Tennessee’s housing market in the second quarter of 2017 remained “vibrant” even as closings and inventory dipped slightly from the previous quarter, according to the latest statewide quarterly report from the MTSU Business and Economic Research Center.

Tennessee’s multi-family permits increased 47 percent from the previous quarter and 34 percent over the same period year. Similarly, total permits increased 14 percent this quarter and 19 percent over the year.

Those increases along with rising home prices (up 7.5 percent statewide), historically low foreclosure rates and low vacancy rates “illustrate a strong, growing housing market in Tennessee,” noted BERC Director Murat Arik.

Other report highlights include:

• Major areas of home price increase include Nashville, up 10.3 percent; Chattanooga, up 7.9 percent; and Memphis, up 6.4 percent.
• On the opposite end, home prices in the Clarksville and Jackson MSAs decreased from the previous quarter.
• Closings in the Nashville area dropped 6 percent, while Knoxville and Memphis closings fluctuated less than 1 percent.

See the full current and previous reports with detailed breakdowns and summaries by going to http://mtsu.edu/berc/housing.php and clicking the appropriate links.

BERC’s report is funded by Tennessee Housing Development Agency. The quarterly report offers an overview of the state’s economy as it relates to the housing market and includes data on employment, housing construction, rental vacancy rates, real estate transactions and mortgages, home sales and prices, delinquencies and foreclosures.

The Business and Economic Research Center operates under the Jennings A. Jones College of Business at MTSU. For more information, visit http://mtsu.edu/berc/.

THDA publishes research on affordable housing, its programs and beneficiaries. THDA also coordinates state planning for housing through the Consolidated Planning process, annual Action Plans, and annual Performance Reports.  See http://thda.org/research-planning/research-planning for more information.

— Jimmy Hart (jimmy.hart@mtsu.edu)