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The Current State Of The Tennessee Real Estate Market

Date: Tuesday, June 1, 2021 12:29 AM EDT


Current conditions of the real estate sector in the United States have been favorable, according to industry sources. According to the data released by Realtor.com, the demand for properties have increased amid the pandemic, with unsold homes taking a dip to almost 22% as of April 2021.   

Additionally, more than half of active listings at the national level, including the state of Tennessee, have reduced, as real estate investors continue to snag properties for rentals and Airbnb services. 

Of the more than 50 states in the US, the state of Tennessee has enjoyed an increasing trend in terms of property values. Below, have a look at how the real estate industry has been performing in its capital Memphis and the other nearby areas.  

 

How Has The Tennessee Real Estate Market Been Performing Amid The Pandemic? 

Selling your house in Memphis is a good idea considering the favorable real estate trend that’s projected to continue for the whole year and likely beyond 2022.  

Positive Growth Overall  

Citing Middle Tennessee State University’s director of Business and Economic Research Center, Dr. Murat Arik, Tennessee’s local news channel, WTVF, has said that the real estate market has enjoyed a positive growth amid the COVID-19 pandemic. The high demand for Tennessee properties may been fueled by the desire to live in the suburban areas or metro cities with less congestion problems, such as New York and California. The media outlet also said that potential relocators find low interest rates and affordable living costs a major draw.  

Despite these rosy projections, market experts have mixed emotions about the overall high demand for properties, not just in Tennessee.    

Memphis Property Prices Have Slightly Dropped 

Online sources also reveal that real estate property listings in the areas of Nashville, Davidson, Murfreesboro, and Franklin, enjoyed an 11.2% uptick for April 2021 compared to April 2020. Possessing a median selling price of USD$417,000, real estate properties in Tennessee spend 15 days less on the market during the same period. This may be, in part, due to the 4% decline in real property values in the Tennessee capital of Memphis. So, if you have properties in the capital, you may need to hold back until the value prices increase before listing it.   

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