NASHVILLE, Tenn. – Fitch Ratings, a leading credit rating company, has placed Tennessee and its two largest cities in a concerning category regarding home valuations. The latest U.S. RMBS Sustainable Home Price Report for the second quarter of 2024 highlights this alarming trend.

Fitch Ratings Findings

Fitch Ratings revealed that a staggering 90% of homes nationwide are overvalued by an average of 11.1% as of the end of the previous year. This assessment underscores significant disparities in the real estate market across the United States.

Tennessee’s Position

According to Yahoo! Finance, Tennessee ranks prominently in this analysis, with a 6.2% annual change in home prices. This places the state among those with the highest increases, trailing only behind South Carolina, which leads with a 9.4% surge in home prices.

Median Sale Price

As of March 2024, the median sale price of homes in Tennessee stands at $378,600. This figure provides a snapshot of the prevailing market conditions, reflecting the ongoing challenges faced by potential homebuyers in the state.

Most Overvalued Areas

The Fitch Report identifies Memphis as the most-overvalued large metropolitan statistical area, followed closely by Buffalo and Indianapolis. Nashville also appears on this list, with a 1.1% overvaluation rate. These statistics underscore the widespread nature of the issue, affecting major urban centers across the country.

Community Concerns

FOX 17 News reporter Kylie Walker is delving into this pressing issue by engaging with residents and community leaders. Tonight, on NEWS.ORG 17 News at 9 pm, viewers can expect an in-depth exploration of the housing affordability crisis gripping local communities.

Download The Local News App for Comprehensive Coverage

Stay informed about developments in your area by downloading The Local News App. Gain access to timely news and comprehensive coverage of issues affecting your community. Stay ahead with TLNA.

Source