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March 2026 Real Estate Market Update: What You Need to Know
As spring begins to unfold across East Tennessee, the housing market is showing some familiar seasonal momentum, along with a few important shifts that buyers and sellers should be paying attention to.
One of the clearest takeaways from March 2026 is that inventory is continuing to grow. New listings increased compared with this time last year, which is typical for spring, but it also suggests that more homeowners are feeling confident about putting their homes on the market. For buyers, that means more options to consider. For sellers, it means the market is becoming more competitive, and making a strong first impression matters more than ever.
That trend becomes even more apparent when looking at active listings. There are noticeably more homes on the market than there were a year ago, giving buyers more room to compare properties, take their time, and weigh their choices. While this does not mean the market has turned upside down, it does mean we are continuing to move away from the ultra-tight inventory conditions of the past few years. Sellers can still be successful, but pricing, presentation, and condition are playing a bigger role in how quickly a home stands out.
At the same time, buyer demand has not disappeared. Pending sales remained strong in March, which is an encouraging sign for the overall health of the market. Even with more inventory and a bit more caution among buyers, homes are still going under contract. That tells us serious buyers are still out there. They are simply being more selective and more intentional in their decisions. Well-priced homes that are properly prepared for the market are still attracting attention.
Closed sales in March were slightly lower than they were a year ago, but that does not necessarily reflect weaker current demand. Closed transactions often lag behind real-time activity because they represent homes that went under contract in previous weeks. With pending sales remaining healthy, the current pipeline may be stronger than the closings number alone would suggest.
Another important measure is months of supply, which moved higher again in March. This is one of the best indicators of how the market feels overall. In simple terms, it means the market has more breathing room than it did during the peak of the inventory shortage. Buyers may have more negotiating power than they did before, and sellers should be prepared for a process that may involve more comparison shopping and more thoughtful decision-making.
The good news is that home values have remained relatively stable. The median sales price showed only a modest change from last year, which reinforces an important point: while conditions have become more balanced, prices are not falling apart. This is not the frenzy of the last cycle, but it is also not a collapsing market. Instead, it is a market where realistic expectations and neighborhood-specific pricing matter more.
Average days on market also increased from last year, which aligns with what many people are seeing on the ground. Homes are generally taking longer to sell, and buyers are being more careful before making an offer. That makes preparation especially important. Sellers benefit from thoughtful pricing, strong marketing, and taking the time to present their home well from the start.
Overall, March 2026 points to a market that is becoming more balanced and more strategic. Inventory is up, buyer activity is still healthy, prices are relatively steady, and the pace has become a little more measured. For buyers, that can mean more choices and a little more room to negotiate. For sellers, it means success is still very possible, but the right strategy matters.
In a market like this, expert guidance can make all the difference. Whether you are thinking about buying, selling, or simply trying to understand what these changes mean for your goals, having a trusted local real estate professional by your side is more important than ever.
*Stats provided with permission from the East Tennessee Realtors Multiple Listing Service. As reported by Claudia Stallings, Wallace Real Estate COO.
Making the Most of Spring at Home in East Tennessee
After winter finally comes to an end, there’s something about spring in East Tennessee that makes home feel new again. The days are a little longer, the trees are beginning to bloom, and suddenly porches, patios, and backyards start calling our names.
It’s also the time of year when many people begin looking at their homes with fresh eyes. Maybe you’re opening the windows more often, spending extra time outside, or simply noticing little ways your space could feel lighter, brighter, and more enjoyable for the season ahead.
The good news is that making the most of spring at home does not have to involve a major renovation or a long to-do list. Sometimes, a few thoughtful changes can help your home feel refreshed and ready for the months ahead.
Start with the spaces you use the most. That might be your front porch, kitchen, living room, or backyard patio. Spring is a great time to clear away the heaviness of winter and bring in simple updates that make everyday life feel a little easier and more inviting. Lightweight throws, fresh flowers, a new doormat, or even just a de-cluttering and deep clean can go a long way.
