The housing industry, along with the dedicated professionals who serve residential and commercial property buyers and sellers, constitutes nearly 20 percent of the U.S. economy. In 2023, the real estate industry alone accounted for a staggering $4.9 trillion, comprising 17.8% of the gross state product (GSP) nationwide. This isn't just about numbers—it's a testament to the foundational role real estate plays in our economic landscape.
In Tennessee, our local real estate industry is no exception, contributing a significant $82.5 billion to the GSP, representing 15.8% of the state's economic output. What's more striking is the impact of a single home sale, resonating throughout the economy with a total economic impact averaging $118,500 per transaction. These figures underscore the profound ripple effect of each real estate transaction, touching businesses, communities, and individuals alike.
Behind these numbers lies a force driving economic growth and prosperity: Realtors. With over 1.5 million Realtors nationwide, their collective efforts are instrumental in promoting homeownership—a cornerstone of financial security and upward mobility for consumers. In Greater Nashville, our 6,700+ Realtor members stand at the forefront, playing an integral role in our local and regional economy across nine counties.
Every transaction orchestrated by our Realtor members not only fuels economic activity but also extends a pathway for consumers to build long-term generational wealth. From first-time homebuyers stepping onto the property ladder to seasoned investors expanding their portfolios, Realtors serve as trusted guides, navigating the complexities of the real estate market with expertise and diligence.
Beyond the bottom line, Realtors are champions of community development and empowerment. They breathe life into neighborhoods, fostering vibrant communities where families thrive and businesses flourish. Their advocacy extends far beyond property transactions, embodying a commitment to enhancing the quality of life for all.
The economic impact of the real estate industry, propelled by the unwavering dedication of Realtors, is undeniable. As we navigate the ever-evolving landscape of the housing market, let us recognize and celebrate the invaluable contributions of Realtors in driving economic prosperity and shaping the dreams of homeownership for generations to come.
Blake Stewart is Senior Communications and Media Relations Manager at Greater Nashville REALTORS®.
