The real estate market in Tennessee is set to make a recovery next year. However, the recovery will be slow and halting according to the economic outlook by The Urban Land Institute.
The real estate business should take a turn for the better next year, but expect a slow and halting recovery rather than a swift one.
The Urban Land Institute, a Washington-based urban policy think tank, presented its annual economic outlook to a gathering of Nashville real estate professionals on Tuesday morning at the Frist Center for the Visual Arts.
The publication’s title, “Facing a Long Grind,” captures the crux of the issue nationally.
“The hard reality is businesses have learned they can increase profits using less, while people just can’t afford to live in more,” according to the study, which is the product of 950 interviews around the country with developers, lenders, brokers and others involved in real estate circles.
Underscoring a pattern seen in Nashville, apartment projects are on the rise as the rest of the real estate industry wobbles.
“It’s pretty extraordinary,” said Dean Schwanke, the institute’s senior vice president. “I’ve heard people in… continue reading
Looking for Knoxville real estate agents? Contact us today for more information.