How Will the Presidential Election Affect the East Tennessee Housing Market?
With the 2024 presidential election now behind us, many in East Tennessee are looking ahead to see how the new political landscape will shape the housing market in the coming year. As Ryan Coleman, Broker/Owner of Hometown Realty, shared on his popular radio show “Real Estate with Ryan” elections often bring a temporary slowdown in housing activity. The uncertainty surrounding political shifts can influence both consumer confidence and interest rates, which play a significant role in the Knoxville, TN housing market. As we move toward 2025, it’s essential to understand how these factors could impact buyers, sellers, and investors in the East Tennessee housing market.
Interest Rates and Consumer Confidence Post-Election
One of the most significant factors affecting the Knoxville, TN housing market in the wake of the election is the fluctuation of mortgage rates. As Ryan Coleman discussed during recent episodes of his show, interest rates have been a major topic of conversation throughout 2024, and they continue to affect buyer affordability in East Tennessee. Even with the Federal Reserve’s cuts, rates have surged and lingered above 7%, challenging potential homeowners in Knoxville, TN. The election cycle often leads to uncertainty in the market, causing many buyers to hold off on decisions. Ryan Coleman suggests that this hesitation is common during times of political uncertainty, as consumers wait to see how things will settle before committing to long-term financial decisions like purchasing a home.
Historically, Minimal Long-Term Impact After the Election
Although East Tennessee’s housing market, including Knoxville, TN, may experience a temporary slowdown due to the election, Ryan Coleman points out that history suggests a rebound is likely. The housing market tends to pick up after elections as clarity sets in. Since 1978, Ryan Coleman notes that home sales have increased after 9 out of the last 11 presidential elections. Additionally, home prices have generally risen, with only one instance in the past eight elections where prices declined post-election. For buyers and sellers in Knoxville, TN this historical trend provides a sense of confidence that the market will recover as the uncertainty of the election period fades.
What to Expect in 2025
If history is any guide, East Tennessee’s housing market, particularly in Knoxville, TN, should see a significant rebound in 2025. According to the latest forecasts, Ryan Coleman shares that home sales are expected to rise from an estimated 4.6 million in 2024 to 5.2 million in 2025. As Ryan Coleman has discussed on his radio show, this post-election surge is common as both buyers and sellers gain more confidence in the economic outlook. For those in Knoxville, TN this means that while the market might feel slower in the short term, there is reason to believe that conditions will improve as we head into 2025.
Bottom Line
In the wake of the 2024 presidential election, the East Tennessee housing market may experience a temporary slowdown as uncertainty influences buyer and seller decisions. However, this slowdown is typically short-lived, with sales expected to rebound in 2025 as confidence returns. To navigate this shifting market with ease, working with an experienced agent is key. Let Ryan Coleman, Broker/Owner of Hometown Realty, guide you through the post-election landscape. With over two decades of expertise in the Knoxville area, Ryan’s knowledge will ensure that your real estate goals are realized in the year ahead. For more insights, be sure to tune in to Ryan Coleman’s radio show for up-to-date advice on the changing dynamics of East Tennessee’s real estate market.
Tune in to our newest episode now! Click below⬇️
Be sure to like/subscribe https://www.youtube.com/channel/UC1c4z7IVs5rIs0QxWXCibAw?sub_confirmation=1
Click here for links to our Radio Show!
Check your home’s value by visiting our free home valuation tool here: What’s my home worth
Hometown Realty is a Proud Sponsor of the Tennessee Volunteers:
As Tennessee’s Realtor®, we are proud to partner with the University of Tennessee’s athletic program each year. Our partnership with UT Athletics is a powerful way for us to align our brand with the community pride and passion that surrounds this beloved institution. By supporting UT athletics, we demonstrate our commitment to not only providing exceptional real estate services but also investing in the success and growth of the community we serve. Overall, our partnership with the University of Tennessee’s athletic program allows us to give back to the community we are proud to call home.
Did you know we are giving away free tours of the Tennessee Athletics Departments at UT? If you are one of our great clients give us a call to set up an exclusive VIP tour! For more information visit the VIP TOUR page! This is completely free, we want to give back to our awesome clients & potential clients!
