37918, Knoxville, TN

Knoxville, Tennessee is located in the southeastern United States and has a population of over 170,000. The 37918 zip code covers a total area of just over 8 square miles and has a median home value of $135,000. Home prices in this zip code have increased significantly over the past few years, reaching their current levels in early 2018.

The main drivers of home equity and home prices in 37918 zip code are strong economic conditions and limited supply. Economic conditions have been strong throughout the southeast region, with job growth averaging above 2% annually since 2010. This strong demand has led to limited inventory availability, which has driven up prices for homes in this area. Additionally, there is very little new construction happening in this zip code due to zoning restrictions that make it difficult to build new homes. As a result, the market is dominated by existing homes that are being sold at higher prices.

Despite these positive factors, there are some risks associated with buying or owning a home in 37918 zip code. One risk is that interest rates could rise over time and make owning a home more expensive. Another risk is that the market could suddenly decline and lead to lower home values. Finally, although property taxes are low compared to other areas of the country, they can still be an important expense for homeownership if they are not covered by mortgage payments or other sources of income.