Buying Property In Murfreesboro? Here’s The State Of The Market
With a population of over 135,000 and plenty of people to participate in a buoyant local housing market, there’s a lot of choices for those house hunting in Murfreesboro. With average property prices here approaching $250,000 according to Zillow, it’s definitely the case that there’s value for money on offer. But homeowners need more detail. Looking at the underlying statistics of Murfreesboro’s property market is a wise move, it can reveal trends and forecasts which can shape your buying decisions for the better.
Facts and figures
According to statistics from the Greater Nashville Realtors, Rutherford County – in which Murfreesboro sits – has seen a rise in average prices of 7% between November 2017 and November 2018. Over Middle Tennessee in general, the residential median price is now $295,000. So while buying prices may be high, price rises aren’t as big as they are in other regions – and once you’re on the ladder, you too can hopefully start to benefit from the rises as well.
What can your money buy you?
Aggregated property figures are useful to some degree. But for those who are looking to purchase a property, ballpark snapshots of individual homes for sale – and their asking prices – is often more useful. Over on Zillow, a four-bedroom, three-bathroom home on Jose Way is going for over $300,000 – as is a five-bed, two-bathroom place on E Main Street. In reality, these are higher than the averages might suggest. So if these prices seem out of your range, it might be worth looking into home equity conversion loans or alternative borrowing options for residents of Tennessee depending on your circumstances.
Remember, too, that building works are currently underway in the city. The Fountains at Gateway project which is currently being built on Medical Center Parkway, for example, is going to provide 100 residential apartments in the third phase of its development. If you’re looking to make an investment in a new property, then, waiting for this to be developed may well be wise. Overall, the development is styling itself as a premier destination for restaurants, office space, leisure and more – so non-new homes sited near this area could well be in for a value rise.
Problems on the horizon
Murfreesboro is Tennessee’s sixth-largest city, and it continues to have good employment figures – with 70.8% of people in work. But there are some problems on the horizon which could well begin to affect new homeowners in the coming months. One of these is the so-called hotel tax: while this plan could fund local facilities, it’s also been suggested that it could cause problems or even mortgage-threatening job losses for those working in the tourism industry. While this is of course no reason to call off your Murfreesboro property purchasing plans, it does mean that there may be some merit in thinking carefully about how your employment situation and industry relate to your mortgage capacity, home location choice and more.
Making a decision about where and when to buy a property is a pretty significant one. You’re lucky in Murfreesboro that there are plenty of desirable neighborhoods to pick from. And by having facts and figures about the state of the property market here on side too, you can be sure that you’ll find the right place for you.