Outdoor living also takes center stage this time of year. In East Tennessee, spring often gives us some of the best weather of the year, making it the perfect time to enjoy a morning coffee on the porch, host a casual cookout, or simply unwind outside in the evening. You do not need a large yard or elaborate setup to create a welcoming outdoor space. A few comfortable chairs, some potted plants, and a little attention to cleanup can transform a porch, deck, or patio into one of your favorite places to be.
Spring is also the perfect season to give curb appeal a little attention. As everything around us starts turning green again, small touches can make a big difference. Fresh mulch, trimmed shrubs, colorful planters, and a tidy entryway all help your home feel more polished and inviting. Whether you are thinking about selling this year or simply want to enjoy where you live a little more, these updates can help your home make a strong impression.
Inside, spring can be a good time to simplify. Putting away heavier seasonal items, clearing off surfaces, and letting in more natural light can make your home feel more open and energized. It is less about perfection and more about creating a space that feels good to live in.
One of the best things about spring is that it reminds us home is not just about square footage or features. It is about how a space supports your life. It is where you gather, rest, recharge, and make memories. This season offers a great opportunity to reconnect with your home and enjoy it in a new way.
And for those who are starting to think about a move, spring is also a natural time to explore what comes next. Whether you are dreaming about more outdoor space, a different layout, or a home that better fits your current lifestyle, this season tends to inspire fresh possibilities.
In the meantime, there is a lot to enjoy right where you are. Open the windows, freshen up a favorite space, and take advantage of everything spring in East Tennessee has to offer.
Wallace Luxury Spotlight | 12820 Peach View Drive Knoxville, TN 37922
Tucked away on 1.85 wooded acres in Farragut, this beautifully reimagined estate offers a rare sense of privacy paired with the kind of thoughtful renovation and outdoor living that feels truly exceptional. With no HOA and a setting designed to maximize both serenity and convenience, this property stands out as a remarkable opportunity for those seeking refined comfort, flexible living space, and a retreat-like atmosphere close to everything Farragut has to offer.
From the moment you arrive, the home’s connection to its natural surroundings sets the tone. Mature trees and expansive acreage create a peaceful backdrop, while every exterior feature has been designed to enhance everyday enjoyment. The heated saltwater pool, expansive travertine terrace, and custom firepit create a private outdoor environment that feels more like a boutique getaway than a traditional backyard. Whether enjoying a quiet morning on the covered porch, hosting guests on the elevated deck, or relaxing beside the pool, the outdoor living experience here is every bit as impressive as the home itself.
Inside, the home continues to deliver with spaces that have been carefully renovated for both style and long-term ease of ownership. The kitchen is especially striking, created with entertaining and serious cooking in mind. Double wall ovens, Electrolux side-by-side refrigeration, a beverage station, and an expansive custom walk-through pantry bring together beauty and function in a way that makes the space feel both elevated and highly livable. It is a kitchen that can easily support intimate dinners, holiday gatherings, or large-scale entertaining.
The vaulted great room serves as a dramatic centerpiece, offering soaring ceiling lines and expansive views of the property beyond. Natural light and the home’s strong architectural lines create a warm yet sophisticated atmosphere, reinforcing the sense that every detail has been chosen with intention.
Upstairs, four bedrooms provide generous accommodations, including a spacious primary suite designed as a comfortable and private retreat. The lower level adds even more versatility, offering a second entertainment area, wet bar, full bath, secondary laundry, and guest sleeping quarters. This flexible layout opens the door for a variety of uses, from extended guest stays to recreation, media space, or additional room for hosting.
What makes this property especially compelling is the way it brings together elements that are rarely found in one offering: acreage in Farragut, high-quality renovation, resort-inspired outdoor amenities, privacy, and the freedom of no HOA restrictions. It is a home designed not only to impress, but to support an elevated lifestyle with comfort, durability, and ease.
Listed by Heather Tarantino – Wallace Real Estate Farragut Office | Click here for more information.
