HOA Management Company Knoxville, TN

Remote HOA Management in Knoxville

Knoxville, located in eastern Tennessee along the Tennessee River, is a city with a rich history, dynamic culture, and a growing economy. Established in 1791, Knoxville served as the first capital of Tennessee before the state capital was moved to Nashville. Today, Knoxville is known for its role as a gateway to the Great Smoky Mountains, its vibrant cultural scene, and its evolving economy.

Historical Context

Knoxville’s history is closely tied to its location at the confluence of the Tennessee River and the Appalachian Mountains. The city was initially settled by European Americans in the late 18th century and was officially incorporated in 1815. It served as the state capital of Tennessee from 1796 to 1817 before the capital was relocated to Nashville. During the Civil War, Knoxville was a strategic location and was occupied by Union forces. The city's economy rebounded after the war, fueled by industries such as railroads, manufacturing, and education.

Economic Development

Today, Knoxville's economy is diverse, with key sectors including education, healthcare, manufacturing, and technology. The city is home to the University of Tennessee, which is a major economic driver and contributes significantly to the local economy through research, employment, and student spending. The healthcare sector is also prominent, with institutions such as the University of Tennessee Medical Center providing jobs and medical services.

Knoxville has also made strides in revitalizing its downtown area, attracting new businesses and fostering a vibrant arts and culture scene. The city is known for its historic Market Square, which hosts a variety of events, farmers' markets, and festivals throughout the year. Additionally, Knoxville's proximity to the Great Smoky Mountains National Park makes it a popular destination for outdoor enthusiasts.

Population and Demographics

Knoxville has experienced moderate population growth in recent years. According to the U.S. Census Bureau, the population of Knoxville grew from approximately 173,000 in 2000 to over 200,000 in 2020. The broader metropolitan area, known as the Knoxville Metropolitan Statistical Area, has a population of around 750,000 people.

The demographics of Knoxville reflect a diverse and evolving population. The city has a significant African American community, accounting for about 17% of the population. Hispanic or Latino residents make up around 6% of the population, and there are growing Asian and Middle Eastern communities. The median age in Knoxville is approximately 35 years, indicating a balanced mix of young professionals and families.

Cultural and Recreational Amenities

Knoxville offers a rich array of cultural and recreational amenities. The city is known for its vibrant arts scene, with numerous galleries, theaters, and music venues. The Knoxville Museum of Art and the East Tennessee History Center are notable cultural institutions. The city's outdoor recreational opportunities are extensive, with access to the Great Smoky Mountains National Park, as well as numerous parks, trails, and waterways for hiking, biking, and fishing.

The culinary scene in Knoxville is diverse, offering a mix of traditional Southern cuisine and international options. The city's food culture is highlighted by local favorites such as barbecue, farm-to-table restaurants, and food festivals.

Transportation and Infrastructure

Knoxville's transportation infrastructure supports its role as a regional hub. Major highways, including Interstates 40, 75, and 640, provide easy access to other parts of Tennessee and the broader Southeast. McGhee Tyson Airport (TYS) offers flights to domestic and limited international destinations. The city's public transit system, KAT (Knoxville Area Transit), provides bus services throughout the metropolitan area.

Real Estate Market

Here are some key statistics on the real estate market in Knoxville, Tennessee, as of late 2023:

Home Prices:

• Median home price: Approximately $285,000 (as of mid-2023).

• Year-over-year price increase: Around 7%.

Market Trends:

• Homes typically spend around 25-30 days on the market before being sold.

• Many properties receive multiple offers, often selling at or above the asking price.

Inventory:

• The inventory of homes for sale is moderate, with a supply of around 2-2.5 months, indicating a competitive market.

• New construction is ongoing, with several residential developments in progress to meet the growing demand.

Rental Market:

• Median rent for a one-bedroom apartment: Approximately $1,100 per month.

• Median rent for a two-bedroom apartment: Approximately $1,350 per month.

• Rental rates have increased by about 4-6% year-over-year.

Sales Volume:

• Annual home sales: Over 12,000 units.

• Monthly home sales: Approximately 1,000-1,200 units.

Population Growth:

• Knoxville's population growth rate: Around 1-1.5% per year.

• The metropolitan area's population: Approximately 750,000 people.

Economic Indicators:

• Unemployment rate: Approximately 4-5%.

• Major industries: Education, healthcare, manufacturing, and technology.

Neighborhood Hotspots:

• High-demand areas: Downtown, Old City, North Knoxville, West Knoxville, and Sequoyah Hills.

• These neighborhoods are popular due to their amenities, proximity to downtown, and vibrant cultural scenes.

Affordability Index:

• Knoxville's housing affordability index: Above the national average, reflecting relatively moderate home prices compared to median income levels.

Knoxville continues to thrive as a city rich in history and natural beauty, with a diverse economy and a vibrant community, making it an attractive place for both residents and visitors.

Numerus is committed to provide transparent service and amazing value to our clients in Knoxville. Our hybrid approach to is a great alternative for HOAs who do not need a full service HOA management company. Contact us today for more information and a free quote!