37828
Knoxville, Tennessee

ZIP code 37828 recorded a median sale price of $735,000 as of February 2026, representing a dramatic 60.7% year-over-year increase that significantly outpaces regional norms. Properties are averaging 57 days on market, indicating moderate absorption rates despite the price surge. Notably, zero homes sold above list price, a stark contrast to the substantial appreciation, suggesting the spike may reflect portfolio composition changes or luxury segment concentration rather than broad competitive bidding pressure.

This market favors patient buyers with strong financing who can negotiate at or below list price, as the 0% above-list metric indicates seller expectations may be outpacing buyer willingness. Sellers who purchased before the appreciation cycle can capture substantial equity, but must price strategically given the absence of bidding wars. Value investors should proceed cautiously, as the 60.7% appreciation creates compressed yield profiles and limited margin for error on renovation-and-resale strategies in a market showing weakening buyer urgency.

The PropIQ score of 55 signals material caution, indicating underlying fundamentals may not support the 60.7% price trajectory. Watch for inventory accumulation and extended days-on-market metrics in coming months as potential leading indicators of correction. The divergence between extraordinary appreciation and lack of above-list sales suggests a market transitioning from momentum-driven to fundamentals-constrained, warranting close monitoring of absorption rates and any increase in price reductions among active listings.