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General

Tennessee Home Values Rise!

The Housing Hour May 21, 2013


Nashville Housing Market is taking off!

Nashville Housing Market is taking off with home values soaring by over 7% in the last 12 months. Nashville home values bottomed out in October of 2011 when they dropped to $133,000 price average, but since 2011 the values have risen an amazing 7% or $143,000 price average.  The historic home values peaked in August of 2007 when they reached $154,000 which means today average values are only off  a little over 7% from those historic highs! Also, the average list prices of homes on the market are up over 11% in the last 12 months, pushed up by a bidding war and strong buying activity.

Nashville, TNNashville recently  has been in the news for making the Forbes list for the number 2 best place to get a job, but there is other great news for the surrounding markets too:

Homes Values are up the last 12 months for Oak Hill over 8.5%, Brentwood over 7%,  Belle Meade over 6%, Lakewood over 6%.

Knoxville Home Prices are up!

Knoxville Home Prices were up close to 4% in the last 13 months when compared to the bottom that was reached in February of 2012. According to Zillow.com, Knoxville home values hit a low of 103,000 in February 2012 due to the pop of the great bubble, but in just over a year, the market has climbed back to almost 4%  or $107,000 by the end of March. Appreciation rate of anything over 3 % per year is considered excellent. Knoxville home prices hit a historic high in November of 2009 when it reached $114,000, but by the end of March 2013, the values are only off 6%  from that historic high.

Monthly rental prices peeked in July of 2011 at $830 but since that peak, they have  dropped over 15%,  indicating a move from temporary housing to a more permanent home buying opportunity.

Farragut area has seen a little more volatility in its values since hitting its lows 2011, but in the last 12 months their values  have soared to a  little over 7%. Not surprisingly, the average list price of homes have increased almost 10% in the last month, and sales prices overall  are up over 5% since January.

These are great signs, but it gets even better for Tennessee.

Mortgage Investors Group

Areas around Tennessee with MIG offices:

Selected areas around Tennessee with MIG offices:

Cookeville home values are up over 7% in the last year.

Johnson City home values have risen over 7% in the last year.

Nashville home values have risen over 7% in the last year. (Forbes picks Nashville #2 best place to get a job.)

Sevierville home values are up over 6% in the last 12 months.

Pickwick home values are up over 5.5% in last years.

Memphis home values have risen over 1% in the last year.

Crossville home values are up over 5% in last month.

Kingsport home values are up over 3% in last month.

Greeneville home values are over 2% since the beginning of this year.

Chattanooga home values are up over 1%  since December 2012.

Maryville is also just now starting to see home values increase, in the last month their values are up .7%

Data from Zillow

Read our blog:

Timings everything, now’s the time!

timing

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