Tennessee Real Estate Market: When will My Home Value Return?

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Tennessee Real Estate Market: When will Home Values Return?

Home sales in Tennessee have risen across the board for the ninth straight month in a row. That’s good news for Tennessee realtors and even better news for Tennessee homeowners.

A good example is Nashville, where 2,400 homes were sold in June – a 15 percent increase from the same time a year prior. The Greater Nashville Association of Realtors credits the low interest rates and the extension of the homebuyer tax credit for serving as the fuel to ignite this market – which spells good news for your home.

Signs of Hope

These numbers are undoubtedly a good sign that Tennessee is gradually emerging from its housing bust that occurred more than three years ago. If you own a home in this state, be comforted by the fact that according to the Fiserv Case-Shiller Analysis, home values in Tennessee are expected to return to their peak 2007 levels by the third quarter of 2018.

It is true that median home prices for homes throughout the Midwest continue to show a slight drop; however, Tennessee home prices have been up slightly from last year. If you are selling your home, you can expect it to stay on the market for around 80 days.

Knoxville real estate has suffered under difficult conditions, including the harsh winter weather. However, sales in Knoxville are still showing promise, and they are certainly better than 2009 sales. However, the Knoxville Association of Realtors has been showing inconsistent sales, which has many experts concerned about a dip in the market now that the federal homebuyer tax credit has come to an end.

A Strong Economy and Dropping Unemployment Rates

The economy of Tennessee has helped stabilize home prices. One of the main factors affecting Tennessee’s economy is its low unemployment rate. As a matter of fact, unemployment numbers have been dropping month after month. In January of this year, there were 58,569 claims filed in Tennessee; by May, the number dropped to 22,860.

The counties of Tennessee that have posted some of the lowest unemployment rates include Knox, Roane, Loudon and Blount.

Another boom to the economy is the drop in the number of foreclosures. The Memphis Business Journal reported that foreclosures on residential properties fell 19 percent during the first quarter of 2010 when compared to the previous year.

However, the remaining foreclosures on the market are still causing a deflation in home values, according to a recent article by The Commercial Appeal.

Overall, Tennessee is still struggling to see a significant turnaround regarding its home values. However, a strong economy and dropping unemployment and foreclosure rates are having a positive impact on the housing market.


10 Largest Cities in Tennessee::

1. Memphis 650,100   6. Murfreesboro 68,816
2. Nashville-Davidson 569,891 7. Jackson 59,643
3. Knoxville 173,890 8. Johnson City 55,469
4. Chattanooga 155,554 9. Kingsport 44,905
5. Clarksville 103,455 10. Franklin 41,842

 

 

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