Just like almost all of the nation’s real estate markets, Knoxville, TN went through some serious challenges after 2008. However, unlike many places, Knoxville is bouncing back very quickly economically while maintaining an affordable housing market. Many economists and real estate experts believe the good news is just going to continue coming for the next several years for the southern city. So much so that it should surpass its pre-financial downturn numbers. The number of both buyers and sellers is increasing at a fairly even pace. Everyone looking for a great place in the south to live should consider relocating to Knoxville, TN.
The median price of houses in Knoxville, TN is currently at 129, 750, so buying a home is a lot easier here than it is in much of America. The national average for homes is almost $60k higher! The property appreciation rate is slightly lagging nationwide, which is great for new home buyers. It is still appreciating at a respectable 4.2%.
The takeaway from all this is that Knoxville is a uniquely balanced housing market that will maintain positive growth while remaining affordable for buyers. The average age skews younger and the unemployment rate is lower than the national average. Something else to consider, Knoxvillians only pay 8.4% of their income to housing, while the rest of the nation spends 15.1%. This is the perfect city for younger, first time buyers.
If the cost of living and economy aren’t enough to convince you that Knoxville is one of the best cities to relocate to, then maybe the fact that this city also ranks as number 96 in livability.com’s 99 Best Beers in 99 Best Beer Cities for 2015 for its locally brewed offerings. And the great things about Knoxville are not all about its ability to cater to young adults; the city was also livability.com’s second favorite choice for the best places to retire in 2014! Lower costs of living, access to quality healthcare, and moderate winters were all cited as great reasons for seniors to consider moving to Knoxville, Tennessee as well. Give Knoxville this city a good look and you will not regret it!