East Tennessee residents have struggled to find or afford homes and apartments in recent years. Those challenges likely still will be felt in 2024, but the pressure could be easing up.
East Tennessee Realtors on Feb. 1 unveiled its 2024 Knoxville Housing Market Forecast, which predicted Knoxville area homebuyers and renters can expect falling interest rates, more houses on the market and a smaller price increase than last year.
“It is actually an optimistic outlook for once. Things are turning a corner in the housing market,” East Tennessee Realtors Governmental Affairs and Policy Director Hancen Sale said during a Feb. 1 presentation. “I do personally believe we’ve hit the rock bottom and that things are looking up.”
Here are five things that could shape Knoxville’s housing market in 2024.
More Knoxville residents could afford homes if mortgage rates fall
Mortgage rates have a huge effect on housing affordability, how many people are house hunting and how many houses they could actually afford.