Real estate sales continue to boom amid pandemic according to Hamilton County Register of Deeds
HAMILTON COUNTY, Tenn (WDEF) – The real state market in Hamilton County appears to be strong.
“Any real estate transaction in Hamilton County goes through my office,” Hamilton County Register of Deeds Marc Gravitt said.
Gravitt said that in April the county had 174 million dollars in sales transactions that number jumped to 265 million dollars in June.
Gravitt said he’s surprised to see an increase during a time of coronavirus-related shutdowns.
“The title companies, they are just still covered up. Here we are in mid July and they’re still covered. Real estate brokers they can’t sale. I was a real estate broker for 27 years before getting into this position, but they cannot get enough inventory. The sales are continuing to boom,” Gravitt said.
He said leading up to the pandemic, the real estate market in the county had already
seen a significant climb.
“From the year 2018 to the year 2019 we say 1.1 billion dollar increase in real estate mortgages,” Gravitt said.
He said he’s seeing growth all over the county and increased numbers have shown in both commercial and residential real estate.
“Our largest transaction last year for the year 2019 was a 63 million dollar deal. That was for one transaction. That was in an apartment complex,” Gravitt said. “The high dollar figures are in apartments and nursing homes.”
As for what recent sales could mean relative to how people feel about the pandemic, Gravitt said he believes people still feel like the economy is strong.
“It goes hand-in-hand with the substantially reduced interest rates. That’s helping to drive the market. Especially in terms of refinancing,” he said.