Tennessee’s hottest real estate market is getting its first major bump since the start of the recession in March.
Sales in the city’s largest county jumped 7.2 percent in the second quarter, according to the latest data from the real estate industry trade group.
Tucson is on pace for a record-breaking year of more than $3 billion in sales, according with sales figures released Wednesday by the realtor group.
That’s a 7.8 percent jump from the same time last year.
The jump has been fueled by a glut of new construction, a surge in condominiums and a jump in single-family home sales.
The numbers were posted Wednesday by Real Estate Board of Greater Tennessee, which represents the region’s largest home-buying agency.
That data comes from a survey of realtors that was done in the spring and summer.
That survey includes responses from more than 20,000 homeowners.
Tacoma, Washington, was the only other county in the U.S. with double-digit increases in sales in the first quarter.
The sales boom there has led to a significant increase in the median price of homes in the area.
The city’s median home price has nearly doubled in the past four years.
The average price of a home in the county hit $738,000 in the quarter ending July 1, up nearly 9 percent from a year ago, according the realtor group.
The median home sales price was up 2.8 percentage points, according and average price.
The area’s population is forecast to grow to about 3.2 million by 2027.
Read moreAbout 100 properties in the metro area were listed for sale in the most recent quarter, with prices up 6.7 percent, the realty group said.
The numbers are up from the last two quarters.
The total number of listings for sale across the metro rose to 5,933, up 10.4 percent from 4,716 in the previous quarter.Read More