Posted 4/29/24

The U.S. housing market, which cooled off in 2023 after a pandemic boom, is showing signs of a revival. The median home sale price grew 5.3% year-over-year in March 2024, and homes are selling more quickly. This uptick in activity suggests a potential return to growth, builders are seeking permits for new construction, which could help alleviate the inventory shortage that has plagued the country.

Despite interest rates, home construction permits are showing signs of growth according to the National Association of Home Builders. The recent combination of pent-up demand, interest rates, and a persistent shortage of inventory has helped accelerate building activity. Residential housing construction ended 2023 on a high note.

Here is a summary of the latest data for Tennessee….

Percentage change in value of new residential housing units, up 43.8%, and percentage change in new residential housing units, up 48.6%.

The Middle Tennessee area is in high demand right now, it a seller’s market with listings also in high demand according to local sources.