Housing woes continue to plague American homebuyers this year after purchase prices and rents hit unprecedented levels in 2021.
Meanwhile, locals in Tennessee have found themselves between a rock and a hard place due to inflated prices resulting from people moving in from other states.
Many out-of-state buyers arrive from areas with more expensive housing markets and living costs and have driven up the cost of housing across the board in the Volunteer State.
The median price for a residential single-family home in Nashville has soared 25.7 percent this year and is up 19.4 percent in Memphis.
Nashville was ranked No. 6 on Zillow’s list of the hottest housing markets for 2022. The Music City was also the No. 12 spot on the top 20 U.S. cities struggling with acute housing shortages last year….