Tennessee ranked No. 11 in America with median home values increasing by 8.2% over the past year. This was higher than the national average which saw home prices increase by 7.2%. Knoxville ranked No. 18 with median home values increasing 10.0% and Nashville ranked No. 48 among largest cities with median home values increasing 7.0% over the past year.
Since the lowest point of the 2008 financial crisis, home prices have rebounded strongly. However, with fluctuating mortgage interest rates, tax reform limiting homeowner deductions and talk of a bubble in 2020, it is a tricky time for buyers and sellers.
The mortgage analysts at RefiGuide.org published this study to assists potential buyers and sellers in their decision-making process based on their location of choice. Investors may also be interested in findings across the country.
Below are some of the key national findings:
- Nationally, home prices increased 7.2% last year or about $15,000 more than the year before.
- Only two states saw a decline in median home value over the past year: Alaska and Delaware
- In large cities – measured by the top 100 housing markets — Newark, Dallas, and Buffalo saw the biggest increases of more than 15% in each city.
- Among large cities, Seattle saw the biggest decline with home prices falling 2.4%.
- In markets where homes cost more than a million dollars, St. Helena, California, Quogue, New York, and Stinson Beach, California, saw the largest increases in the country at over 20% in each city.