Report: Cleveland among Tennessee cities with fastest-growing housing prices

An MTSU study found home prices were up 6.4 percent statewide from a year ago, with the biggest metro statistical area increases being 9.5 percent in Kingsport-Bristol and 8.7 percent in Cleveland. Chattanooga saw prices rise 7 percent.

A housing market report says prices keep rising across Tennessee's metro areas, while construction permits are slightly down year over year.

A Middle Tennessee State University news release says the quarterly report shows promising mixed signals.

It found home prices were up 6.4 percent statewide from a year ago, with the biggest metro statistical area increases being 9.5 percent in Kingsport-Bristol and 8.7 percent in Cleveland. Chattanooga saw prices rise 7 percent.

The report's author, MTSU Business and Economic Research Center Director Murat Arik, said the housing market isn't as vibrant as last year and said rental vacancy rate is at its highest since the first quarter of 2013.

The report funded by the Tennessee Housing Development Agency says construction permits were down 2.4% from a year ago, a 0.6% drop for single-family and 6.8% fall for multifamily permits.

Read the full report below or view it here (PDF file):




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