KNOXVILLE, Tenn. — The East Tennessee Realtors group released its monthly report on Friday, showing that Knoxville was second in the nation for the rising appraised value of homes.
It said that according to the Federal Housing Finance Agency, the appraised value of homes rose from $347,000 to $370,000 over the past year — a rise of around 9.1%. The city was only beaten by the Miami, Florida area which saw a 10.3% rise in prices.
Knoxville was followed by El Paso, Texas, and the Allentown, Pennsylvania area. Rochester, New York ranked fifth on the list.
Appraised home values are not exactly the price of homes when they are put up for sale. Usually, finance agencies or homebuyers will get an appraisal on a home when buying it, to determine its value. County leaders also conduct home value appraisals whether they are up for sale or not, and use that information when calculating property tax rates.
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