RUTHERFORD COUNTY, TN - Murfreesboro, just 34 miles from Nashville, has undergone a dramatic transformation over the past two decades, cementing its status as a fast-growing city with a blend of suburban charm and urban convenience. Since 2005, its population has nearly doubled, fueled by its affordability, expanding job market, and quality of life. Yet, this rapid growth brings both opportunities and obstacles. The data was analyzed by StorageCafe.com.
A recent study ranks Murfreesboro as the eighth-fastest-growing city nationwide for housing inventory and first in Tennessee. Housing units in the city have increased by a staggering 77% since 2005, now totaling over 67,000 units. Single-family homes, which make up more than half of the inventory, have grown by 94%, placing the city fifth in the nation for this category. In addition to its single-family boom, Murfreesboro has seen a significant rise in “middle housing,” a versatile option missing in many U.S. cities, which now constitutes 35% of its inventory. Multifamily housing also nearly tripled, with over 6,300 units built by 2023.
However, progress comes at a cost. Murfreesboro’s median home price has skyrocketed by 166% since 2005, reaching nearly $420,000 in 2023, the second-highest in Tennessee after Nashville. This surge raises concerns about affordability and whether the city’s infrastructure can keep up with its rapid expansion.
As Murfreesboro continues to grow, balancing development with sustainability and livability will be critical. For now, it remains a prime example of a city leveraging its growth potential while grappling with the challenges of success.
BOTTOM LINE: Murfreesboro has become one of the best places to live in the U.S., thanks to its blend of big-city amenities, quality schools, a robust economy and appealing housing options. The city’s population surged by 97% from 2005 to 2023, driving a 77% growth in housing inventory. Multifamily units expanded by an impressive 142%, bringing the apartment unit count to around 6,300. Single family homes remain the most common, with a total of 36,500 units — a 94% jump by 2023.
More Information: Overall, the housing stock evolved differently across various housing types, with single family and middle housing underperforming while multifamily developments boomed.
Single family homes, often slower and more costly to build, couldn’t keep up with demand, especially in high-growth areas. Overall, from 2005 to 2023, single family housing stock increased by a modest 16.7%, bringing the total inventory to nearly 89 million units.
The less-than-ideal evolution of the single family housing market was largely due to the effects of the economic downturn, which left the sector grappling with high construction material costs, labor shortages, lending challenges and restrictive zoning regulations — all contributing to a slower pace of construction. For much of the period between 2005 and 2023, annual expansions remained below 1%.
Middle housing, generally defined as a class of housing types including structures such as duplexes, tripelxes, condos, townhomes, cluster homes, cottage courts and live/work units, has often been touted as a potential solution to the affordability crisis. However, it has yet to gain significant momentum. It has seen an underwhelming 11.3% expansion from 2005 to 2023, the lowest inventory increase among the major housing types. However, there is a silver lining: 2022 saw an accelerated growth rate of 1.6% year-over-year, largely driven by state-level initiatives aimed at easing the housing crunch. California has been particularly active, passing a series of laws since 2017 to support housing development, including middle housing. Other cities, such as Portland, Minneapolis, Washington, D.C., and Buffalo, have followed suit. Beyond affordability, middle housing — such as condos, townhouses, duplexes and triplexes — offers additional benefits. These housing types are ideal for multigenerational living, allowing families to live close by while maintaining separate homes, and they also help foster a sense of community. Of the 145 million total housing units in the U.S., 33 million fall into the middle housing category.
Amid the sluggish growth in single family and middle housing, the multifamily sector stepped up to meet the pressing need for more living space. From 2005 to 2023, multifamily housing boomed, with stock increasing by 54% to over 15 million apartment units by 2023 — a golden age for the sector. Multifamily had a particularly good performance in 2022, when stock went up 5% year-over-over. Similarly, in 2023, apartment inventory grew 3% nationally.
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