(The Center Square) – Two Tennessee real estate markets have been named among the 10 best places in the U.S. to buy a home by the personal finances website WalletHub.
In its 2020's Best Real-Estate Markets report, WalletHub compared 300 cities across two dimensions: Real-Estate Market and Affordability & Economic Environment. Its data set ranged from median home-price appreciation to home sales turnover rate to job growth.
WalletHub categorized each city in its comparison by population. Large cities had more than 300,000 residents, midsize cities had 150,000 to 300,000 residents and small cities had fewer than 150,000 residents.
Nashville ranked as the fourth overall best place to buy a home and the second-best large city to buy a home. Boise, Idaho; Seattle; and Frisco, Texas, finished ahead of Nashville on the overall list. Seattle was the top large city on the list.
Nashville was third in Real-Estate Market rank and 33rd in Affordability & Economic Environment.
Murfreesboro ranked as the sixth overall best place to buy a home and the No. 1 small city. Gilbert, Ariz., finished between Nashville and Murfreesboro on the overall list.
Murfreesboro was fourth in Affordability & Economic Environment rank and 11th in Real-Estate Market.
"It is not an easy time to buy as there is not that much inventory, and those homes which come on the market, fairly priced, go quick," said Ernest Hahn, chair and professor of real estate finance at the University of San Diego's School of Business. "But interest rates have never been lower, and, for long-term buyers, that can dominate the reasons to buy now."
Memphis ranked 26th on the large-city list, and Knoxville was 68th on the midsize-city list.