SmartMoney Magazine recently rated the 330 biggest cities in terms of their home values. As with the rest of the media, there is much doom and gloom in this article about the housing market...buyer's are wary even though it is a "buyer's market" and are waiting for prices to fall even further, there is a shrinking pool of potential buyers due to the increasing cost of obtaining loans and there is an average of a ten month supply. You can read the full article here.
However, not all news is bad for the Knoxville area. Based on the statistics studied, Knoxville was rated as "fairly valued" and therefore predicted to not see home prices drop too much further. There is definitely an over supply of million dollar-plus homes in Knoxville right now, but they are selling. So far this year, there have been over 50 sold.
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