Tennessee real estate has come under some hard times because of the challenges faced by today’s economy. In Tennessee, some of the largest cities are suffering from a serious deficit in the housing economy, areas like Memphis, Nashville, and Knoxville.

Tennessee real estate boasts beautiful, southern scenery, large, open space, and the rustic feel of older cabins settled out in the woods. But there is also the aspect of new developments, city life, and all around diversity that makes Tennessee an appealing location to live.

 

Memphis, one of the largest cities in Tennessee has seen a decrease in the average of housing sales lately. Houses that were going for hundreds of thousands of dollars are now foreclosed and selling for less than $100,000. Significant suburban areas that now have vacancies around every corner.

 

Nashville, the capital city of Tennessee is one of the most prosperous and famous areas in the south. It is a location known for entertainment and industry. Within the city lie businesses, schools, and opportunities at every corner. On the outskirts are many houses in which commuters live, to get away from the stress of the city once the work day is over. However, now the housing market in Nashville has seen a dramatic turn, and housing is not selling like it used to.  

 

The general area of East Tennessee is a more laid-back and country area of the state. This is where the city no longer holds jurisdiction, and country living is the main way of life. However, in this smaller area of the state, the real estate market has seen devastation, because houses are now being foreclosed on more frequently and the average housing prices have decreased in value significantly.   

Knoxville is another one of the larger cities of Tennessee, and follows the same formula of economic status and housing situation. It is a city in which the economy is based off of services and businesses. And the housing market is centered mainly on the neighborhoods of the suburban area, because of commuter access and country charm.

 

Chattanooga ranks within the top 5 largest cities within Tennessee; once a primary manufacturing economy, Chattanooga has now progressed into more of a service industry, with smaller manufacturing endeavors mixed in. Housing in this region of Tennessee has taken a significant downturn because of the number of houses which have been foreclosed on.

Memphis is the largest city in the state of Tennessee; the economy of Memphis is based, largely, on the shipping and transportation industry, because of it’s convenient access through highways and railways. Though it is a city, like many other city regions, the outskirts are made up of suburban area. This is essential for the basic commuter class of workers. 

In Memphis real estate, one of the selling points of houses in the suburban outskirts is that it provides close commuter options, yet it is far enough away from the city that the hustle and bustle of the work day can be left in the city, when they are on their way home.

On the Memphis property market today, there are a great deal of houses that have been foreclosed on. When houses are foreclosed on, they are often put on the market for substantially lower prices than other houses. These changes the market, lowering the price ranges of housing and creating a lower median. On the scale of Memphis real estate foreclosures, the lowest bracket of housing centers around $30,000. 

Even Memphis property that has not been foreclosed on has still dramatically decreased in prices. Single family houses in the suburbs are on the market for $150,000 to $277,000.  According to recent statistics, the average listing price for Memphis real estate for sale is around $177,000. The median price in which Memphis property is being sold is around $79,000.

Nashville is the capital city of the state of Tennessee; the city of Nashville is also considered a consolidated city; this means that the city and the county have combined together to become one jurisdiction, instead of separate ones. 

Within the city, there are a numerous business ventures and professional establishments; hospitals, publishing houses, financial companies, entertainment industries, transportation establishments, and even higher education institutions such as colleges. In Nashville there is a large population of day workers, and an equally larger population of commuting worker residents.

Regarding real estate, Nashville’s main real estate market lies on the outskirts of the city, in the more suburban areas of Nashville. For families with children, the suburban setting is the preferred setting for safety, comfort and convenient commuting to the school district. 

Furthermore, Nashville property in the suburbs is desirable because it is in close proximity to the city, which makes the work commute easy, but it is more spacious than an apartment or townhouse living area, and is in a quieter surrounding.

The current housing trend in Nashville real estate has the average Nashville property listing around $287,000. This average listing encompasses the standard 3 bedroom, 2 bathroom houses; however, when it comes to the median selling price of the Nashville real estate market, the median prices normally hits around $157,000. That is a different of over $100,000 between the average listing and the purchasing rate.

Eastern Tennessee is an area full of fun attractions, friendly neighborhoods, good schools, and various other factors that make it an appealing place to live in. Two of the most common areas which people move to in Eastern Tennessee are Pigeon Forge and Sevierville. Pigeon Forge is home to one of Tennessee’s largest attractions, Dollywood.

Sevierville real estate typically is made up of spacious and rustic looking houses. Sevierville is located at the foothills of the Smoky Mountains. It serves and a meeting point for the Appalachian towns and for the city of Knoxville. The location surrounding Sevierville is naturalistic and rustic. The average listing for Sevierville real estate is posted as $296,000; but Sevierville real estate tends to be lower when it comes to media price of sales, which bases around $144,000.

Pigeon Forge is another area in Tennessee where the houses are more spaced out in area, and take on a rustic, natural feel; this, of course, is with the exception of apartments and more suburban areas. Pigeon Forge real estate has been decreasing in average listing price each week. 

Currently, Pigeon Forge real estate is listed, on average around $263,000; however, Pigeon Forge real estate only brings in a median rate of $130,000. These two respective areas are both on the lower side of housing prices, but this is to be expected, considering the whole real estate market has depreciated in value.