KNOX COUNTY, Tenn. — Knox County saw $1 billion in spending on new residential development last year.
The county's register of deeds Nick McBride said the number is no surprise because of how many people are moving to East Tennessee.
"There's so much demand," McBride said. "People are coming to the Knoxville area. As everyone's said, our secret is out. It's a great place to work, live and raise a family."
Local developer and former president of the Knoxville Home Builders Association Josh Sanderson agreed.
"We're no hidden gem anymore," Sanderson said. "Corporations are coming here and they're bringing their employees."
The current president of the HBA, Becky Snyder, said she isn't surprised by the number either.
"We've got this supply that we need to fulfill," Snyder said. "It's definitely a large number, but it also isn't surprising the way things are costing now."
The cost of labor and materials are up, too, Snyder added. This makes for-sale costs even higher.
Just because home prices are higher, doesn't mean contractors are pocking more money, according to Snyder.
"I don't want people to see that number--$1 billion--and think that money is going into the contractor's pocket. That's just not the case," she said.
Various governmental regulations can also make housing prices higher, Snyder added.
To bring prices down, more homes need to be built, Sanderson said.
"We need a billion dollars more," he said. "We need it to be $2 billion if there's going to be any ease of anything, or any affordability. We need it to be double."