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Tennessee real estate

Tennessee – “Volunteering” to Lead the Way in Housing Recovery

Economists around the Volunteer State say that the manufacturing industry is going to help lead the way for Tennessee’s economy in 2013. That’s a major accomplishment, considering that this state lost 18% of its manufacturing jobs between 2007 and 2012!

But manufacturing isn’t the only thing helping this state right now. Economists say Tennessee’s housing market is also going to play a key role in getting this state out of the doldrums left behind by the Great Recession and back to prosperity!

According to realtors in Middle Tennessee, the numbers back up that prediction. By the end of 2012, the number of home sales in Middle Tennessee was 27% higher than it was in 2011, and the average sales price was $7,000 higher. Builders were also feeling better about things, since the number of new homes under construction had jumped a whopping 34%, when compared to 2011.

By the end of 2012, some economists had declared that Knoxville had fully recovered from the recession. The unemployment rate here was hovering right around 6%, which is nearly two full points better than the national average. So, just how busy were realtors in Knoxville?

After seeing a slew of housing developments that had been started – but never finished – the number of new housing permits wet up 18% in 2012. Realtors here say there is a lot of new high-end growth planned for West Knoxville in 2013.

What about in the state’s biggest city – Memphis?

According to a report issued by the Federal Reserve in January 2013, the economy in Memphis is “stable”. The Fed even mentioned all of the development going on in Downtown Memphis’ medical district.

But what about Memphis’ housing market?

By the time 2013 began, fewer homes were going through the foreclosure process. There were still a large number of underwater homeowners (just over 30%, to be exact). That’s slightly better than things were in the prior quarter, but until Memphis homeowners can get out from under their mortgages, they won’t be able to sell their homes.

Still, though, the number of home sales around Memphis jumped 17% in 2012, when compared to the year before. So, the homeowners who don’t have negative equity are more than willing to sell – and people are more than willing to buy!

Realtors in Nashville have much better news to share. They’re dealing with the best home sale numbers since 2007! In fact, more than 26,000 homes were sold here throughout 2012. At the end of 2012, the median price was $188,000. That’s exactly what it was at the end of 2007. Talk about a step in the right direction!

Living in Tennessee

Are you searching for a place to live where you can experience the splendor of the Great Smokey Mountains, quaint historic towns and rich musical heritage? Then Tennessee is the right place for you!

The state of Tennessee is said to be named after a Cherokee Indian village known as Tanasi, a Cherokee word for “the river”. The state has several nicknames, with the most popular being “The Volunteer State.” It is said the volunteer soldiers from Tennessee who served under Gen. Andrew Jackson in the Battle of New Orleans inspired the name. Tennessee is also sometimes called the “Big Bend State” because of the Tennessee River.

Like most of its Southern counterparts, the summers in Tennessee are generally hot and humid, while the winters are cool. The snowfall varies according to location. Western Tennessee receives about 5 inches annually, while the higher mountains of eastern Tennessee by North Carolina can receive more than 16 inches every year.

Before you head off to Tennessee, let’s go over some of the fast facts:

  • What is the population of Tennessee?
  • The population of Tennessee is 6,456,243
  • What is the capital of Tennessee?
  • The capital of Tennessee is Nashville
  • What is the largest city in Tennessee?
  • The largest city is Memphis

Tennessee’s industry has long relied on agriculture, manufacturing, and tourism. Cattle, poultry and soybeans are the state’s main products while chemicals, electrical equipment, and transportation equipment are its major manufacturing exports.

When they’re not worrying about work, the people who live here flock to the Great Smoky Mountains National Park. Located in the eastern part of the state, the park sits on the ridgeline of the Great Smokey Mountains, which are a part of the impressive Blue Ridge Mountains.

The prominent Cherokee National Forest encompasses 655,598 acres while the striking Cumberland Gap National Historical Park covers 20,508 acres. Tennessee also boasts 54 state parks which cover 132,000 acres. The state is also home to the most caves in the United States with more than 8,350 caves registered to date.

Would you rather spend your free time inside? Then hang out at the Country Music Hall of Fame and Museum, the Ryman Auditorium in Nashville (formerly known as the Grand Ole Opry House), or get your taste of rock and roll at Elvis Presley's Graceland residence in Memphis.

This is the Census data for Tennessee

Population

Total population estimate for Tennessee (July 1) 2012
6,456,243
Total population change for Tennessee- April 1, 2010 to July 1, 2012
1.7%

Age

Percentage of the population that's under 5 years old in Tennessee, 2011
6.3%
Percentage of the population that's under 18 years years old in Tennessee, 2011
23.3%
Percentage of the population that's 65 years and over Tennessee, 2011
13.7%

Gender

Percentage of the population that are females in Tennessee, 2011
51.3%

Race breakdown for Tennessee in percentages

White alone, 2011
79.5%
Black alone, 2011
16.9%
American Indian and Alaska Native alone,2011
0.4%
Asian alone, percent, 2011
1.5%
Native Hawaiian and Other Pacific Islander alone, 2011
0.1%
Two or more races, 2011
1.6%
Hispanic or Latino Origin, 2011
4.7%
Not Hispanic, White alone, 2011
75.4%

A little more about the residents of Tennessee

Percentage of residents who lived in the same house 1 year ago, 2007-2011
84.1%
Percent of residents who are foreign born 2007-2011
4.5%
Percent speaking a language other than English at home, 2007-2011
6.4%

