Tennessee Real Estate Summary

The Tennessee real estate market is hot.  The Volunteer state has a reputation for having friendly people, safe neighborhoods and low cost of living standards.  Education has taken a big step in improving, making Tennessee relocation popular again amongst families.  Jobs are being created at a steady pace; however, the unemployment rate remains over 5%.  Even with the mixed bag for numbers, the economy is improving. 

Overall, Tennessee shows growth in the real estate market.  Statewide, the average home sale price is $200,000, which is up 10% from 2005 numbers.  New construction is continuing, ahead of the national rate, which is 5%.  Brentwood real estate remains hot, with houses only being active on the market for ten days.  They are getting 100% or more of asking price since there is more buyers than sellers in the current market.  The average sale price for Brentwood homes is $ 400,000.

Gallatin real estate shows a positive trend also.  The average sale price is $230,000 after houses have been on the market for 60-90 days.  This is a 5-10% increase in prices for the year 2005.  The market is a little more balanced between buyers and sellers, and there is adequate selection in all price ranges.