Here is an article from July 4th. The area I am in has faired a little better than the majority of Tennessee, But overall good news for the Volunteer State.
Recent national economic developments in the housing market have indeed reduced the new and existing home sales to record lows in Tennessee. In the rural areas of Tennessee, home prices for the most part, have been holding steady with a slight decline in sales. However, the most significant drop in new and existing home prices and sales are in the urban areas of Tennessee.
With the devaluation of our dollar and high energy costs, I see a two year stagnation in the real estate market for Tennessee. New home builders have a high inventory of unsold units which causes a significant drop in home values. This makes a buyers market with many bargains to choose from.
The existing home sales market is also affected by the high supply and low demand of new homes in inventory. The average homeowner would like top dollar for their property, however in todays market this is most difficult. The high inventory of new homes, makes a difficult situation for the homeowner that wishes to sell their property.
In Tennessee, as well as most other states, the home and apartment rental market is on the upswing, with many new developments being under construction throughout the state.
The future outlook for the Tennessee real estate market is not as bleak as other states, due to many valuable assets that attract home buyers from the northern states as a retirement destination. Tennessee will indeed fair better in the housing market than some of the high growth sections of the country, such as California or Florida. In some states, the home market may take years to rebound.
John Tatman ASA, IFAS, CRA
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