Zillow Shows TN Homes Increased 42% In Decade

Sep 27, 2020 at 09:38 am by WGNS


According to data from Zillow, home prices in the U.S. have climbed over 42 percent in the last decade. While the country’s housing market as a whole recovered strongly from the lows of the Great Recession, the recovery was not evenly distributed throughout the country’s major cities. As residents of some cities are being priced out of their own neighborhoods, property values in other cities have hardly changed. Even though housing prices have continued to rise during the COVID-19 pandemic, many are beginning to question whether the strong rise in home values will continue in densely populated cities.

The strong gain in the housing market over the last decade is not surprising, as home prices in the United states tend to rise sharply in the years following recessions. In the five-year periods following the last four recessions, the median home price in the U.S. grew an average of 32.7 percent.

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The analysis found that in the United States, the median price of a home has increased by 42.0% over the last 10 years. The median price of a home in Tennessee has increased by 42.5% over the same time period. Out of all U.S. states, Tennessee has experienced the 13th largest increase in median home price since 2010. Here is a summary of the data for Tennessee:

  • Percentage change in median home price since 2010: 42.5%
  • Absolute change in median home price since 2010: $56,778
  • 2020 median home price: $190,419
  • 2010 median home price: $133,641
  • Median household income: $52,375

For reference, here are the statistics for the entire United States:

  • Percentage change in median home price since 2010: 42.0%
  • Absolute change in median home price since 2010: $74,193
  • 2020 median home price: $250,736
  • 2010 median home price: $176,543
  • Median household income: $61,937

For more information, a detailed methodology, and complete results, you can find the original report on Construction Coverage’s website: https://constructioncoverage.com/research/cities-with-the-largest-increase-in-home-prices-since-2010

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