NASHVILLE, Tenn. (Feb. 4, 2024) – The real estate industry remains a powerful driver of economic growth both nationally and in Tennessee, according to new figures released by the National Association of REALTORS® (NAR).
In 2024, the housing industry—along with the real estate professionals who serve residential and commercial buyers and sellers—accounted for 18% of the nation’s GDP, contributing $5 trillion to the U.S. economy. In Tennessee, real estate’s impact was just as significant, adding $84.2 billion to the state’s Gross State Product (GSP), representing 15.7% of Tennessee’s total economic output.
Beyond these large-scale contributions, individual home sales play a crucial role in economic activity. Each home sale in Tennessee generates an average economic impact of $120,600, fueling job creation, consumer spending, and investments in local businesses.
“These figures underscore the profound ripple effect of each real estate transaction, touching businesses, communities, and individuals alike,” said Collyn Wainwright, 2025 president of Greater Nashville REALTORS®. “The real estate industry is more than just buying and selling homes—it’s a fundamental pillar of our economy that supports jobs, infrastructure, and long-term prosperity.”
As the Greater Nashville region continues to grow, real estate remains a key contributor to the state’s financial well-being. Housing transactions generate revenue across multiple industries, from construction and home improvement to financial services and retail.
About Us: Greater Nashville REALTORS® is one of Middle Tennessee’s largest professional trade associations and serves as the primary voice for Nashville-area property owners. REALTOR® is a registered trademark that may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict code of ethics.
