Manchester tn real estate
Manchester is a growing city in Coffee County, Tennessee. It has a population of over 8,000. The civic administration is implementing measures to attract industrial and commercial investors. This will, in turn, bring more residents to the area. The city has a strategically advantageous location half way between Chattanooga and Nashville on Interstate Highway 24.
Both cities are just an hours drive away from Manchester. Practically all significant interstate trade routes connecting destinations in the southeast pass through this point.
Commercial floor space and industrial sites have already been developed and are ready for occupation. The administration has developed more than 1000 acres of land in three separate industrial parks. The city already boasts a large, qualified workforce. All civic amenities and services are being developed taking into consideration the future needs of potential expansion. The local government machinery is following the policy of the state government in extending maximum support for the development of industry and commerce.
Manchester Real Estate Trends
Present real estate trends in Manchester follow the general national pattern. Approximate figures are 270 units listed at an average of $160,000 registering a decrease of nearly 2%. There was one new home at nearly $300,000. There were about 55 real estate advertisements at an average of nearly $175,000. The number of foreclosures was about 35 at an average rate of $75,000.
Current mortgage rates in Manchester are as follows: 1) 5.801% for 15 year fixed category, up 0.241% 2) 6.153% for 30 year fixed category, up 0.157% 3) 5.400% for 1 year adjustable rate mortgage, up 0.638% 4) 5.347% for 3/1 year adjustable rate mortgage, up0,527 % and 5) 5.485% for 5/1 year adjustable rate mortgage, up 0.402%. These figures show a slight upward variation for mortgage rates in Manchester.
Listing prices for homes in Manchester are quite steady, at an average rate of about $120,000 to $320,000. Average rates and weekly variations for different units are approximately $120,000 for two bedrooms unchanged, $190,000 for three bedrooms down about 1%, and $320,000 for four bedrooms up 2 %. The average for all categories is about $195,000 up 1%. The marginal increase in average list price cannot really be considered of much significance to overall real estate trends in Manchester.
Real estate sales figures in Manchester have dropped in terms of units sold as well as value. The number of units sold has dropped from about 95 this time last year and now stands at 40. Average sales prices and change over the year for all categories were approximately $110,000 down over 5%. The average rate per square foot and weekly variations in Manchester are about $65 for all types down 1.5 %.
Conclusion
Though the present position regarding real estate in Manchester"> does not look too bright, this is only a phenomenon common to the country as a whole. A change in national trends will have an immediate positive reaction in Manchester. The city is well prepared to accommodate real estate investments.
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