37701
Knoxville, Tennessee

The 37701 market has undergone significant price correction, with the median sale price settling at $308,000 after a 16.2% year-over-year decline. Homes are averaging 82 days on market, indicating a substantial cooldown from previous conditions. Only 21% of properties are closing above list price, a clear signal that seller pricing power has diminished considerably. This price-to-time ratio suggests the market has transitioned from competitive bidding to measured negotiation.

Cost-conscious buyers gain maximum advantage in this environment, particularly those willing to spend the 82-day average market time conducting thorough due diligence and price comparison. The 16.2% price reduction creates immediate equity opportunities for long-term holders who can withstand potential further corrections. Sellers face headwinds and should expect the 79% majority of transactions closing at or below ask, making aggressive pricing strategies counterproductive in current conditions.

The PropIQ score of 60 signals caution rather than crisis, suggesting stabilization may occur before severe distress. However, the double-digit price decline combined with extended days on market warrants monitoring for potential overcorrection. Buyers should track whether the 82-day average begins shortening, which would indicate demand stabilization at the new $308,000 price level. The 21% above-ask rate remains the critical metric—any decline below 15% would suggest continued downward pressure.