At least One-Third Of Houses For Sale Are New Construction in Tennessee

Due to the influx of people moving in to Tennessee from NJ, NY, CA, CO, WV, FL, etc., building is at an all-time high. There has been a surge in demand since the start of the pandemic, stemming from low mortgage rates and the prevalence of remote work. At the same time, some homeowners have opted to refinance or remodel instead of selling, intensifying the shortage of existing homes for sale.The demand for homes and rental properties is a concern. Hotels are charging upwards of $2K a month for families waiting for new construction to be completed because virtually any rentals are available.

Most of the new listings in real estate are from New Construction. Newly built homes have taken up an increasing portion of housing inventory over the last 10 years, with a major acceleration in mid-2020 after the pandemic began. Home builders have been busy trying to make up for the lack of existing homes on the market and keep up with high demand.

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