37846
Knoxville, Tennessee

The 37846 market has shifted decisively in favor of buyers, with the median sale price dropping to $220,000, down 23.1% year-over-year. Homes are averaging 119 days on market, nearly four months, indicating weak demand and limited buyer urgency. Zero percent of properties are selling above asking price, confirming that sellers have lost pricing power entirely. This price correction represents one of the steeper declines in the Knoxville metro area and signals a market in significant rebalancing mode.

Patient buyers with financing in place face minimal competition in this environment, as the 119-day average DOM provides ample time for due diligence and negotiation leverage. Investors seeking cash flow properties can capitalize on the 23.1% price decline to acquire assets below 2025 valuations, though rental demand strength should be verified independently. Sellers face challenging conditions and should expect extended marketing periods and offers below list price, making this a poor exit window unless selling is non-discretionary.

The PropIQ score of 41 signals continued caution, suggesting further price discovery may be necessary before stabilization occurs. The absence of any above-list sales and the triple-digit days-on-market metric indicate demand has not yet returned to absorb current inventory levels. Buyers should monitor whether DOM begins contracting and whether any properties start commanding list price, as these would be early indicators of a market floor.