WKRN: 2024 Zillow housing forecast predicts affordable rural property

This will be an interesting trend to watch..

Nashville television station WKRN reports that Zillow predicts home prices will rise in rural Middle Tennessee in 2024, but will slightly drop in bigger cities like Nashville.

That station spoke with two realtors about their predictions going into 2024 regarding the rural housing market. They are not predicting the bidding wars of 2021, but there may be more competition for a plot of land in Middle Tennessee.

“I think that rural properties will be in demand much like they have been in the past couple of years,” said Erika Kurre, realtor with Benchmark Realty. “There’s still a lot of people that want to live here.”

According to the article, many buyers and sellers focused on affordability in 2024, so many potential sellers did not put their homes on the market because they could not afford the homes they wanted next. This meant buyers had less to choose from.

Kurre told the station the same conversation could carry into 2024 and some people are looking to rural areas to find a home.

“The past couple of years, rural real estate has really taken off as far as the demand, and therefore, the prices and the values of rural properties. The reason is so many people coming from urban cities wanting to get away from people,” Kurre said.

As people look for ways to get out of the city, the country offers the added perks of affordable development pricing and less red tape overall.

While Zillow predicts that living in rural areas will rise, it’s still cheaper than big cities like Nashville.