Coldwell Banker Wallace is pleased to have been included in The Report 2021 Published by the Coldwell Banker Global Luxury® program, The Report 2021 analyzes the latest trends and data provided by leading influencers from The Institute for Luxury Home Marketing, WealthEngine, Wealth-X, Unique Homes and in-the-field real estate specialists.
Categorized as “Ready for Discovery,” East Tennessee has seen significant increases in median sales prices, especially in the more rural areas of counties surrounding Knoxville.
Said Claudia Stallings, CBW VP of Residential Sales, “People want space and privacy. The most popular price range for our market remains $200,000 to $400,000, and many homes in this category are selling for more than asking price.”
The luxury threshold in the Knoxville MSA is $500,000. The number of sales of homes over $500,000 has increased almost 61% over last year which is the single largest price category increase.
This increase in luxury home sales may be directly related to the influx of individuals moving to East Tennessee, due to lower cost of living, the fact that there is no state income tax, and that residents of the area enjoy all four seasons. More recently, however, people have established that they truly can work from anywhere, so they are choosing East Tennessee because they can get more house for the money.
Said Stallings, “We are an easy drive to larger cities like Atlanta, Nashville and Birmingham, and being surrounded by lakes and mountains, it’s just a beautiful place to call home.”
The average size home is just over 2,200 square feet, and the average list price for new construction is about $325,000. However, the most expensive new construction home in our MLS sold for $2,350,000.
There are a wide variety of areas with luxury homes in east Tennessee, ranging from historical properties in the heart of Knoxville to homes in the outlying areas on the water or in the mountains. There are also choices of mini-farms, or sleek condos in the downtown area.
The forecast for the luxury market in East Tennessee includes expectations of continued growth with regard to personal residences, as well as the secondary home or vacation investment properties.