The housing market has been in upheaval for the last couple of years. Shutdowns from the pandemic created shortages of construction materials at a time when the demand for housing rose significantly. While the real estate market is beginning to stabilize, inflation and rising interest rates are of renewed concerns. Now is the best time to refocus on the most important consideration in real estate... location.
With many areas of the country experiencing a pronounced shortage of housing, some buyers bought whatever they could find available within their price range. While nationally the number home sales still remains at an all-time high, home sales are now expected to decline in the coming months by 6-7%, a downward adjustment in predictions of as much as 13% from a few short months ago.
However, Tennessee home buyers are fortunate to be in one of the most stable housing markets in the country. Measuring long-term housing appreciation and new construction against foreclosure and insolvency statistics, the Tennessee housing market is a strong reason for the state’s overall healthy economy. In fact, many of the smaller cities surrounding Tennessee’s urban centers are consistently listed amongst the most desirable places to live.
These are some of the factors CEOs of large corporations consider when choosing locations for their companies and satellite offices. The stability of the Tennessee housing market continues to draw in corporations investing in the long-term health of communities and perpetuating a healthy economy and housing market.