Housing market and best cities to live in Tennessee: Affordable housing options. Strong rental market. Growing real estate market. Low property taxes. High demand in Nashville. Expanding suburbs. Knoxville's vibrant community. Chattanooga's outdoor lifestyle. Memphis cultural attractions. Quality schools and neighborhoods.
Affordable housing options
Tennessee's most affordable housing markets include cities such as Memphis, Dyersburg, Newport, Elizabethton, and Jackson, where median home prices range from $209,190 to $227,724. These areas offer not only lower costs of living but also a variety of economic and cultural attractions. Discover more insights on these markets at Mortgage Research Center to explore how these cities balance affordability with livability.
Strong rental market
Tennessee's housing market, particularly in cities like Nashville, Memphis, and Knoxville, is characterized by a strong rental market with rising property values, high rental yields averaging statewide, and robust occupancy rates. These cities offer attractive investment opportunities due to their economic growth, population increases, and favorable regulatory environments, making them ideal for both long-term and short-term rental investments. For more insights on these opportunities, explore the Tennessee Housing Market for detailed analysis and data.
Growing real estate market
The Tennessee real estate market is experiencing steady growth in 2024, with home prices increasing by 8.3% to a median of $387,700. This growth is driven by strong job markets, affordability, and tax-friendly policies. Despite facing challenges like high interest rates and limited housing supply, the market remains resilient. For more detailed insights into these trends, you can visit the Tennessee Real Estate Market Overview.
Low property taxes
Tennessee offers several counties with low property taxes, including Pickett County with a 0.37% tax rate, Cumberland County at 0.38%, and Sevier County at 0.41%, making these areas highly attractive for cost-effective homeownership due to their lower than average property tax rates. For more detailed insights and a comprehensive list of counties, visit the Counties With Lowest Property Taxes in Tennessee article.
High demand in Nashville
Nashville's housing market is characterized by high demand, driven by economic growth, a vibrant cultural scene, and an influx of new residents. This dynamic environment is leading to rising home prices, low inventory, and a competitive rental market. According to the Nashville Housing Market Analysis & Forecast 2024-2025, median home prices are expected to increase by 3-4% annually through 2025.
Expanding suburbs
Tennessee's expanding suburbs, such as Franklin and Hendersonville near Nashville, and Signal Mountain near Chattanooga, are attracting attention for their unique blend of amenities, natural beauty, and affordable living. These areas offer diverse real estate options ranging from townhomes to luxury estates, providing a balance between suburban tranquility and access to larger city amenities. Known for their strong schools, outdoor activities, and growing populations, these suburbs make ideal locations for families and those seeking a mix of urban and suburban living.
Knoxville's vibrant community
Knoxville's housing market is characterized by a vibrant community, with strong job growth, a booming real estate market, and a mix of college-town atmosphere and growing arts scene, making it an attractive place to live with median home prices rising and a high demand for housing. To explore more about the market trends and predictions, you can visit the detailed 2024 Forecast Report which provides insights into the future of this thriving market.
Chattanooga's outdoor lifestyle
Chattanooga offers a unique outdoor lifestyle, nestled in the foothills of the Appalachian Mountains and along the Tennessee River, providing picturesque views, hiking, rock climbing, and water sports, making it an attractive destination for outdoor enthusiasts. Discover more about this vibrant city on the PODS Blog for insights on living in Chattanooga, TN.
Memphis cultural attractions
Memphis is a cultural hub in Tennessee, known for its rich music heritage as the birthplace of blues and rock n' roll, with attractions like the Memphis Music Hall of Fame, the Memphis Grizzlies, and some of the best barbecue in the country. The city also boasts a diverse population, with over 65% of residents being Black, and offers various family-friendly activities such as the Nashville Zoo and the Adventure Science Center. For those considering a move, Home And Texture provides insights into the best places to live in Tennessee, highlighting Memphis as a dynamic option among others.
Quality schools and neighborhoods
The Tennessee housing market is experiencing a balanced trend with a 17.3% year-over-year increase in homes for sale, giving buyers more negotiating power. For quality schools and neighborhoods, top districts include Maryville City Schools, Oak Ridge Schools, and Collierville Schools, known for their academic excellence and favorable student-to-teacher ratios. The best cities to live in Tennessee for quality schools and neighborhoods include Franklin, known for its educational commitment and charming neighborhoods, and Knoxville, which offers a blend of Southern charm and modern vibes with access to good schools and affordable housing. For more detailed insights, you can explore the Tennessee Housing Market.