Wallace Real Estate celebrates 90 years with Wallace Week 2026
Wallace Real Estate is celebrating a major milestone in 2026: 90 years of serving home buyers and sellers across East Tennessee.
Founded on April 1, 1936, Wallace has grown into one of the region’s most respected and enduring names in real estate. This year’s Wallace Week carried extra significance as it commemorated nine decades of service, leadership and community connection while also reflecting the energy and forward momentum that continue to shape the company today.
Throughout the week, Wallace agents and staff came together for a series of events that honored both the company’s legacy and its future.
The celebration began with the Wallace Broker Open Blitz, an enhanced marketing event featuring nearly 40 Wallace listings held open for area brokers and agents to tour. The event provided added exposure for Wallace sellers while encouraging professional collaboration across the real estate community.
“Leading the way for nine decades takes more than longevity,” said Wallace Real Estate CEO Andrew McGranaghan. “It requires a company that is willing to grow, evolve and lead. We’re proud of the legacy that brought us here, but we’re just as focused on the future and how we continue creating value for our clients, our agents and the communities we serve.”
Wallace Week also included a special Wallace History event with local historian Jack Neely at the Knoxville Chamber. The gathering gave agents and staff an opportunity to learn more about how East Tennessee has grown and changed over the years and to reflect on the role real estate has played in shaping the region. Afterward, attendees enjoyed lunch together on Market Square.
Adding another layer to the week was a Wallace YPN Meetup at Southside Garage on Sevier Avenue, bringing together members of the company’s Young Professionals Network.
“We’re proud of our history, and we’re also excited to invest in the next generation of real estate leaders, to create space for connection, collaboration, and fresh ideas,” said McGranaghan.
The celebration continued with a trip to Covenant Health Park for Smokies Baseball opening weekend. Wallace is proud to continue its partnership with the Knoxville Smokies as the official on-deck sponsor for the 2026 season, further reflecting the company’s commitment to community involvement and regional partnerships.
To mark the occasion, Wallace also created a limited-edition Wallace Week T-shirt and commemorative holographic sticker, giving agents and staff a fun way to celebrate this milestone year.
“We believe Wallace’s 90-year longevity speaks not only to the strength of our reputation, but also to our ability to adapt, grow and remain relevant in a changing market,” said Wallace COO Claudia Stallings.
That momentum has been especially visible in recent months. Over the last 18 months, Wallace has expanded by adding five partnered offices across East Tennessee while also growing agent count within its existing offices.
“This continued growth reflects the strength of the Wallace brand and the appeal of a company that pairs a long-standing reputation with a modern, forward-looking approach,” said Wallace CEO Andrew McGranaghan.
McGranaghan went on to say, “Wallace Week 2026 was a reflection of what has made Wallace strong for nine decades: trusted leadership, meaningful relationships, local roots and a willingness to keep moving forward.”
Wallace Luxury Spotlight | 300 Lowe Road Huntsville, TN 37756
Perched on approximately two acres in Big South Fork, this legacy estate offers a rare blend of scale, craftsmanship, and scenic beauty. With breathtaking views of the Cumberland Mountains as its backdrop, the property delivers a setting that feels both peaceful and impressive, while still placing outdoor recreation and regional amenities within easy reach. Norris Lake is only about 20 minutes away, with nearby access points at LaFollette and Rocky Top for Twin Cove and Norris Dam Marinas, adding even more appeal for those who enjoy time on the water.
Inside, the home spans an expansive 6,635 square feet and reflects a level of quality designed to stand the test of time. Solid wood floors, crown molding, and custom cabinetry carry throughout the residence, creating a warm and refined feel that complements the home’s substantial size. The result is a property that feels grand without losing its sense of comfort.
Thoughtful features add even more value to this exceptional offering. The basement-level full bathroom also serves as a reinforced storm shelter and safe room, providing added peace of mind. Outside, the refreshed two-level deck has been newly stained and offers a wonderful place to take in the surrounding mountain scenery, entertain guests, or simply enjoy the natural beauty of the property.
