CLARKSVILLE, TENN. (WSMV) - Military families are being priced out of Clarksville amid the housing market craze.
New construction and new residents are much of what you’ll find it Clarksville, but those new homeowners are the lucky ones. “We do have some people out there who are living in hotels waiting for housing to open up,” co-founder and managing broker of Legion Realty Ciera Netherton said. She serves primarily military families in a city inhabited mostly that. That is, until the secret got out. “You've got multiple people who are submitting up to 40 offers at a time on one house.”
The average home price in Montgomery County has gone up more than 10% since 2020 to $286,548; a spike due to rising building costs and what Netherton calls panic buying.
“[Buyers] are basically auctioning off their equity, in order to sell in two or three years, just to secure a home now,” she explained. There’s also a dire shortage in inventory driving people to make offers thousands of dollars over the listing price. It's a craze military families, who despite a cost of living allowance to pay their mortgage, cannot keep up with. ”Lots of the time people will always choose the cash or the conventional [offer] over the VA loan,” Netherton added.
“There are some military families who have rented RVs and are living in RVs at the RV park waiting for somebody to open up a housing solution.” Netherton said at this point, it’s all a waiting game, but she's optimistic more families will be moving into Tennessee’s formerly best kept secret soon.
“Now listings are sitting a little bit longer and the average daily inventory has gone a little bit up,” she said. “There's a light at the end of the tunnel.”
Netherton also explained the majority of buyers are coming from either out of state or from Nashville, where people are discovering it’s worth the 30- to 40-minute commute for half the average housing cost.