Tennessee is the location of some of the hottest and up-and-coming (or already hot) real estate markets in the country. Over the next few years, home buyers and investors alike will be paying a good amount of attention to 5 markets in particular.
As Tennessee’s fifth-largest city, Clarksville provides many amenities of a metro area while still offering a small-town feel. Located within close proximity to Kentucky, Clarksville has historically experienced a cyclical real estate market. This provides the opportunity for home buyers to find great bargains within the market as well as sellers to obtain the highest selling price. Located about an hour from Nashville, Clarksville has a growing sector in metals materials, rubber and other goods that make this market an interesting prospect for investments. Fort Campbell being the city’s largest employer puts this market in a somewhat unique position as well.
Nashville might be known as the country music capital of the United States but the city has much more to offer from a real estate perspective in increasing sales and prices. Situated along the Cumberland River, the capital of Tennessee and its largest city is expected to see its real estate appreciate at least 4.3 percent in 2017. Nashville also has burgeoning sectors in healthcare, banking, transportation and publishing that are fueling its growth, leading to increased wages and a low unemployment rate of only four percent.
As the state’s third-largest city, Knoxville has a great deal to offer home buyers with an eye to selling at a later date in the form of a predicted home appreciation rate of 4.4 percent. With an unemployment rate of just 4.7 percent, Knoxville offers a bustling cultural scene that includes rising music stars and easy access to the amenities of the Smoky Mountains.
Located near the junction of the Mississippi and Wolf Rivers, Memphis offers easy access to both interstate and railroad travel. These factors have fueled the city’s commercial growth with the housing market displaying some cycles that allow both buyers and sellers to find properties that meet their needs.
Chattanooga calls the area of the Tennessee River home, making it another important transit hub for the state. Situated near both ridges and mountains, Chattanooga provides many opportunities for outside excursions for its residents. When looking at data from one year ago and comparing it to recent data from 2017, the city of Chattanooga showed an increase in the market value of its home for sale of $5,000. Healthcare and banking have both contributed heavily to Chattanooga’s growth—and that shouldn’t change any time soon.
Tennessee offers home buyers with access to rich resources with growing localities. It also offers savvy investors the opportunity to be a part of the accelerated growth we’ve been seeing lately. As more businesses and residents continue to pour into the state, these 5 markets could very well be the places in which owners find the most benefit in the long-term.