Article provided by: The Hughes Properties Realty Executives Associates – Knoxville Realtors
Farragut has experienced stable appreciation rates for homes in the last ten years that has been above the average. For the past decade, the accumulative appreciation rate has been 37.85 percent, ranking Farragut in the top 30 percent countrywide. These figures translate to an average of about 3.26 percent appreciation rate annually.
The median listing price of homes for sale in Farragut TN, in May 2020 was $429.9k while the selling price was $393.8k. We at The Hughes Properties are top premier realtors in Knoxville with a philosophy to deliver the best services in the market to all our clients.
Housing Market Information in Farragut, TN
Farragut has a population of 22,956, and the houses are 8,198, while the median cost of a home is $427,624. The prices of Farragut houses are relatively high compared to the average price in the state of Tennessee. Similarly, the town of Farragut has large single-family homes. The proportion of four or more bedroomed houses in Farragut is higher than what found in about 98 percent of the communities in the whole of the U.S.
Owner-occupied houses in Farragut account for 89.06 percent of all the homes in the town. Farragut is a beautiful town that has an abundance of luxury homes with expansive lots. The town exudes pure opulence with its fine selection of modern estate houses.
Selling Your Home in Farragut, TN
If you want to sell your house, you should know the price your home might fetch. You can do this by using an online home value report to get a rough estimate of your home. Another option is to obtain a Farragut market report for homes that typically shows the listing of comparable houses sold in the last three months.
The best option of knowing the real value of your home is to let one of our experts carry out comparable market analysis.
Affordability of Residential Homes
The difference between the rise in personal income and residential home prices has always been used as an indicator of whether people can afford to buy homes or are facing an affordability crisis. Therefore, incomes and house prices are vital elements in determining affordability. Another important component is mortgage interest rates. In the last few months, mortgage interest rates have decreased, indicating more people can afford to buy homes.
Property Tax in Farragut
Municipal property tax in Farragut is not applicable. The residents pay similar property taxes, like all other residents in Knox County, which is $2.32 for every $100 of the assessed property value. Property in the area is appraised at 40 percent of the market value for commercial properties and 25 percent for residential property. In Knox County, sales tax is 9.25 percent.
Find Your Dream Home Today
At the Hughes Properties, we're a leading real estate company in Knoxville and have helped hundreds of clients find their dream home. We offer the highest level of integrity service, and expertise. To find homes for sale in Farragut TN, give us a call today on (865) 251-3263.