Tennessee’s housing market showed “steady growth” for the third quarter as home prices continue to rise throughout the state, though overall market strength varied across regions, according to the latest statewide report from Middle Tennessee State University.
“Despite this growth, mortgage delinquencies have slightly risen, indicating some financial strain on homeowners,” said Murat Arik, director of the MTSU Business and Economic Research Center in the Jones College of Business and author of its statewide report for the second quarter of 2024.
“However, foreclosure rates have remained stable, suggesting that while there are challenges, they have not yet translated into significant foreclosures.”
Home prices rose by 1.1% from the previous quarter and 5.8% annually statewide, surpassing the national growth rates (up 0.45% quarterly and 4% annually.) Strong price increases were seen in markets like Knoxville and Kingsport-Bristol, while areas like Jackson and Morristown experienced price declines.