NAR Ranks Knoxville One of Nation’s “Hidden Gems"

FOR IMMEDIATE RELEASE

NAR Ranks Knoxville One of Nation's "Hidden Gems" 

KNOXVILLE, TN (December 16, 2021) — During the 2022 Real Estate Forecast Summit, the National Association of REALTORS® (NAR) ranked Knoxville, Tennessee as one of the Top 10 “hidden gems” of the housing market.

NAR defines a “hidden gem” as a market whose median home price-to-median family income ratio is at the lower end of the distribution of 378 markets relative to the distribution of its combined set of market fundamentals. Market fundamentals include job growth, wage growth, population growth, population to housing permits, net domestic migration to population, share of population ages 25 to 44 years old, and fraction of household with broadband services.

“With continued growth on the horizon, it's important to underscore that housing is the backbone of sustainable economic growth and prosperity. Meeting the rising demand for affordable housing of all types — subsidized, market-rate, single-family, multifamily — is one of the foremost challenges facing the East Tennessee region right now.” said Hancen Sale, Knoxville Area Association of REALTORS® (KAAR) Governmental Affairs and Policy Director.

KAAR released its annual Housing Market Forecast this week, projecting 0-3% home sales growth and 5-8% home price growth in 2022. “While home price growth is bound to decelerate,” Sale said, “I fully expect our housing market to remain strong in 2022. Despite the likelihood of higher interest rates next year, I anticipate robust buyer demand will persist due to East Tennessee's above-average net domestic migration, strong employment growth, and relatively affordable home prices. Near historic low housing inventory, which will be a chronic issue for our region moving forward, should keep home prices high and rising.”

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About Knoxville Area Association of REALTORS®: Founded in 1912, the Knoxville Area Association of REALTORS® has been serving the real estate interest of its members and the public for more than 100 years. The purpose of the Knoxville Area Association of REALTORS® is to unite and serve its members and to enhance the ability and opportunity of its members to conduct their business ethically, professionally, and successfully and to promote the preservation of the right to own, transfer and use real property.

The National Association of Realtors® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.

 

Media Contact:

Jeff Fyke, Communications Director

jeff@kaarmls.com

(865) 584-8647