The Tennessee Real Estate Industry accounted for $33,226 million or 12.7% of the Gross Tennessee Product in 2011. When a Home is Sold in Tennessee: Income Generated from real estate related industries is: $11,430. Additional expenditure on consumer items such as on furniture, appliances, and paint service is: $5,647. Expenditure on remodeling within 2 years of purchase: $2,682
It generates economic multiplier impact. There is a greater spending at restaurants, sports games, and charity events. The size of this “multiplier” effect is estimated to be:
$9,484
Additional home sales induce additional home production. Typically one new home is constructed for every 8 existing home sales. Therefore, for each existing home sale, 1/8 of new home value is added to the economy which is estimate in the state to be: $15,875
Total Income Derived from a Sale of a Home: $45,117
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