Hardin Valley Real Estate Market
The Knoxville Area Association of REALTORS recorded 605 homes sold in the Hardin Valley zip code of 37932 in 2018. Let’s break down the data to learn more about the real estate market in our area.
The Mountain and Valley
The title of Mountain or the most expensive home sold in Hardin Valley belongs to 1933 Chestnut Grove Road in Chestnut Grove subdivision. Closed on October 2nd for a whopping $1,200,000.00, the proud new owner purchased their home for 80% of the $1.5M list price after only 9 days on the market. This spacious basement rancher boasts 10,609 square feet of living space containing 5 bedrooms, 4 full baths and 3 half baths on a 3.17 acre lot complete with a climate controlled indoor pool.
The Valley or the least expensive house sold in 37932 is 812 Mabry Hood Road. Sold for $85,000 on the 30th of January, this 3 bedroom, 1 bath, single story home was on the market for 179 days. I showed this house in 2017; it had work to do but there was a well laid out kitchen and a large master bedroom on a deep 1.2 acre lot. The original list price was $139,000.
The dash refers to the other 603 Hardin Valley homes sold in between our Mountain and Valley this past year.
$200,000 and under: 69
$500,000 and above: 20
The median sale price was $314,000. Overall, our housing inventory is still extremely young; 315 (52%) of the houses that transferred ownership were built in 2017 or 2018.
Focusing on the remaining 290 resold homes in 37932, listings were on the market for 96 days on average (median of 64 days) prior to receiving an accepted offer that eventually closed. One of my favorite statistics is the Real Estate Batting Average. This is the comparison of list price to sale price and it is a must ask for any home seller interviewing a realtor. The Real Estate Batting Average for Hardin Valley homes built in 2016 and older is 97.2%. Using the 37932 median price of $314,000, a 2.8% price drop is a decrease of $8,792.
Nationally, economists are forecasting another healthy year for real estate in 2019 with a decline coming in 2020. Locally, I expect another seller’s market due to limited inventory created by the draw to new construction and our great schools in Hardin Valley as well as continued emigration from California and the North to Tennessee.
At some point, Hardin Valley will see the effects of rising interest rates decreasing buyer’s purchase power but I don’t anticipate that happening until 2020 or beyond.
Real Estate Questions?
Article author, Adam Wilson, can be reached by phone (865.233.8648 mobile, 865.622.5171 office) or by email (firstname.lastname@example.org) with any questions. Adam is the managing broker of Adam Wilson Realty, a Hardin Valley based real estate firm located between the McDonalds and Wendy’s on Hardin Valley Rd (2043 Castaic Lane Suite C, Knoxville TN 37932.)