Real estate is one of the best investments you can make in your lifetime. Most properties trend upwards over the course of the investment. It's a safe bet, as people need homes, space is limited, and the housing market is usually stable. With one of the lowest costs of living in the country, investment properties in Tennessee are a great way to build equity in a home while making a second income. Read on to find out the best real estate investment markets in Tennessee.
Definitely the most popular tourist destination in Tennessee, Nashville secured a spot as one of the best places to invest in real estate in 2018. The return on investment for Airbnb properties was one of the highest in the country. From country music venues to fine-dining restaurants, to international events, there's always something going on in Nashville.
While short-term rentals are a popular income generator, the city of Nashville has felt increasingly burdened by these properties and renters. Legislation on short-term rental rules may change in the coming months and years. Follow up before purchasing if short-term vacation rental is the intended use for your Nashville investment property.
Homes are currently undervalued by 7%, so you can snatch up a rental property or two without breaking the bank. Over the next three years, the home values in Nashville are expected to rise by 24%. Even if you're looking to purchase a fixer-upper to flip fast, now's the time to buy in this happening Tennessee town.
This charming town nestled at the foothills of the Appalachian Mountains is gaining popularity over the past few years. With great amenities, a good university, and quick access to the Tennessee River and the Appalachian Mountains, young couples, families and students are beginning to move to this Southeastern haven.
Since 2014, the median average home price has been on the rise, jumping from $130,000 in May of 2014 to its current average of $170,000. Homes are still affordable and inventory is available. Other real estate investors seem to have the right idea. The number of rentals is steadily climbing and is fortunately matched with increased rental costs.
Just 34 miles southeast of downtown Nashville, this sleepy hideaway has direct access to Nashville's amenities without the crowds. This mid-size city hasn't broken the 100,000 population mark and is a great place to set your sites for a real estate investment.
Home prices have soared over the past four years and now sit around $240,000. Unfortunately, inventory has taken a gradual downtown and properties that are available sit for shorter amounts of time on listing sites. Partnering with a local real estate agent in Murfreesboro will make your house hunt easier since real estate is in short supply.
Rent prices and number of rentals for all dwelling types are swiftly climbing and are projected to continue this upward trend. The right time to start looking for your Murfreesboro investment property is now.
Knoxville is an often forgotten city in this southern state but has a charm all its own. Situated on the Tennessee River, Knoxville's historic downtown has become somewhat of a tourist attraction within the past decade. The University of Tennessee's main campus is in Knoxville and is home to over 26,000 students.
The median home value in Knoxville has seen a sharp increase within the past few months and has consistent gains over the last four years. Since February 2019, rent has increased by an average of $250 and is still — no doubt preparing for the end of the school year leases.
If you're worried about renting your home to college kids, rest assured — Knoxville landed at #48 on the list of Best Places to Retire. Plus, the median age in Knoxville is 32 years, which is only four under the rest of the state's average.
A suburb of Memphis, Germantown is the residential outpost for many of Memphis' employees that don't want to live in the heart of the city. Germantown's location grants its citizens quick access to the airport, Memphis sporting events, and more.
Over the past three months, rental prices for all single family dwellings have increased by $400. Fortunately for real estate investors, rent prices only reached an average low of $1,900 during January. Compared to the median home value of $316,500, you could safely pay a mortgage, property taxes, and repairs while pocketing additional income over the course of the investment.
Germantown has minimal industry, so the job market relies on the town's commercial and retail sectors. However, many residents are commuters and will put up with an easy 23-minute drive into Memphis for the benefits of living in this idyllic suburb.
Tennessee boasts one of the lowest costs of living in the country yet is home to many big-city amenities and natural, remote havens. With quick access to the Appalachian mountains, the Tennessee River, national sports teams, and top-rated colleges, Tennessee is a great place for your future real estate investment.
Partnering with a local realtor is the best way to ensure a favorable, easy home purchase. They have expertise in Tennessee's variety of markets, understand real estate laws and practices specific to the state, and can provide access to lesser-known neighborhoods and properties that just may be your dream investment.
Call Clever today and work with a knowledgeable Partner Agent who will guide you through Tennessee's real estate market and make your house hunting journey a breeze.