Wednesday, August 31, 2022

Nashville rated as one of top 5 places to buy a home in the U.S.

 By Jon Styf | The Center Square, Aug.30, 2022 - Nashville was rated as the fifth-best real estate market in the country in a new report from WalletHub.

The finance website rated the country’s top 300 cities based upon 17 factors to gauge the current environment based upon everything from building permits to property appreciation to affordability.

Nashville’s current market was ranked fifth but its affordability was ranked 77th. Murfreesboro, meanwhile, ranked 13th overall with the 17th best market for real estate and ranking eighth for affordability.

Knoxville was 97th and Memphis was ranked 220th on the list.

Overall, the national real estate market is slowing as home sales dropped 19.3% year over year in July, according to Redfin. Meanwhile, the pace of increasing home prices has slowed to 7.7% after two years of double digit percentage increases.

"Nashville, where 32.3% of homes for sale had price drops, represents the typical metro area in July: Half the metros in this analysis had a higher share of price drops, and half had a lower share of price drops," Redfin’s report said.

Knoxville, meanwhile, saw 28.3% of its homes drop in price while Memphis had 28.0% drop its price.

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