Knoxville hot home sales could impact commercial real estate growth
Commercial and residential real estate have a symbiotic relationship. They can’t live without each other, but they don’t always get along.
Knoxville’s red hot residential real estate market has a limited supply of homes — and that could have a significant impact on commercial real estate growth as East Tennessee becomes more of a destination location for growing corporations.
So how crazy is Knoxville’s residential environment? In April, the median length of time a home was on the market in Knoxville fell to just four days. This means that half of the homes sold were under contract within four days or less.
And there’s a serious supply and demand problem on the residential side. For perspective, in January 2018 there were 1,736 active listings in the Knoxville area. In January 2021, there were 658.
The real estate world is a chicken and egg situation: The lack of residential…