Education

Percent high school graduates or higher for residents 25 years old and over in Tennessee, 2007-2011
83.2%
Percent with a bachelor's degree or higher for residents 25 years old and over in Tennessee, 2007-2011
23.0%

Veterans

Total number of Veterans living in Tennessee 2007-2011
501,665

Communting

The average travel time to work for workers in Tennessee (16 years and over not working at home), 2007-2011
24.0 mins

Real estate stats in Tennessee

Housing unit estimates, 2011
2,829,025
Owner-occupied housing units - percent of total occupied housing units, 2007-2011
69.0%
Housing units by units in structure - multi-dwelling structure, percent, 2007-2011
18.1%
Median value of specified owner-occupied housing units, 2007-2011
$137,200.00
Households, 2007-2011
2,457,997
Average household size, 2007-2011
2.50

Income

Per capita income for Tennessee in the past 12 months (in 2011 inflation-adjusted dollars), 2007-2011
$24,197.00
Median household income in Tennessee, 2007-2011
$43,989.00
Percentage of people living in poverty in Tennessee 2007-2011
16.9%

Business and commerce info for Tennessee

Private nonfarm establishments, 2010
131,582
Private nonfarm employment for pay period including March 12, 2010
2,264,032
Private nonfarm employment for pay period including March 12, 2010, percent change, 2000-2010
-5.3%
Total number of businesses in Tennessee, 2007
545,348
Percentage of Black-owned businesses in Tennessee, 2007
8.4%
Percentage of American Indian- and Alaska Native-owned businesses in Tennessee , 2007
0.5%
Percentage of Asian-owned businesses in Tennessee, 2007
2.0%
Percentage of Native Hawaiian- and Other Pacific Islander-owned businesses in Tennessee, 2007
0.1%
Percentage of Hispanic-owned businesses in Tennessee, 2007
1.6%
Percentage of Women-owned businesses in Tennessee, 2007
25.9%

Land size and population

Size of Tennessee in Square Miles, 2010
41,234.90 mi²
Population per square mile in Tennessee, 2010
153.9

Tennessee real estate

Allardt

ALLARDT

Andersonville

Arlington

ARLINGTON

Baneberry

BANEBERRY

Bartlett

BARTLETT

Bath Springs

Baxter (Putnam County)

Beech Grove

Bloomingdale

Bloomington Springs

Bluff City

Bolivar

Brighton

Bruceton

Brush Creek

Buffalo Valley

Burlison

Byrdstown

Cain Ridge

CARTHAGE/ROME

Castalian Springs

Chapmansboro

Charleston

CHESTNUT MOUND

CHRISTANA

Church Hill

Claiborne

Clarkrange

Clarksville/Adams

Cleveland

COLLIERVILLE

COPPERHILL

Cordova

Crab Orchard

Crawford

Cumberland City

Cumberland Furnace

CUMBERLAND FURNACE

Cypress Inn

Dandirdge

DANDRIDGE

Decatur

DECATUR

Decaturville

DICKSON

Dixon Springs

Doweltown

Drummonds

Dukedom

Englewood

ERIN

Fairfield Glade TN

Fall Branch

Farragut

Five Points

Flatwoods

Friendsville

Galtinburg

Gassaway

Gatinburg

Gatlingburg

Gatlinurg

Germantown

GERMANTOWN

Gladeville

Gleason

Goodlettsville/WH

Gruetli Laager

Hartford

Hartsville TN

Heiskell

Helenwood

HENDERSONVILLE

Hornsby

Iron City

Jacksboro

Jackson

Jefferon City

JEFFERSON CITY TN

Jonesboro

Jonesborough

Kimball

KODAK

La Follette

LA VERGNE

Lake City

Lakeland

LAVERGNE

Lexington

LOUDON

Madisonville

Manchester TN

MARYVILLE

Maynardville

MAYNARDVILLE

McKenzie

Middleton

Midtown

Millington

Mount Carmel

Mt Carmel

Mt Juliet

Mt Pleasant

NASHVILLLE

New Center

New Tazewell

Newoprt

oak ridge

Oakdale

OAKLAND

Old Hickory/Mt Julie

Oliver Springs

Ooltewah

Other City - Not In The State Of Florida

Outside Area (Outside Ca)

Palmersville

Palmyra

PALMYRA

PARROTTSVILLE

Pegion Forge

Philadelphia

Pigeon Forge

pigeon forge

Pioneer

Pittman Center

Pleasant Hill

Pleasantville

Pocahontas

Powder Springs

Primm Springs

Reliance

Riceville

Ridgely

Ridgetop

Roan Mountain

ROCK ISLAND

ROCKFORD

Rocky River

RUTHERFORD

Saltillo

SAULSBURY

Scotts Hill

Secvierville

Sequatchie

Severville

Sevier County

Sevieriville

Sevierivlle

Seviervile

Sevirville

SEYMOUR

Seynour

SHARON

Sharps Chapel

Silver Point

South Pittsburg

Spring City

Springfield (WHouse)

Springfield/CedarHil

Springville

Strawberry Plaines

Surgoinsville

Sweetwater

Tennessee Ridge

Thompson's Station

THOMPSONS STATION

Tiptonville

Trenton

Trezevant

Trimble

Unincorporated

Walden Creek

Walland

WALLAND

Wartrace

WARTRACE

WEARS VALLEY

WHITE PINE

Whiteville

Whitleyville

Williamsport