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October 2024 Real Estate Market Update: What You Need to Know
October brought a balanced and active market across East Tennessee, with steady trends in both the general residential and luxury home sectors. Wallace Real Estate COO Claudia Stallings’ monthly market review offers a detailed look at how the real estate market performed, shedding light on the region’s continued appeal for both everyday homeowners and luxury buyers alike.
Steady Sales and Growth in Residential Real Estate – The October numbers show that East Tennessee’s residential real estate market held steady, with *1,529 homes sold* across the region—almost exactly in line with sales from last October. This consistency points to a stable demand, which has been a theme throughout the year.
Prices in the area continued a gradual upward trend, with the median sales price reaching $374,400. This slow but steady increase highlights East Tennessee’s value as a market where homebuyers can experience long-term appreciation while enjoying an affordable cost of living.
New listings came in at 2,301, showing a stable supply month over month. Buyers and sellers alike have benefitted from this balance, with homes spending an average of 41 days on the market. This indicates a reasonable pace that allows buyers to explore their options without causing prolonged inventory buildup—a win-win situation for everyone involved.
Spotlight on the Luxury Market
The luxury home sector, defined as properties priced at $650,000 or higher, saw strong performance as well. *259 high-end properties* found new owners in October, and a closer look reveals healthy activity across various price ranges:
– $650,000 to $799,999: 109 homes sold
– $800,000 to $999,999: 66 homes sold
– $1,000,000+: 73 homes sold
For luxury listings, the average days on the market varied slightly across price points. Homes in the $650,000 to $799,999 range averaged 48 days, while properties priced between $800,000 and $999,999 took a bit longer at 58 days. Homes priced at $1,000,000 and above settled in the middle, with an average of 51 days on the market. This range reflects a slight increase in market time for higher-end properties, but still within a reasonable timeframe.
List Price to Sales Price Ratios and Luxury Hotspots
A strong indicator of demand and value retention, the list price-to-sales price ratio remained robust across luxury tiers. Homes in the $650,000 to $799,999 range sold for 98% of their list price, while those in the $800,000 to $999,999 range came in at 97%. Properties over $1,000,000 saw a slight dip but still held at 96% of their list price, showcasing the sustained desirability of these high-end offerings.
In terms of luxury activity, these zip codes rank at the top:
– 37922 (Knoxville): 25 sales
– 37934 (Farragut): 22 sales
– 37774 (Loudon): 21 sales
These neighborhoods continue to attract interest from buyers seeking upscale living options with the charm and natural beauty of East Tennessee.
Wallace Real Estate’s Luxury Listings
With 70 luxury listings currently available, Wallace Real Estate is proud to offer a range of properties for those seeking the best East Tennessee has to offer. From serene mountain retreats to vibrant family neighborhoods, the region has something for everyone looking to invest in a home that truly matches their lifestyle.
Whether you’re interested in exploring East Tennessee’s unique residential or luxury market, our team at Wallace Real Estate is here to help. Stay tuned each month as we track these trends, providing insight and guidance to buyers and sellers navigating today’s dynamic real estate landscape.
*Stats provided with permission from the East Tennessee Realtors Multiple Listing Service. As reported by Claudia Stallings, Wallace Real Estate COO.
Why the Holiday Season Could Be the Perfect Time to Buy or Sell Your Home
As the holidays approach, many people considering a real estate move find themselves wondering: “Should I wait until after the new year?” While it might seem logical to delay, there are actually several compelling reasons why now could be the ideal time to buy or sell your home. Here’s why embracing the season could benefit you:
1. Less Competition May Mean More Opportunities
-For Buyers: The holiday season tends to have fewer active buyers, which means less competition and less pressure to make a rushed decision. If you’ve been hesitant about bidding wars or missing out on your dream home, now could be the time to find that ideal property without the added stress.
-For Sellers: With fewer homes on the market, your property will stand out more to motivated buyers. The reduced inventory means that serious buyers are likely to give your home the attention it deserves, potentially leading to a faster sale.
2. Motivated Buyers and Sellers
– Buyers and sellers during the holiday season are often highly motivated. Buyers may want to settle in before the new year or even before their children’s next semester of school starts. Similarly, sellers listing their homes at this time of year are usually serious about making a move, which can lead to smoother negotiations and faster closings.
3. Seasonal Appeal and Cozy Atmosphere
– Homes tend to look especially inviting during the holidays. Whether it’s the warm glow of festive lights, a crackling fireplace, or the scent of seasonal decorations, many buyers can picture themselves celebrating the holidays in a new space. This cozy ambiance can help your home feel welcoming and give potential buyers that “right-at-home” feeling.
4. Tax Advantages for Buyers
– Buyers who close before the end of the year may be eligible for certain tax benefits, such as mortgage interest deductions or property tax deductions. This potential tax break can add to the financial appeal of purchasing a home now, helping you save money in the long run.
