CLARKSVILLE, TN (CLARKSVILLE NOW) – The Clarksville metro area has been ranked fifth in the nation for the fastest growth in building permits issued for single-family homes, according to a new report from the National Association of Realtors.
The report, published June 7, surveyed 262 metropolitan areas across the country and found that over the last year, the Clarksville metro area experienced 122.3% growth in single-family home permits, with the number of single-family building permits totaling 3,149 over the last 12 months.
This means the number of building permits issued over the last year more than doubled in Clarksville and the surrounding counties.
The assessment also included Stewart County and Trigg and Christian counties in Kentucky under the Clarksville TN-KY metro area evaluated for this study.
According to NAR, the building permit statistics are a leading indicator of housing activity for the upcoming months for the metropolitan statistical area evaluated.
The permits specifically show the number of new housing units that have been authorized, and NAR data shows that in April 2021, 46% of MSAs in the country were issuing more single-family building permits than the historical average.
Across-the-board shortage
This data is good news when considering the difficulties many in Clarksville have felt because of the explosive housing market over the last few months.
The lack of available housing is not just a problem in Clarksville, but nationwide. The report from NAR stated there are about 680,000 fewer homes available for sale across the country compared to the average number of active listings in the last five years.
Christian Black, an agent with Century 21 Platinum Properties and the 2021 president of the Clarksville Association of Realtors, told Clarksville Now the shortage might take a while to fix since both the established and new-build homes are selling so quickly.
In Montgomery County alone, from Jan. 1 to March 31, 2021, there were 1,474 closings on residential properties according to figures provided by Black.
During that same time period in 2020, there were 1,272 total residential closings, and that timeframe included the beginning of the COVID-19 pandemic.
“I think COVID hit around March, and there was a two- or three-week window there where it kind of shuttered some people, but then I think we shook it off and went full stream ahead again,” Black said.
In that same period in 2019, there were 1,062 residential closings. So the number of closings increased by almost 200 each year. But that’s still not keeping pace with the buyers’ demand in Clarksville.
“I think the builders are going to be the only way to come out of that hole,” Black said.