older is 98.6%. Using the 37932 median price of $362.232, a 1.4% price drop is a decrease of $5,183 from the list price.

Trends Noted

As displayed in the infographic above, Hardin Valley is seeing an increasing percentage of homes being sold in the $300,000-$400,000 (45%) and the $500,000+ (11%) categories, which were only 38% and 7% respectively in 2019. 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.

Crystal Ball

Nationally, economists are anticipating another strong year  for real estate, not in spite of but because of the COVID-19 pandemic. More time at home and the need for home offices have led to significant dissatisfaction with current housing. We would likely just have a bunch of grumpy Americans if it weren’t for the historically low interest rates that will allow most buyers get what they want/need or at least afford a significant improvement over what they have. 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 the continued exodus 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 2021. 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 (adamgiveme5@gmail.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.)