Good afternoon —
Knoxville, Tennessee seems appealing enough. There's the University of Tennessee, some great views of the Appalachian mountains, it doesn't get that cold in the winter.
But few who try to make serious real estate money give Knoxville much thought. Until perhaps now.
As Tim Glaze reports, Knoxville has joined Boise, Idaho; Colorado Springs, Colorado and even windswept Wichita, Kansas in the ranks of mid-sized cities experiencing a turbocharged demand boom. Home prices in Knoxville have climbed 18% year-over-year, per federal numbers, and the city's average listing price is $270,000.
As HousingWire has previously reported, out of town homebuyers from expensive coastal enclaves are descending upon Tennessee.
I wonder if out of town companies will soon do the same. Tim canvases a swath of agents from different brokerages, including Weichert Realtors Advantage Plus, Prime Mountain Properties, and Home in the Smokies.
Home in the Smokies is RE/MAX affiliated, but the rest are independent. Neither Compass nor Douglas Elliman has a Knoxville presence, and Realogy brands (Coldwell Banker, Sotheby's) have a low profile in the area. If trends continue, will these brokerages with more of a coastal and luxury bent enter the likes of Knoxville?
Same with homebuilders. Do national builders that construct on the high end like Toll Brothers give mid-sized cities a look?
A lot has been written about how the pandemic, and ensuing opportunity many have to work from home, has homeowners relocating from big metropolises toward smaller cities. Perhaps the trend is serious enough to change where companies focus their resources. Thoughts? Email me at mblake@housingwire.com.
Until tomorrow —
Matthew Blake
Senior Real Estate Reporter
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