People from different parts of the world reach Tennessee for its rich cultural heritage, natural beauty, and modern and sleek cities. Tourism is ranked as the second most important industry in Tennessee, only behind entertainment and music. In the past decade, Tennessee has been one of the most popular moving destinations and states in the USA as well. The region and state have many booming cities lying between the Appalachian Mountains and the Mississippi river. The real estate market of Tennessee is also hot and blooming for investors.
THE SUPER-HOT MARKET OF TENNESSEE
Some of the booming Tennessee cities and best markets for real estate investments include:
* Nashville.
* Memphis.
* Knoxville.
* Johnson City.
* Chattanooga
The average value of a home in the state of Tennessee is approximately $ 203,134. You’ll want to get a great realtor to help you in a market this hot. While the market values dipped during the recession of 2012, the real estate value as well as the economy of Tennessee has only strengthened in the past decade. The appreciation of the prices is going to continue at a good pace in the future as well, making Tennessee one of the best real estate markets to invest in. The values of homes in Tennessee as well as The USA are likely to increase by close to 10% by the end of the next 12 months.
THE PREDICTIONS FOR THE TENNESSEE REAL ESTATE MARKET
Many of the positive indicators associated with real estate in Tennessee are also evident in other parts of the USA. The national trends and the trends of the state are common in areas including market confidence, price increase, and other indicators. Below are some of the relevant predictions related to Tennessee’s real estate and housing market.
* MORE ATTENTION FOR THE SECONDARY CITIES
The real estate demand and prices have appreciated considerably in the past decade in Tennessee. Now it is the time when the secondary cities (including Jackson) will start to receive attention from population segments including the millennials. For the uninitiated, millennials comprise the largest section of real estate and home buyers. The appreciations of real estate prices in Jackson are already starting to overtake Nashville. Secondary cities are also quite appealing for first-time buyers, who may try to refrain from the costs and the saturating markets.
* APPRECIATION WILL CONTINUE
Even the Covid 19 pandemic could not decrease the prices of real estate in Tennessee and its booming and vibrant cities. The demand for real estate, properties, and houses is still high in the major cities of Tennessee including Nashville. However, the demand needs to be matched adequately by the listings and the property sale offers. Therefore, the sellers are bound to take advantage of the opportunity and increase the prices further.
* A MOVEMENT TO THE SUBURBS
Coronavirus has seen the start of some contemporary trends related to lifestyle and work, including work-from-home initiatives and opportunities. The bigger cities have also been more prone to pandemic attacks including coronavirus. Suburbs are going to be the first choice of most real estate buyers when they look for more spacious and affordable real estate options.
CONCLUSION
Tennessee is a profitable investment opportunity for those who want their money and investment in real estate to be appreciated at a higher rate and fast. You can also consult a realtor and real estate company or partner with the leading businesses. It will help you make the most of the opportunity and get the best advice and returns in the short/long term.
