The Middle Tennessee residential real estate sector continues to be the healthiest in the country, according to a data series compiled by Freddie Mac.
The government-sponsored entity focused on mortgages had Nashville atop the Multi-Indicator Market Index, its ranking of the nation’s 100 largest cities, at the end of September. Music City first climbed to the top of the MiMi ranking in April after ending 2015 in eighth spot. Since then, the area’s score has risen further four months out of five, helped in particular by a surge in home purchase applications — likely good news for a number of local banks — and an improvement in the ratio of mortgage payments to incomes.
Year over year, Nashville’s MiMi score has climbed more than 10 percent, only slightly slower than the growth pace it was setting in the spring.
By comparison, Memphis’ housing market ranked 89th nationally in September while Knoxville sat at 75th. Among Nashville’s most common peer cities, Austin was 10th and Charlotte was 44th