Local news- Press Release
Murfreesboro Tennessee - Murfreesboro Building Activity in 2023 hits high of $1 billion in valuation 04 January 2024 ( news )
Murfreesboro , state Tennessee ( By Press Release office)
Jan 04,2024
| 11| 1
Murfreesboro’s
single - family permits and new commercial development in 2023 reveal expanding growth and higher valuation . Overall building activity in 2023 hit $1 billion in permit valuation , a new high for Murfreesboro , which recorded a 3 - year permit valuation of $2 . 7 billion since January 2021 .
New commercial permits
in Murfreesboro
rose
in 2023 to 69 permits from the
62
permits issued in 2022 . New commercial permits had previously risen from 44 in 2018 to 51 in 2021 , a growing trend . Larger commercial developments include $65 million in current apartment construction at Clari Park with a future mix of single - family detached residential , and townhomes under construction off Medical Center Parkway . A new Firebirds Wood Fired Grill as part of the development opened in October . Planned or permitted projects in Clari Park include Main Event , Whataburger , PF Chang’s , Raising Cane’s , Drake’s , and Towneplace Suites .
“Ascension Saint Thomas also contributed to the high level of activity with the addition of a parking garage and expansion of treatment and emergency room areas , ” stated Development Services Executive Director Greg McKnight . “The Medical Center Parkway corridor continues to be an active construction area in Murfreesboro . ”
Permitting of residential units in Murfreesboro expanded to a total of 1 , 320 permits in 2023 , including 730 single - family detached units , 284 single - family attached units , and 306 apartment units .
“The overall number of single - family units permitted decreased by approximately 11 percent in 2023 , while the dollar value for construction of those units rose to $334 million , ” added McKnight .
2023 2020 2018
Single - Family Detached 730 1 , 181 992
Single - Family Attached 284 721 507
Apartment Units 306 56 1 , 251
Multi - family units permitted have declined in recent years after reaching a high in
2018 of 1 , 251 units .
Ole South Properties lead the market with 128 single - family/townhome permits followed by Crescent Homes with 85 permits and Meritage Homes with 83 . By subdivision , Shelton Square on the west side of Murfreesboro and Westwind experienced the most building activity .
New home sales across the nation decreased 12 . 2 percent in November 2023 to a seasonally adjusted annual rate of 590 , 000 units compared to 672 , 000 units in October 2023 . Meantime , National median home prices continued to rise in 2023 to $434 , 700 . A tight supply of existing homes for sale and higher interest rates have pushed home prices higher and continues to make affordability an issue , especially for first - time homebuyers .
The cost of housing , while economical in Murfreesboro compared to many parts of Middle Tennessee and the nation , has been getting more expensive due to lot shortages and building and material costs . Housing affordability remains an issue in 2024 , but a report from the National Association of Realtors ranked the Nashville metro area as one of the markets with the most pent - up demand .
Growth in Murfreesboro’s Building and Construction Activity
2018
2020
2021
2022
2023
Single - Family ( detached ) Permits
992
1181
984
756
730
Multi - Family Units Permitted
1251
56
600
54
306
New Commercial Permits
44
24
51
62
69
Lots Available for Construction*
622
707
541
602
662
*In 2006 , at the height of Murfreesboro’s construction boom , lots available peaked at 1 , 799 .
For additional information visit ,
City - of - Murfreesboro - Building - Report - by - Month ( murfreesborotn . gov )
For City News online , visit
www . Murfreesborotn . gov
.
PLAY the NEWS
* May be useful for visually impaired persons .
Press release information :
Direct link to press release:
Click here .
