A rare November upswing for real estate sales

Nick McBrideOur Town Leaders

On the heels of a promising October, real estate sales in Knox County experienced even more of a boost in November. For the month ending on Friday, Nov. 30, there were 945 property transfers in Knox County. While that figure was slightly below last November’s output of 1,004 sales, the real story was told by the value of land transferred.

Register of Deeds Nick McBride

The aggregate of real estate sold last month was just over $303 million – up from $279 million in October, and easily surpassing the total of $243 million from November 2017. Historically, November is often one of the slowest months of the year for real estate activity as the change back to standard time brings an abrupt reduction in daylight hours.

Mortgage lending continued to set a very healthy pace in November as approximately $390 million was borrowed against real estate in Knox County. This was not quite as robust as the $430 million loaned in October, but it had no problem outpacing last November’s total of $295.8 million.

Leading the way in land transactions for the month was the transfer of a residential development on Cherokee Trail known as The Ridge. The complex sold for $24,132,000. On the lending side, a Deed of Trust for just over $28.9 million came in financing a residential complex known as Bridlewood on Westland Drive.

Once again, the expected seasonal downturn in real estate and lending activity has been put on hold for markets in Knox County. On behalf of all of us at the Register’s office, I want to wish each of you a joyous holiday season and a Happy New Year!

Nick McBride is Knox County’s register of deeds.

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