Real estate in middle Tennessee finds itself facing the economic challenges of both the housing industry and national economy. There are many unknowns about what 2009 might hold, but we know that historically real estate has been a sound investment. The following charts and information show how we are doing specifically in our market. Please let me know if you would like more detailed information about
your home or neighborhood.
One of the most accurate places to find appreciation numbers for a given real estate market is the Office of Federal Housing Enterprise Oversight (www.ofheo.gov). In looking at middle Tennessee over the past 25 years, real estate here shows a great long-term investment option. The following considers a $100,000 home in 1983 would be worth (and how it has appreciated) over time:
1983 $100,000
1988 $140,283
1993 $148,363
1998 $201,211
2003 $243,894
2008 $329,065
Middle Tennessee Residential Home Sales over the past 10 years
Year Total Sales Avg Price Avg sq ft Price per sq ft
1999 20,276 $162,181 1973 $82.2
2000 19,728 $165,656 1979 $83.7
2001 20,823 $170,614 1997 $85.4
2002 21,882 $176,267 2017 $87.4
2003 24,731 $180,104 2028 $88.8
2004 27,553 $193,618 2067 $93.7
2005 30,210 $213,268 2107 $101.2
2006 30,651 $235,640 2132 $110.5
2007 25,915 $247,339 2135 $115.8
2008 18,934 $235,858 2130 $110.7