This offering also stands out for the additional benefits already in place for the next owner. A full seller’s appraisal is on file, and the home is priced below appraisal. A seller’s home inspection is also available, giving buyers added confidence as they explore the opportunity. To further enhance the offering, a 2-10 Buyers Warranty is being provided at closing. As an added local touch, the owner/agent is also offering an annual golf membership to Oneida Municipal Golf Club in Scott County for the buyer at closing.
With its generous acreage, mountain views, quality finishes, and valuable buyer incentives, this Big South Fork estate presents a distinctive opportunity to own a remarkable East Tennessee property with both presence and practicality.
Listed by Larry Sanders and Beth Calmes – Wallace Real Estate Bearden Office | Click here for more information.
Wallace Luxury Spotlight | 667 Kenesaw Avenue Knoxville, TN 37919
Set within the storied landscape of Sequoyah Hills, 667 Kenesaw Avenue is a remarkable contemporary residence that pairs architectural distinction with elegant, livable design. Surrounded by mature trees and beautifully curated gardens, this exceptional home offers a sense of privacy, refinement, and timeless style in one of Knoxville’s most iconic neighborhoods.
From the moment of arrival, the home makes a memorable impression. A circular drive, covered entry, and custom wood-paneled front door create a striking introduction, while expansive windows throughout the residence draw in natural light and frame tranquil views of the surrounding landscape. With approximately 5,143 square feet, five bedrooms, four full baths, and one half bath, the home is thoughtfully designed for both comfortable daily living and sophisticated entertaining.
Professionally designed by architect Richard Ramsden and interior designer Karen Ramsden, the residence showcases clean lines, dramatic windows, and carefully considered architectural details throughout. At the center of the home, the open-concept main living area brings together the gourmet kitchen, dining area, and great room in a way that feels seamless and inviting. Deep green granite surfaces, custom cabinetry, premium stainless appliances, and a generously sized island give the kitchen both presence and functionality.
The adjoining great room and dining spaces are filled with light from a stunning wall of windows, while a brick wood-burning fireplace anchors the room with warmth and architectural character. The overall effect is polished yet comfortable, offering spaces that feel equally suited for quiet evenings at home or memorable gatherings with guests.
Outdoor living is just as inviting. An expansive two-level patio extends the home’s entertaining potential, offering a private setting surrounded by lush landscaping and a partially fenced backyard. Whether used for morning coffee, evening conversation, or larger outdoor gatherings, the setting feels like a natural extension of the home’s refined interior.
The floor plan also provides excellent flexibility. A lovely guest suite with a separate sitting room enjoys views of the beautiful grounds and access to a guest bath/powder room, creating a comfortable and private space for visitors. Upstairs, four additional bedrooms and three baths include a spacious primary suite, offering a layout that is both functional and gracious.
From designer lighting to architectural trimwork, every detail of this contemporary villa reflects elevated style and thoughtful craftsmanship. It is a residence that feels intentional at every turn, blending visual impact with comfort in a truly special way.
Located in Sequoyah Hills, this home also enjoys close proximity to the scenic beauty of Cherokee Boulevard and the riverfront green spaces that make this area so beloved. It is also convenient to Bearden’s art and antique district, as well as an excellent collection of dining and shopping destinations. Altogether, 667 Kenesaw Avenue offers a rare opportunity to enjoy contemporary luxury, architectural pedigree, and a beautifully established setting in one of Knoxville’s most treasured communities.
Listed by Joyce Z. Tapscott – Wallace Real Estate Bearden Office | Click here for more information.
Wallace Luxury Spotlight | 1440 Charlottesville Boulevard Knoxville, TN 37922
In the sought-after Jefferson Park lakefront community, this custom-built residence offers a beautiful balance of luxury, comfort, and everyday convenience. Carefully curated by an interior designer, the home is filled with refined finishes, functional spaces, and architectural details that create a polished yet welcoming feel throughout.