5. A Strategic Move for the New Year
– Starting the new year in a new home can bring a sense of renewal and excitement. For buyers, it means getting a fresh start in a place that suits your needs. For sellers, it can mean financial flexibility and fewer lingering to-dos, setting the stage for a great start to the new year.
Considering a Holiday Move? Let’s Chat!
If you’re on the fence about buying or selling a home during the holidays, know that the season brings unique advantages that could work in your favor. Whether you’re ready to start your search or simply want to discuss options, We’re here to help guide you every step of the way.
Wallace Luxury Spotlight | 346 Sexton Loop Road Oakdale, TN 37829
Move-In Ready Equestrian Farm with Stunning Views and Exceptional Amenities
Dreaming of a beautiful, turn-key equestrian property? Look no further. This remarkable 35+ acre farm in the historic town of Oakdale, west of Knoxville, has everything needed for comfortable country living and an ideal setup for animal care. The charming Cape Cod home, complete with a wrap-around porch, offers breathtaking views of green pastures, colorful sunrises, and majestic mountains, making every day feel like a retreat.
This well-maintained home is filled with elegant touches, including granite countertops, hickory cabinets, and birch hardwood floors. The spacious master suite provides a relaxing escape, while the attached two-car garage, complete with an in-ground oil/grease pit for vehicle maintenance, adds convenience and functionality. A fully concreted crawlspace provides additional storage and easy access for home maintenance.
For those who appreciate a well-equipped workspace, the property includes a separate 36′ x 48′ garage/workshop, with electricity, two car bays, and a wrap-around porch that mirrors the beauty of the main home. It’s a dream space for projects, hobbies, or additional storage.
Equestrians will appreciate the custom-built 4-stall horse barn, featuring large sliding doors, a wash rack with hot and cold water, LED lighting, and a dedicated feed/tack room. The property also includes a 3-sided horse shelter, chicken coop with a fenced run, and approximately 14 acres of fenced pasture with access to a pond and natural spring, providing plenty of space and resources for animals.
The remaining acreage is wooded, offering a private setting perfect for hunting, with deer and wild turkey sightings being common. Whether you’re looking to enjoy farm life, explore wooded trails, or simply relax in nature’s embrace, this property is ready for you and your animals to enjoy.
This move-in-ready equestrian farm offers the perfect blend of functionality, comfort, and rural charm. With its prime location, scenic views, and ready-to-use amenities, it’s the ideal setup for those looking to dive into country living or expand their equestrian lifestyle. Don’t miss your chance to make this extraordinary property yours!
Listed by Kathi Browne – Wallace Lakeside Office | Click here for more information.
Wallace Luxury Spotlight | 146 County Road 1120 Athens, TN 37303
Wallace Luxury Spotlight | 3207 Louisville Road Louisville, TN 37777
Lakefront Living at Its Finest: A Move-In Ready Gem!
Here’s your chance to own an exceptional lakefront property with unbeatable views and every feature you could want! Just steps away from the lake, this stunning, move-in-ready home offers both comfort and style, plus thoughtful updates and plenty of space for relaxation and entertaining. Here’s what makes this property a dream come true:
From the moment you enter the expansive decks—both front and back—you’ll feel right at home. Recent upgrades include a new roof, new flooring, updated HVAC and ductwork, and a sleek concrete driveway. The kitchen is a chef’s delight, featuring large cabinets that provide ample storage and a perfect setup for hosting. The master bedroom offers a breathtaking lake view to wake up to each day, and an oversized bonus room, accessible via pull-down stairs, provides extra flexibility for your needs.
Adding to the home’s versatility is a newly added apartment over the detached garage, complete with its own elevator! This space is ideal for guests, extended family, or even as a rental opportunity. It’s the perfect balance of privacy and convenience.
For those who love to entertain by the water, the screened-in porch offers the perfect space to enjoy lakefront views while staying protected from the elements. The newly updated two-story dock is perfect for enjoying the lake, whether you’re boating, fishing, or just soaking up the sun. Directly across from Louisville Marina and only five minutes from Pellissippi Parkway, this property combines scenic beauty with convenient access to nearby amenities.
This incredible lakefront home won’t last long—experience the best of lake life with every modern amenity at your fingertips. Don’t miss out on making this piece of paradise your own!
Listed by Bayli Hayes – Wallace West Office | Click here for more information.
Wallace Luxury Spotlight | 509 Woodland Drive Gatlinburg, TN 37738
Discover the Ultimate Luxury Retreat in the Smoky Mountains
For those dreaming of a luxurious mountain escape, this 3-level cabin in the heart of the Smoky Mountains presents a rare investment opportunity. With 8 spacious bedrooms, 4.5 baths, and ample accommodations for up to 22 guests, this stunning turnkey property is perfect for anyone looking to expand their short-term rental portfolio or establish a private mountain retreat.
