Town, Knox housing forecast told at FWKCC Speaker B’fast

Concerns about the growing, seller-market real estate scene drew 120 local government officials, real estate representatives, Farragut West Knox Chamber of Commerce members and others to FWKCC’s 2022 Breakfast Speaker Series — Housing … Forecast for Farragut, West Knox & Beyond! — in Rothchild Catering and Convention Center Tuesday, Jan. 18. 


In 2020, Tennessee was ranked No. 1 in inbound locations (new residents’ housing sales), announced emcee Alan Williams with WVLT-TV Channel 8. “In 2021, we dropped to only No. 3.”

“We were told so much about growth and what’s happening … Because of the growth that we have, and will continue to have, we need to be very diligent on our land planning and our growth planning, through proper zoning and density,” attendee Larry Sheumaker said.

As a mortgage loan officer, Vicki Williams said, “I love to hear different perspectives as to what other people think the economy is doing and the real estate market is doing.

She learned “it’s a hot market.

“Knoxville is in demand,” Williams added. “We’re always in the top five and top 25.”

Attendees heard from panel members Nick McBride, Knox County Register of Deeds; Hancen Sale, Government Affairs and Policy director for Knox Area Association of Realtors; and John Cook, president of Home Builders Association of Greater Knoxville and owner/president of Cook Bros. Homes.

“The focus of the moderated panel program, presented by The Knox Fox Real Estate Group, (was) a focused forecast on the housing landscape for Farragut and beyond for 2022,” FWKCC president/CEO Julie Blaylock stated in a recent Chamber newsletter. “After a volatile period of soaring prices, low inventory and a dearth of relocations to the area, many residents and employers want to know what ‘exactly’ is next for 2022 and 2023.”

McBride said between 2019 and 2021 there was a 71 percent increase in the value of mortgages.

Cook said he also is seeing an influx of people coming in to buy properties in West Knox County.

“People are coming to Knox County from outlying areas,” Sale added.

However, he noted a vast number of buyers are from East Tennessee, and we should expect to see more.

Sale added he expects to see the “sellers market” trend to continue.

At the same time, “so many people are coming from different places, leaving New Jersey, New York and California,” McBride said. “It’s creating an impact on housing availability and infrastructure.”

Cook said he also sees a lack of developable lots, and that trend is continuing.

“Lots are not getting developed fast enough,” he added. “We need to look at density on the lots.”

Sale agreed and said, “We just need to build homes as efficiently as possible.

“You want young people to stay in their hometown,” he added. “Kids are not going to be able to afford to stay.”

He noted the Town of Farragut has the most restrictive land use ordinances in reference to density. However, Vice Mayor Louise Povlin countered the Town created those ordinances with “quality of life” in mind.

“We are nearly at build-out,” she added. “We wanted to preserve our character as we build out … We don’t have a property tax so we ask developers to help with the costs of upgrading the roads.”