Hardin Valley Real Estate Market
The East Tennessee Association of REALTORS recorded 620 homes sold in the Hardin Valley zip code of 37932 in 2024. That’s 148 more homes sold than in 2023. 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 2325 Viewcrest Lane. Closed on May 17th for $2,200,000, which is $175,000 less than last year’s mountain. Listed in April at $2,200,000, the buyer incentivised the seller with an all cash, list price offer to snag the property on the second day it was listed. Big in every way, this 2014 built, modern look home boasts 5 bedrooms, 4 ½ baths over three levels (two story with a basement) with 4,834 square feet set on 5.22 acres
The Valley or the least expensive house sold in 37932 is 10119 Dutchtown Road near Pellissippi Parkway. Sold for $162,700 on the 24th of December, the seller came down from a listing price of $220,000. With 2 bedrooms and 1 full bath on 0.40 acres, it sat for 78 days on the market before accepting a cash offer. Under 1,000 sq ft, some flooring and bath updates had been completed. It is unknown if the new buyer will continue to rehab the home or replace it with new construction.
The Dash
The dash refers to the other 618 Hardin Valley homes sold in between our Mountain and Valley this past year.
HOMES SOLD
$300,000 and under: 30 (34 in 2023)
$300,001-$400,000: 108 (76 in 2023)
$400,001-$500,000: 186 (102 in 2023)
$500,001-$600,000: 118 (103 in 2023)
$600,001-$700,000: 78 (70 in 2023)
$700,000 and above: 100 (87 in 2023)
*Active Listings By Price Range
The median sale price was $485,000 (down 6.7% over 2023). Rather than a falling market, the modestly priced Smithbilt Homes in Hayden Farms contributed 73 closings priced between $400,000 and $500,000 to shift the averages. Overall, our housing inventory remains young; 303 (48.8%) of the houses that transferred ownership were built in 2023 or 2024. This is a significant increase of 50% from last year and represents nearly one out of every two homes sold in Hardin Valley.
Focusing on the remaining 317 resold homes in 37932, listings were on the market for 33 days on average (median of 15 days) prior to receiving an accepted offer, an eight day increase from 2023’s 25 days on the market (median of 10.5 days).
Stable But Weird
While 2024 was an overall return to normal (stats comparable to 2019*), there were three unexpectedly slow months. Selling season typically runs from April to Mid July, but the market died in June and July (2.5% decrease of total sales compared to 2023). This was followed by a slow October. My best guess is the general angst about the presidential elections (think about the summer debate and then being one month out from the November election). The most significant statistic was the number of available homes in the Greater Knoxville MLS surging from 4,200 in May to over 6,000 this fall.
*In 2019, resold homes were on the market for an average of 42 days (median of 12 days) and sold for 97.9% of their list price ($7,053 off of the list price).
Overall, the market is much healthier now in terms of decision making. Buyers have time to think about a property, make an offer and usually retain the appraisal and inspection contingencies. On the flip side, sellers are still selling between 2-3 months with some getting first weekend contracts and then occasional multiple offer competitions.. Considering selling? We are here to help!
What should you offer??
A comparison of list price to sale price for Hardin Valley homes built in 2022 and older revealed a ratio of 97.5%. Using the 37932 median price of $485,000, a 2.5% price decrease is $12,125 under the list price.
The newer the house is to the market, the more likely you are to pay list price. As houses get closer to 30 days on the market, sellers become more flexible on pricing. If a house receives multiple offers, offering above list price is still a must.
Trend Noted
As displayed in the table above, Hardin Valley is seeing an increasing number of homes being sold for $600,000 and Above (187 closings), with 157 in 2023 and only 59 in 2021. This is equally due to homes appreciating at an unprecedented pace and newer, more expensive homes/subdivisions building out this demographic.
Staying In The Know
Do you like being the first to know? Of course you do! The Nosey Neighbor Report will make you a local market expert with an instant email of the newest listings, price reductions, pending contracts and sale prices for your subdivision. The report is free and we will not solicit, harass, beg or bother you about selling your home.
The Nosey Neighbor is a great way to get a feel for the value of your home the way a pro does it, by looking at the nearest and most recent sales to your property. You will also be able to see whether you are in a buyers or sellers market based on days on market and the frequency of price reductions. Hoping for a friend or family member to move in around the corner? Forward the newest listing to them before the competition sees it.
Request your Nosey Neighbor Report today at https://www.adamwilsonrealty.com/nosey-neighbor-report/
Crystal Ball
As expected, homes in Hardin Valley continued to appreciate and the bottom did not fall out of the Knoxville market. Nationally, other states are seeing declines in home values. While you may have noticed several price reductions on listed homes this fall and winter, this is mostly due to overpricing that was never supported by a CMA (comparable market analysis); do not be concerned.
The median sales price in the East Tennessee market is now $375,000, which is a 7.7% increase from last year. Differing from the national market, Knoxville is not suffering from an inventory shortage. While they may not be homes that the market is interested in (or interested in paying 7% interest on) there are over 5,300 houses available for sale (nearly 300 listings expired at midnight on 31 Dec.) Typically when buyers are picky, this leads to a buyer’s market. Thanks to record low mortgages in the 2 and 3% percent range, sellers are not flooding the market with houses, even though their homes no longer fit their lifestyle. This has led to stability in the Knoxville market with a slight seller’s advantage
There is still pent up demand for housing in Knoxville, both locally and nationally. If interest rates continue to decrease (currently high 6’s), be ready for round two of the crazy market that we lived through from from 2020 to 2022. The previously high interest rates prevented out of staters from being able to sell their homes. Once their homes become “affordable” to their markets, the return of cash buyers to Knoxville will commence. At the same time, local sellers will find the lower interest rates more tolerable and will finally put their homes on the market as they pursue their own purchases. The closer we get to 5%, the crazier things will get. If rates slowly decrease, Knoxville will ease back into a strong sellers market.
At the start of the new year, there are 5,281 houses on the market (see them all here.) Though decreased, out of state buyers continue to choose Knoxville because it is the largest conservative city in Tennessee. Online forums praise Hardin Valley for their schools and nice, new subdivisions.
Overall, 2025 is a safe and solid year to buy or sell a home. Interest rates are in the 6% range. While higher than they have been over the past couple of years, rates are still historically lower to normal. If you are waiting for 2-3% interest rates to return, remember that they came following The Great Recession and COVID. If we ever get lower rates like that again, it will be after another calamity. In other words, don’t sit around and wait for it unless you are very happy with your current housing. If your home is too small, you need to downsize, or your income justifies fancy new digs, it’s our opinion that you can move forward with confidence on a home purchase or a listing. Happy New Year Hardin Valley and remember to be excellent to each other in 2025! – Adam Wilson, Realtor
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.)
Adam Wilson Realty, a realtor who focuses on homes for sale in Hardin Valley and helps all sorts of people whose housing no longer fits their current lifestyle. I listen to their needs, get them out of their current place and into just the right house so that home can be a place they want to be.
