Knoxville November 2008 Home Sales Report
It’s the middle of December, which means the Knoxville Area Association of Realtor’s numbers are finally out for Knoxville’s November home sales. And trust me, I wish I had some Christmas cheer to spread, but I keep reaching into this Home Sales Report stocking and all I’m pulling out is coal.
In case you’ve already forgotten all about November 2008, let me refresh your memory: Barack Obama won the presidential election; Germany & Japan officially went into recession; the US announced another rescue package, this time for Citigroup; and the Federal Reserve announced it would inject another $800 billion into the US economy to try to stabilize our flailing financial system. It was basically more fun than a barell full of monkeys. Very over-leveraged, cash poor, soon to be foreclosed on monkeys.
So, how did the Knoxville real estate market fare through all of that doom and gloom? Well, not too great. So, sit back, relax, and let me break it to you gently - All Around KTown style.
You know I like to start with the good news first -
Median sales price for 2 or less BR homes is up.
Nov ‘07 - $80,500
Nov ‘08 - $87,000
2008 is almost over.
Now for the not-so-good news:
Average sales price for 2 or less BR homes is (way) down.
Nov ‘07 - $99,200
Nov ‘08 - $85,900
Nov ‘07 - $167,600
Nov ‘08 - $155,800
Nov ‘07 - $147,700
Nov ‘08 - $138,900
Nov ‘07 - $309,700
Nov ‘08 - $244,500
Nov ‘08 - $224,500
…while FHA loans were up almost 200%.
Nov ‘07- 65
Nov ‘08- 125
And here’s the “Hey, maybe if I lower the price, I might actually sell this thing” news -
The average list price for new residential home listings was down.
Nov ‘07 - $233,700
Nov ‘08 - $224,400
Nov ‘07 - $197,900
Nov ‘08 - $197,100
Nov ‘07 - 2134
Nov ‘08 - 1780
Nov ‘07 - 250
Nov ‘08 -205
- The Knoxville housing market is definitely feeling the effects of the global financial crisis.
- Residential and condo sales are soft as a baby’s bottom.*
- FHA continues to rule the lending roost.
- A lot of buyers and sellers are choosing to wait until ‘09 to jump back into the market.
- Lower than low mortgage rates + generally crappy market + winter + antsy sellers + lowering prices = OMG I wish I had some cash to invest in real estate.
- The best gift to get your Realtor this Christmas may be a book on how to write resumes. Yeah, I said it.
If you’re interested in looking at both reports yourself, here is ‘07 and here is ‘08. Enjoy and please feel free to share your thoughts and observations.






Hard working Knoxville real estate agent by day. Intrepid Knoxville real estate blogger by night.