MURFREESBORO, Tenn. — A housing report says that Tennessee home prices increased last quarter compared to the same period in 2018, but total home permits dropped.
The Middle Tennessee State University Business and Economic Research Center report says home prices increased by about 6%.
The Morristown metropolitan area saw the biggest jump in home prices, with an 8.1% increase. Meanwhile, total home permits dropped almost 5.2% amid a 25.8% decrease in multi-family permits. Single-family permits still grew by almost 5.5%.
The center says Tennessee’s annual change in housing prices has exceeded the that of the country for the last four years.