Report: Housing prices increase across Tennessee, including Tri-Cities

new home; sold sign; real estate
FILE - This June 4, 2015, file photo shows a sign indicating a site has been sold in a new home development in Nashville, Tenn. Mortgage buyer Freddie Mac said Thursday, Dec. 3, 2015, that average long-term U.S. mortgage rates edged lower during the week for a third straight week. (AP Photo/Mark Humphrey, File)

MURFREESBORO, Tenn. (AP) – A new economic report shows housing prices are increasing across the state and rising higher than the rest of the U.S.

A report released by the Middle Tennessee State University Business and Economic Research Center shows the cost of buying a home went up in the last year in every area of the state tracked, with Nashville seeing the most dramatic increase.

The report says housing prices rose more than 10 percent in the Nashville area in the last year. But it also showed that the cost of buying a home in the Clarksville and Knoxville areas rose more than 5 percent during that same time period.

The report also found home price increases in areas in and around Chattanooga, Cleveland, Jackson, Johnson City, Kingsport, Bristol, Memphis, and Morristown.

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