Nestled amidst breathtaking views, the cabin’s versatile layout is thoughtfully designed for hosting large gatherings, offering comfort, privacy, and an array of high-end amenities that promise a memorable stay.
Here’s what makes this mountain cabin one of the Smokies’ best-kept secrets:
Awe-Inspiring Views and Spacious Decks
Imagine sipping your morning coffee or enjoying a sunset dinner from not one but two spacious decks, where panoramic mountain views provide an unbeatable backdrop. These outdoor spaces invite relaxation, making them ideal spots for group gatherings or quiet, personal moments.
Luxury and Comfort on Every Level
On the main level, you’ll find an open-concept living area with large windows that flood the space with natural light. The gourmet kitchen is a chef’s dream, equipped with high-end appliances, perfect for cooking up family feasts or entertaining guests. The main level also includes the primary suite, which has its own private deck access—a peaceful sanctuary overlooking the mountains. Adding to this convenience, laundry and pantry spaces are located on this level.
The second floor features four roomy bedrooms and two full baths, while the lower level houses two additional bedrooms, a bathroom, and a second laundry room. For those who love entertainment, the game and relaxation area is a dream come true, complete with a second fireplace to set the perfect cozy ambiance.
Smart Amenities and Thoughtful Additions
Every corner of this cabin is packed with top-notch amenities: unwind in the hot tub, spend quality time in the entertainment room, and make use of the Tesla charging station for easy access to green energy. The cabin’s Smart Home setup ensures convenience and control, while ample parking space makes it easy for large groups to visit.
A Prime Location Close to the Best of Gatlinburg
Situated on a spacious private lot filled with local wildlife, including curious bears, this cabin offers a quiet retreat without sacrificing access to top attractions. Located less than five minutes from downtown Gatlinburg, guests have access to the best of the area, from the Great Smoky Mountains National Park to Dollywood, the Blue Ridge Parkway, shops, and restaurants.
Investment Potential with No HOA
This exquisite cabin comes fully furnished and tastefully decorated as a 6×12 Dovetail Southland Log Home. With no HOA fees, it’s a dream property for investors looking for a turnkey short-term rental or those seeking the ultimate mountain getaway.
Whether you’re seeking an investment with strong rental potential or a luxurious retreat, this Smoky Mountain cabin is the perfect blend of adventure, relaxation, and sophistication.
Presented by Beth Page – Wallace Real Estate North Office — Click here for more information!
Wallace Real Estate Supports 2024 Knoxville Challenger Tennis
<section itemprop=”articleBody” class=”e-content”><div class=”blogContentWrapper”><p>Wallace Real Estate is thrilled to support the Knoxville Challenger, a USTA Pro Circuit Event set to take place November 3-10, 2024, at the Goodfriend Tennis Center. This highly anticipated event features rising professional tennis stars competing for $80,000 in prize money, and earning valuable ATP points to advance their careers. The Knoxville Challenger has a track record of showcasing the next wave of tennis talent, bringing excitement to both new and seasoned fans of the game.</p> <p>More than just an opportunity to watch top-tier tennis, the event is a way to inspire the local community and support an important cause—the McNabb Center, in honor of Harry W. & Sarah Stowers. Tickets are available at the door for just $20 per day, with free admission for kids 12 and under. </p> <hr> <p><img alt=”” class=”featured featured featured” src=”https://d15zjc2r4e8kr7.cloudfront.net/9302/blog/Moxi%20Blog%20Images%20(900%20x%20500%20px)%20(65).png” style=”margin: 10px; width: 600px; height: 333px;”></p> <p><strong>A Perfect Match: How a Realtor is Like a Tennis Coach</strong></p> <p>Much like a tennis coach guiding an athlete toward success, a great real estate professional helps you reach your real estate goals. Here’s how:</p> <ul> <li> <p><strong>Strategy and Expertise:</strong> Just as a tennis coach devises strategies based on years of experience, a Realtor knows the ins and outs of the market. Whether you’re buying your first home or selling your property, their expertise helps you navigate uncertainty and position yourself for success.</p> </li> <li> <p><strong>Support:</strong> A coach is always by your side, offering advice and encouragement, just like your Wallace agent, who is there to support you through every step of the transaction, ensuring you stay focused and confident.</p> </li> <li> <p><strong>Tailored Guidance:</strong> Every player has a unique style, and a coach adapts to their needs. Similarly, your WRE agent tailors their approach to match your personal real estate goals, whether you’re looking for a primary home, an investment property, or your dream retirement spot.</p> </li> </ul> <p>Just like the stars of the Knoxville Challenger have a team supporting their path to greatness, you can count on Wallace Real Estate to guide you through your real estate journey.</p> <p>As we cheer on the future champions of tennis, we remain committed to serving the East Tennessee community with trust, experience, and a winning game plan! </p> </div><div class=”clearfix”></div><div class=”clearfix”></div></section>
