The Knoxville suburb of Farragut is really not a suburb at all since it's incorporated. And being incorporated doesn't necessarily mean paying taxes as there are no city taxes for Farragut residents. An abundance of land availability in recent years has given birth to many new upscale subdivisions. These include, Walnut Ridge, Rockwell Farms, Wentworth, Brixworth, Montgomery Cove, Foxworth, and Saddleridge. All of these communities are just minutes away from I40/I75 and downtown Knoxville. Current Interest rates are in the 5.% range for 15 year loans and 5.5% for 30 year mortgages, unchanged since last report. Presently there are 290 single family homes on the market in Farragut (not including condos) which represents a 15.7% drop in market supply since my last report in July. The average price is $471,347 a 3.2% decrease and average square footage has also declined to 3477. While the market has contracted in recent weeks this is more likely due to homes being off the market for the holidays. A very diversified job market has been instrumental buffering the east Tennessee area from the current downturn. That said, it is possible that lay offs could impact the Spring market in the form of increased supply. Kingston Pike travels through the heart of Farragut and is home to some of the best shopping in Knoxville. The recent addition of Turkey Creek Mall has brought many national retailers to the area with many more on the way. It's a great time to buy in Farragut as there are still many homes to choose from at a time that rates remain low. With the year nearing an end, let's take a look at units sold: Farragut area has dropped 25% for the same time period last year (441 vs. 330 through Dec 9, 2008). While units are down, the average price is up 5.34% from $334,400 to $352,300. The timing to buy seems ideal as interest rates go lower and Sellers price to relect motivation which means that, in many cases, a lot of the negotiating has been reflected in the price. Merry Christmas and happy holidays
ZIP Code: 37922 Approximate Location Boundaries: Pellissippi Parkway West to Watt Rd.
Location Characteristics: Farragut offers many of Knoxville's finest homes and this community is a great place to live and get involved.
