That added competition for homes, combined with low inventory and an increase in home prices, is making it more difficult and expensive to buy a house in the Knoxville area.
According to the Freddie Mac Housing Price Index, Knoxville's May home prices increased by 21.4% since May 2020 – a higher rate of increase than Chattanooga, Nashville, Tennessee and the United States.
While it's true that many new Knoxvillians are coming from outside the city and state, real estate experts say what makes the market challenging isn't out-of-town buyers — it's a lack of available homes and other problems causing prices to go up.