37931
Knoxville, Tennessee

The 37931 ZIP code registers a median sale price of $429,000 as of late February 2026, marking a 2.5% year-over-year decline in a softening price environment. Homes are spending an average of 77 days on market, indicating moderating demand compared to the rapid turnover periods seen in tighter conditions. Only 12% of transactions close above asking price, a metric that confirms sellers have lost the pricing leverage that characterized previous market cycles.

This environment favors cash-positioned buyers and patient negotiators who can leverage the 77-day marketing window to extract concessions. The 12% above-ask rate means 88% of deals close at or below list price, creating room for offers under asking. Sellers with flexible timelines should wait, while those requiring immediate liquidity face a market where prolonged exposure is standard and price reductions may become necessary to secure contracts within reasonable timeframes.

The PropIQ score of 55 signals caution and suggests continued pressure on pricing mechanisms through the next quarter. The negative year-over-year trajectory combined with extended days-on-market indicates inventory absorption challenges that typically precede further price discovery downward. Monitor absorption rates and any acceleration past 90 days on market, which would confirm a shift toward buyer-dominated conditions requiring more aggressive seller pricing strategies.