6 Facts About the Tennessee Housing Market
If you’re looking to be in the middle of it all, Tennessee is a great place to be! It’s bordered by 8 states including Missouri, Alabama, Arkansas, North Carolina, Virginia, Kentucky, Georgia, and Mississippi.
While you’ll be in the center of many states, you might wonder if the housing market is just as exciting. Where you live in this great state will have an impact on the price that you’ll pay, but there’s an overall theme in the state. Read on to explore this guide on the Tennessee housing market today.
- Tennessee Cities
If you want to sell your house quickly, then the cities of Fayetteville, Pigeon Forge, and Gatlinburg are great options. The average price for a home in Tennessee overall is about $317,000.
- Available Homes
Right now, the number of homes continues to be on the decline in most of the United States. This is the case for this state as well.
- Competitive Cities
Due to fewer homes available, the real estate market is competitive. Some competitive cities are Mount Juliet, Smyrna, and Spring Hill, TN.
- Population Growth
While Nashville is one of the best housing markets in the country, the area continues to see an increase in the population. The area is expected to see a continual surge through the years.
- The Rental Market
While plenty of people are moving to Nashville, the rental market is still a plus. There’s a high demand for single-family rental properties, so the price might be competitive. It’s one of the areas in the country seeing some of the highest growth. You might also consider finding a roommate in Nashville and split the rent cost in half or a third.
Rent prices will continue to go up thanks to people moving here from other states. Many are leaving places such as California.
- It’s a Seller’s Market
When you reach out to a real estate company, they can tell you that it’s a seller’s market in the area. Due to growing prices, sellers can enjoy a large increase in the price that they sell it for. It’s expected to continue in the years to come as well.
Nashville and Knoxville are seeing large increases in how much they can sell their homes for. It’s also a great time for a buyer as well since you can enjoy low-interest rates.
As people continue to move into the suburbs, more homes will become available in cities. Pay attention to areas where interest rates start increasing.
The Nashville Job Market
If you’re looking for the center of growth in regards to the job market, head to Nashville. Amazon has added thousands of jobs to the area as well.
While the economy continues to grow you’ll find that transportation, construction, financial, business, and some other services are seeing the fastest growth. Each year, the median household income continues to grow as well.
The Types of Homes Available
In the state, you’ll find that most of the homes available are single-family. There are other options such as mobile homes, townhomes, and apartment complexes, but there are fewer of these available.
You’ll be able to find a home to raise your family in as well. Many of the homes are 3 bedrooms. Next up, 2 bedroom homes are quite popular, and then 4 bedroom homes!
Student Debt Forbearance
In the past year, many have been putting their money from the student debt forbearance toward buying a home which has increased the prices. It might be short-lived though since student loan payments are supposed to begin again. Once this occurs, there might be a slow down on the houses being bought.
Should I Move to Tennessee?
First off, if you love BBQ, then Tennessee is the place for you. Enjoy the fresh-made biscuits in the area as well to feel like you’re at grandmaw’s home.
It’s also a friendly place to live. Residents will offer you southern hospitality and won’t be rude to you.
If you enjoy a low cost of living along with affordable housing, then it’s a great option. Don’t forget to check out natural vistas such as Clingman’s Dome and the Great Smoky Mountains.
Along with a strong job market, you can head into the mountains for the weekend. Enjoy the 4 seasons where you can pick apples in the fall, and go sledding in the winter.
Head to Dollywood which is a national treasure here. Nashville is considered the city to live in as well.
Where Should I Move to in Tennessee?
One of the top places to live in Tennessee is Germantown. It’s one of the richest places in the state as well.
This town is located right in Shelby County. Safety is also better in this area compared to the rest of the state.
Signal Mountain is another great option. This town is right in Hamilton County. It’s a suburb of Chattanooga.
Crime rates in this city are incredibly lower than in other areas. Keep in mind that it does cost more to live here than in other areas. Rental prices are also higher as well.
Exploring Different Facts on the Tennessee Housing Market
After exploring this guide, you should have a better idea of the Tennessee housing market. Take your time exploring the different cities in order to figure out if it’s right for you and your family.
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