From the moment you arrive, the home makes a lasting impression. A double-door entry with Provincial French charm opens to a dramatic two-story family room, setting the tone for the spacious and thoughtfully designed interior. Just beyond, a screened-in sunroom with a tongue-and-groove ceiling, recessed lighting, and custom shades extends the living space in a way that feels both elegant and relaxed. Overlooking the extensively landscaped backyard, patio, and fire pit, this outdoor retreat offers a wonderful setting for entertaining or unwinding at the end of the day. The backyard also provides room to accommodate a future pool, adding even more possibilities for outdoor enjoyment.
At the heart of the home, the chef’s kitchen is designed to impress. A large island anchors the space, while premium features such as a Thermador built-in coffee station, double oven, illuminated double-stacked cabinetry, and a walk-in pantry combine beauty and practicality. Nearby, the formal dining room opens directly to its own outdoor patio, creating a seamless connection for open-air dining and entertaining.
The main-level primary suite is a true retreat, featuring a spa-inspired bath with dual vanities, a large walk-in shower, and custom-designed closets. The main floor also includes a spacious laundry room and half bath positioned just off the oversized three-car garage and side entry for added convenience.
Upstairs, the home continues to deliver exceptional flexibility and comfort. Two spacious bedrooms each feature Juliet balconies, private ensuite baths, and custom walk-in closets. A dedicated office offers peaceful views of Fort Loudoun Lake, creating an inspiring setting for work or quiet focus. A large bonus room adds versatility and can easily serve as a fourth bedroom, media room, or hangout space. With a half bath, wet bar area, second staircase, and generous walk-in storage room nearby, this upper level is as functional as it is inviting.
Thoughtful upgrades are found throughout the home, including PowerView Hunter Douglas Silhouette shades, plantation shutters, designer drapery, an intercom system, home speaker system, and smart thermostats. These details reflect the home’s carefully considered blend of comfort, technology, and timeless style.
Jefferson Park offers an added layer of appeal with community amenities that include a lakefront pool, basketball court, pavilion, shared boat dock, and lighted walking trails. Its location also provides convenient access to Concord Park, the Markets at Choto, Davis Family YMCA, and a future connection to the local greenway system.
This is a home that truly feels elevated in every sense, offering designer-inspired living in one of West Knoxville’s most desirable lake communities.
Listed by Lisa Sinclair | Sold with Sinclair Real Estate Team – Wallace Real Estate Farragut Office | Click here for more information.
Wallace Real Estate Expands into Dayton with New TN Valley Office
Wallace Real Estate, East Tennessee’s leading independent real estate brokerage, announces the opening of its newest office: Wallace TN Valley, located at 1377 Market Street in Dayton, TN.
This new location strengthens the company’s presence in the region and affirms its commitment to serving clients throughout Rhea County, as well as surrounding areas.
The office will be led by Jillian Stavely, who has been a top performing agent in Dayton by building her reputation on integrity, strong work ethics, and unwavering commitment to client success.
Raised in Eastern Pennsylvania and a proud Penn State graduate, Jillian relocated to Tennessee from Central Florida and is grateful to now call Dayton home. When she’s not supporting clients or leading the Wallace Tennessee Valley office, she enjoys serving the community and spending time outdoors taking in the beauty of East Tennessee with her family.
“As I step into the role of Principal Broker / Owner, my mission for Wallace TN Valley is twofold: to serve our community with professional, results driven real estate services and to equip Realtors with the tools, training, and support they need to build lasting, successful careers,” said Jillian Stavely. “To me, Real Estate is about more than transactions, it’s about people and I am excited to provide the Tennessee Valley with a new option for their real estate needs.”
“Wallace is proud to partner with Jillian in this new venture,” said Wallace CEO Andrew McGranaghan. “She offers a level of insight and professionalism that sets the standard for service in the Tennessee Valley.”
