Tennessee’s housing market continued to perform well in the third quarter of 2016, according to the latest statewide quarterly report from the MTSU Business and Economic Research Center.
BERC Director Murat Arik pointed to historically low unemployment claims and mortgage delinquency rates at some of the lowest levels in over a decade as key factors.
Other good signs were low rental vacancy rates and increased multi-family construction permits during the quarter. Meanwhile, housing prices increased by half a percentage point more for the state than for the nation.“Overall, indicators depict a strong financial foundation in the state,” Arik noted. “The housing market is performing considerably well.”
Additionally, Nashville MSA housing prices increased by 9 percent over the year — nearly 3 percentage points higher than the state and 3.5 percentage points higher than the country.