Real estate activity in 2025 contributed $97.7 billion to Tennessee’s gross state product, accounting for 16.6 percent of the state’s total economic output, according to newly released data from the National Association of Realtors.

A release notes the $97.7 billion figure — which includes residential, commercial and industrial real estate — is up from the 2024 figure of $84.2 billion (an increase of 15.7 percent).