MURFREESBORO, Tenn. — The growth that Rutherford County has experienced has greatly increased home prices. The growth has also led to a lack of supply – that supply being lots to build new homes on… Now, the cost of a new home is $500-thousand or more… That was Murfreesboro Mayor Shane McFarland. The Mayor told WGNS there are fewer and fewer subdivisions being proposed…
As for existing neighborhoods that once offered a variety of starter-homes in Murfreesboro, many have turned into neighborhoods filled with rental properties. Murfreesboro is actively playing a role in ensuring that doesn’t happen again, at least not to the same extent…
Statewide, the current median home price is $299,571. Compared to its pre-2008 mark of $220,709 (in 2022 dollars). Overall, Tennessee has experienced an inflation-adjusted increase of 35.7% since its pre-Great Recession peak.
Here is a summary of the data for Tennessee:
- Percent change in median home price (inflation-adjusted): +35.7%
- Total change in median home price (inflation-adjusted): $78,862
- Current median home price (2022 dollars): $299,571
- Pre-2008 peak median home price (2022 dollars): $220,709
- Pre-2008 peak median home price (unadjusted dollars): $150,303
- Pre-2008 peak date: December 2006
For reference, here are the statistics for the entire United States:
- Percent change in median home price (inflation-adjusted): +10.1%
- Total change in median home price (inflation-adjusted): $32,367
- Current median home price (2022 dollars): $354,165
- Pre-2008 peak median home price (2022 dollars): $321,798
- Pre-2008 peak median home price (unadjusted dollars): $218,501
- Pre-2008 peak date: October 2006
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-where-home-prices-are-still-below-their-pre-great-recession-peak
