TN Real Estate: Rental Home Market Opportunities?

TN Real Estate Rental Home Market OpportunitiesSigns of a steady improving economy are evident nationwide. From lower gas prices to a decreased unemployment rate, Americans are hopeful about its recovery. However, in terms of purchasing a home, Tennessee residents might be surprised at how quickly sale prices have rebounded lately. As this creates an increased opportunity to purchase a rental home, be sure to obtain Sevier County Overnight Rental Insurance to protect your property.

FindTheHome experts recounted the most expensive states to purchase a home. These results were calculated by tracking median home prices as of February of this year. While the District of Columbia was the most expensive with a median price of $467,500, Tennessee ranked 40th with the most expensive county’s median price at $331,276. This increase reflects a 3.2% increase from the same time last year.

County records also indicate a slow and steady increase in price over time. In 2000, median sale prices in Tennessee averaged around $60,000 and slowly increased to approximately $110,000 by 2015 in some less expensive counties. Sevier County in particular has a median sale price of $135,000.

So, what does this mean for property owners? As Tennessee real estate proves to be among the more affordable markets, investing in a home intended for vacation use is more feasible. Taking advantage of this market and purchasing a rental home can provide additional monthly income, stability, and a place to vacation for you and your family.

At Barnes Insurance Agency, we strive to provide comprehensive coverage at an affordable rate to give you and your potential tenant peace of mind. With over 50 years serving the rental industry in Eastern Tennessee, we are experts in the field. To learn more about our overnight rental insurance, as well as our other personal lines, contact our specialists today at (866) 733-5424.

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