Check out this report from The Sycamore Group. It’s the most comprehensive explanation I’ve seen. There are many charts and figures that paint a picture of housing trends all across Tennessee.
In my opinion, it’s very consistent with what I’ve been saying for several years now, but it covers every county in Tennessee. It helps to understand which issues are local and which are greater issues at a state or national level.
In-migration is generally positive and well-balanced for Sullivan County (Kingsport-Bristol). It offsets natural population decline and brings disposable income into the county, generating a positive economic impact. Vacancy rates remain low in spite of substantial new construction in both home and apartments in the past decade.
Key takeaways from the statewide report:
- Deaths exceed births in TN causing natural population loss
- Domestic migration more than offset the loss
- Domestic in-migrants are generally wealthier
- Domestic in-migrants bring buying power & economic impact
- Homebuilding slowed during Great Recession of 2008, hasn’t caught up since
- 5 of 10 urban counties (including Sullivan, Washington, Knox, Hamilton, Sumner) had low vacancy rates in BOTH homes and apartments, while others were split.
- 67% of Tennesseans own their home
- Home prices and values grew significantly faster than income
- Fewer low-cost rental units exist in TN today than in the past
- Cost-Burdened Residents (spent more than 30% of income on housing)
- 49% of Tennessee renters
- 25% of Tennessee homeowners
- Highest-concentration in West Tennessee
- Typical home prices increased significantly faster than median incomes in every county
Full report here:
Tennessee’s Housing Challenges: Where and Why It Got So Expensive – The Sycamore Institute
Kingsport Spirit 
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