Real estate prices can always be worse. There are three cities in Tennessee that make the list of "million dollar cities," where the typical home is worth a million dollars or more!
All three are in the Nashville area: Brentwood, Arrington, and College Grove. They join the list of 550 cities in the country, according to Zillow.
A tight housing market with few homes available has kept home values rising, even while affordability challenges have hampered buyers. The good news for buyers is that new listings are on the rise as the effects of "rate lock" — when homeowners are financially incentivized to keep their current home because of the low rate on their current mortgage — are weakening, and the hope for lower mortgage rates later this year may mean a second wave of buyer demand this summer.
"Affordability is still a big challenge for buyers, but that hasn't stopped prices from growing," said Anushna Prakash, an economic research data scientist at Zillow. "Buyers this spring are going to see more options to choose from, but they'll also see a lot of other buyers wandering through the same open houses. Competition will stay fierce, especially for the most attractive and well-priced homes. If mortgage rates drop later this year, as many expect, we may see a surge in million-dollar cities as even more buyers jump in and drive prices higher."
Probably no surprise here-- California boasts the most "million-dollar cities" with 210, followed by New York with 66 and New Jersey with 49.