A Grand Opening Ribbon Cutting was held on March 27th, to celebrate the launch of the new office with members of the community and local real estate professionals.
As a member of Leading Real Estate Companies of the World, Wallace Real Estate combines deep local roots with a global referral network, which offers clients trusted service around East Tennessee, and beyond.
For more information, visit https://wallacetnvalley.com.
Wallace Luxury Spotlight | 345 Old Leadmine Bend Road Sharps Chapel, TN 37866
Set along one of Norris Lake’s most inviting stretches of shoreline, this property offers the kind of setting that is increasingly hard to find. With an amazingly level lot leading to year-round water, the home combines comfort, space, and a relaxed lake lifestyle in a way that makes every day feel like a getaway.
Inside, the home is designed to make the most of its surroundings. A dramatic vaulted great room with floor-to-ceiling Pella casement windows draws in beautiful lake views and fills the space with natural light. The propane fireplace adds warmth and ease, creating a central gathering space that feels just as welcoming for quiet mornings as it does for evenings spent entertaining.
The kitchen opens to the dining area and great room, allowing conversation and views to carry throughout the main living spaces. Whether preparing meals for a crowd or enjoying a slower pace at the lake, the layout supports effortless connection and comfort.
With four bedrooms, three baths, and several additional spaces that can be used for recreation or overflow sleeping, this home offers impressive flexibility. The upper level features a spacious primary bedroom with an updated en-suite bath, along with an additional room that could serve as a study, hobby room, or other adaptable space. On the main level, two generously sized bedrooms and a stylish bath continue the home’s thoughtful design.
There is no shortage of places to relax and enjoy the property. The large deck is ideal for outdoor dining while overlooking the yard and water, and the spacious three-season room with its tongue-and-groove cathedral ceiling offers a comfortable retreat when the air turns cooler. On the lower level, an additional large room provides even more versatility, whether used for recreation, guests, or a game room, while another room is currently set up as a home gym. A bath, laundry room, and oversized attached one-car garage add to the home’s functionality.
Beyond the home itself, the amenities continue to impress. An oversized detached two-car garage with a semi-finished overhead room, ample parking, a 12×24 storage shed/enclosed carport, and a beautifully maintained lot with a park-like feel all contribute to the property’s appeal. At the shoreline, a two-story dock is ready for time on the water and all the enjoyment that comes with lake living.
Offered furnished and full of opportunity, this Norris Lake property delivers the space, setting, and features to create an exceptional retreat for weekend escapes or everyday enjoyment on the water.
Listed by Anita Agent Now (Anita Farley-Guynes & Ed Guynes) – Wallace Real Estate North Office | Click here for more information.
Wallace Luxury Spotlight | 1837 Regents Park Road Knoxville, TN 37922
Timeless design and modern comfort come together beautifully in this updated home, where classic architecture sets the tone for a property designed to be both elegant and easy to enjoy. Filled with natural light and thoughtfully enhanced throughout, the home offers a warm, inviting atmosphere with generous living spaces that feel equally suited for quiet evenings and memorable gatherings.
Expansive windows brighten the interior and draw attention to the home’s character, while the flowing layout creates a natural connection from one room to the next. Each space has been designed with livability in mind, offering the kind of comfort and flexibility that makes daily life feel elevated.
At the center of the home, the kitchen serves as a welcoming hub for everything from casual meals to hosting guests. With ample room to gather, it balances function and style in a way that supports both entertaining and everyday routines.
The home’s outdoor spaces are just as compelling. A sparkling pool creates a private setting for warm-weather enjoyment, while the enclosed patio extends the living experience across the seasons. Complete with a working fireplace, this inviting retreat offers the perfect backdrop for relaxed evenings, conversation, and entertaining long after the sun goes down.
Blending classic charm with thoughtful updates, this home offers a wonderful opportunity to enjoy refined comfort, beautiful surroundings, and effortless indoor-outdoor living.
Listed by Deborah Saunders – Wallace Real Estate Farragut Office | Click here for more information.
