A global cultural, manufacturing, mining, and military center
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The third-largest city of the state of Tennessee, Knoxville has a population of 178,874. Knox County’s county seat, it serves as the headquarters of the Tennessee Valley Authority and numerous national and international corporations. Also, Knoxville hosts one of the biggest campuses of the University of Tennessee. The city has a strong cultural appeal, being one of the largest in the Appalachian region and a major entry into the Great Smoky Mountains National Park. Moreover, the Marble City has a great number of renters, thanks to the presence of McGhee Tyson Air National Guard Base.
Culture, History, and Business
Settled in 1786, Knoxville was the first capital of Tennessee. The city experienced an economic boom in 1855 following the arrival of the railroad. It grew as a manufacturing and wholesale hub after the Civil War. However, Knoxville’s economy stagnated after the fall of its manufacturing sector in the 1920’s. The 1982 World’s Fair helped renovate the city and spur its growth.
Knoxville is known for its rich artistic community that looks to capture the city’s culture and history. The city has preserved its history through architecture, local museums, live music, and festivals. One of the numerous festivals that Knoxville hosts is the April’s 17-day Dogwood Arts Festival that features craft fairs, art shows, live music, and food. Perhaps one of the most important events of the city is the Knoxville Christmas in the City. It runs for eight weeks at different locations in the city. Moreover, local artists display painted murals, sculptors, artwork, and photographs throughout Knoxville to bring out the soul and vitality of the city’s culture. Also, Marble City’s chefs showcase their creativity through their culturally inspired dishes.
Besides having a rich history and culture, Knoxville has a great business appeal. As Knox County’s county seat, it hosts several administrative offices. Also, the city hosts the headquarters of the Tennessee Valley Authority and numerous national and global companies. Some of these companies include Regal Cinemas, TeamHealth, Pilot Travel Centers, Dura-Line, and PepsiCo, among others. They represent the different industries that support Knoxville’s economy and provide employment opportunities for the people of the city. Knoxville is also home to one of the best university campuses in the nation, the University of Tennessee campus.
Real Estate Appeal
Knoxville’s real estate market has been growing upwards for the past few years. Home values have risen by 7% from 2018 to 2019. Experts have predicted that this trend will continue in the coming years. They believe that the next decade will see an improving housing market. As buyers and sellers continue to increase in the city, the result will be growth in supply and demand. Home to McGhee Tyson Air National Guard Base, Knoxville has a great number of renters, most of whom are military personnel and retired army officers. Since several people visit the area to attend the officer school or for reserve and National Guard training, they create a strong real estate demand. With an average property cost of about $175,000, the Knoxville market is relatively affordable. Therefore, investing in the Marble City is likely going to be profitable.
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