Overview

Once the first capital of Tennessee, the city of Knoxville is now home to about 190,00 people. The first settings in this area date back to 1786. Today, this is one of the most populous cities in the Tennessee Grand Division as well as the 3rd biggest city in the state of Tennessee after Memphis and Nashville.

Knoxville is a place where many regional and national companies are headquartered. There is also the headquarter of the TN Supreme Court and Tennessee Valley Authority. Besides, the University of Tennessee has many flagship campuses in the Knoxville area.

Locals enjoy various outdoor activities here. The Great Smoky Mountains National Park is one of the most popular weekend getaways from Knoxville. Many people who live in South Knoxville get involved in recreation or education programs at Ijams Nature Center. West Knoxville, especially Concord Marina, offers striking beauty that attracts boaters from across the state.

Downtown Knoxville is the most eventful part of the city though. It’s home to the Knoxville Museum of Art, Dogwood Arts Festival, as well as world-class museums, theatres, restaurants, boutique shops, and luxury apartments.

1168 Listing Found in Knoxville, TN

Purchasing a House in Knoxville

Home prices tend to remain stable despite market changes in Knoxville. That makes the local housing market attractive to house hunters. They have plenty of time to review and compare all the options available, as most homes take more than 90 days to sell after hitting the local market. New homes and condos constantly hit the market. 

The rental market includes everything from single-family homes and townhomes to co-ops and condominiums. So you will have a variety of options to choose from. There are many affordable homes in this area that most homebuyers can afford by entering into a rent-to-own agreement.

At $165,000, the current median home price is only 1% higher than it was last year. Bear in mind that the average sales price of houses in Knoxville is somewhat higher. The average value is slightly above $195,000.

Popular Neighborhoods and Residential Areas in Knoxville

Before you start to look for homes on sale in Knoxville, you should have a good idea of what neighborhoods suit your budget and lifestyle. Here are some of the most popular neighborhoods and residential areas in Knoxville:

• Old City and Downtown Knoxville — This area is very popular with married couples, hipsters, and millennials. It is great for everyone craving lively nightlife, entertainment, and shopping. The locals benefit from various activities in this thriving setting.
• Old North Knoxville — With wide green areas and beautiful historic homes, this neighborhood appeals to many. It offers a sociable, pedestrian-friendly environment. You can find both new condos and loft apartments (converted warehouses) in Old North Knoxville.
• Sequoyah Hills & Kingston Pike — What makes this residential area popular is the vicinity of Fort Loudin Lake and Beaux-Arts buildings. There are modern style condos and houses too. These prestigious neighborhoods are perfect for university professors as well as business executives. 

Renting to Own vs Buying a Home

While buying a house is full of different benefits for homebuyers, it comes with numerous financial requirements and substantial down payments. If you want to buy a house traditionally, be ready to dedicate some time to purchasing negotiations. You will also need to apply for a mortgage or home loan.

The rent-to-own process, on the other hand, allows potential homebuyers to delay their down payments and mortgages till the lease expiration date. This is helpful for those who can’t immediately get their finances together for buying a new house or property.

If you’re looking to buy a rent-to-own property in Knoxville, be prepared to pay an option fee right after signing an agreement in addition to monthly premiums on your rent. The good news is that both types of payments will be credited towards your final down payment on a house. Think about this option!

Living Costs in Knoxville

The residents of Knoxville appreciate very affordable living in Tennessee. Generally speaking, they pay around 20% less for most services and necessities than people in other American cities. 

At 36% below the US average, housing is one of the most affordable living expenses in this city. Other categories of living costs are also below the national average as follows:

• Transportation is about 15% lower than the national average
• Groceries are 13% lower than the national average
• Healthcare is about 10% lower than the national average
• Utilities are 5% lower than the national average

Conclusion

If you want to live in a historic, welcoming setting in Knox County, the city of Knoxville is the best choice. This engaging city is home to the famous University of Tennessee that is known for intercollegiate football and athletics programs.

You can find a lot of Victorian-style and historic buildings. They are mixed with contemporary homes as well as modern mansions and lofts. That gives a unique character to this heterogeneous city. 

Along with the low cost of living and a variety of activities, this makes Knoxville an attractive place to reside in. Run through our listings and find an ideal home that meets your needs. Good luck!