Tennessee Housing Market: Prices, Trends, Forecast 2024

The current housing market in Tennessee shows both the buyer and seller market, and the rise in prices is advantageous for sellers, but limited inventory has brought the buyers.

The increase in the number of new housing starts is an indication of efforts to meet the demand for buyers, but there are issues to meet the needs of those who want to acquire houses. The increase in the median housing prices and the slight decrease in the number of units sold are highlighted in the imbalance of supply and demand. However, the market is still solid, and both buyers and sellers have opportunities.

Current House Prices & Trends in Tennessee in 2024

Tennessee's housing market has continued to shown recovery and growth, and its housing prices are steadily rising. According to Redfin, the median housing prices in Tennessee in March 2024 rose 6. 5 % yea r-o n-year, 379. 400.

Despite this increase, the number of units sold was reduced by 11. 0 % yea r-o n-year, 7. The average number of days has increased by 5 days from last year to 62 days.

How is the Tennessee Housing Market Doing Currently?

The current status of the Tennessee housing market reflects positive trends in terms of rising prices, although the number of units sold has fallen slightly. Such an increase in housing prices suggests that demand is continuing in a limited inventory.

In March 2024, 33. 199 houses were sold in Tennessee, up 9. 0%yea r-o n-year. In addition, 10, 010 cases increased 3, 8 % from the previous year to the market. Despite this inflow, the average number of months is stable at three months, indicating that it is a wel l-balanced market.

How Competitive is the Tennessee Market?

Tennessee's housing market boasts diverse and competitive dynamics in several cities. In the top 10 cities where the selling prices are growing rapidly, Bristols, Cook Building, Jackson, etc. are outstanding, and have experienced a remarkable rise from 15, 8 % to 47, 1 %. In addition, cities such as Three Ways, White Pine, and Medina have emerged as a fierce market, featuring strong buyers and limited inventory. < SPAN> The current housing market in Tennessee shows both buyers and seller markets, and the rise in prices is advantageous for sellers, but limited stocks have a problem with buyers.

The increase in the number of new housing starts is an indication of efforts to meet the demand for buyers, but there are issues to meet the needs of those who want to acquire houses. The increase in the median housing prices and the slight decrease in the number of units sold are highlighted in the imbalance of supply and demand. However, the market is still solid, and both buyers and sellers have opportunities.

Tennessee Housing Market Forecast for 2024 and 2025

Tennessee's housing market has continued to shown recovery and growth, and its housing prices are steadily rising. According to Redfin, the median housing prices in Tennessee in March 2024 rose 6. 5 % yea r-o n-year, 379. 400.

Key Housing Metrics Explained

• Despite this increase, the number of units sold was reduced by 11. 0 % yea r-o n-year, 7. The average number of days has increased by 5 days from last year to 62 days.
• The current status of the Tennessee housing market reflects positive trends in terms of rising prices, although the number of units sold has fallen slightly. Such an increase in housing prices suggests that demand is continuing in a limited inventory.
• In March 2024, 33. 199 houses were sold in Tennessee, up 9. 0%yea r-o n-year. In addition, 10, 010 cases increased 3, 8 % from the previous year to the market. Despite this inflow, the average number of months is stable at three months, indicating that it is a wel l-balanced market.
• Tennessee's housing market boasts diverse and competitive dynamics in several cities. In the top 10 cities where the selling prices are growing rapidly, Bristols, Cook Building, Jackson, etc. are outstanding, and have experienced a remarkable rise from 15, 8 % to 47, 1 %. In addition, cities such as Three Ways, White Pine, and Medina have emerged as a fierce market, featuring strong buyers and limited inventory. The current housing market in Tennessee shows both the buyer and seller market, and the rise in prices is advantageous for sellers, but limited inventory has brought the buyers.
• The increase in the number of new housing starts is an indication of efforts to meet the demand for buyers, but there are issues to meet the needs of those who want to acquire houses. The increase in the median housing prices and the slight decrease in the number of units sold are highlighted in the imbalance of supply and demand. However, the market is still solid, and both buyers and sellers have opportunities.
• Tennessee's housing market has continued to shown recovery and growth, and its housing prices are steadily rising. According to Redfin, the median housing prices in Tennessee in March 2024 rose 6. 5 % yea r-o n-year, 379. 400.
• Despite this increase, the number of units sold was reduced by 11. 0 % yea r-o n-year, 7. The average number of days has increased by 5 days from last year to 62 days.

Are Home Prices Dropping in Tennessee?

The current status of the Tennessee housing market reflects positive trends in terms of rising prices, although the number of units sold has fallen slightly. Such an increase in housing prices suggests that demand is continuing in a limited inventory.

Will This Housing Market Crash?

In March 2024, 33. 199 houses were sold in Tennessee, up 9. 0%yea r-o n-year. In addition, 10, 010 cases increased 3, 8 % from the previous year to the market. Despite this inflow, the average number of months is stable at three months, indicating that it is a wel l-balanced market.

Tennessee's housing market boasts diverse and competitive dynamics in several cities. In the top 10 cities where the selling prices are growing rapidly, Bristols, Cook Building, Jackson, etc. are outstanding, and have experienced a remarkable rise from 15, 8 % to 47, 1 %. In addition, cities such as Three Ways, White Pine, and Medina have emerged as a fierce market, featuring strong buyers and limited inventory.

Top Areas in Tennessee Expected to See Significant Increases in Home Prices

The future outlook for the Tennessee housing market is cautious but optimistic. While price rise and limited stock are an issue, efforts are being made to improve the price and accessibility. The company aims to promote a balanced and sustainable housing market with cooperative initiatives between stakeholders and ensure lon g-term growth and stability.

1. Crossville, TN

• According to Zillow's data, as of March 31, 2024, the median home price in Tennessee is $ 317. 482, reflecting 4. 6 % in the past year. Tennessee housing is usually on hold in about 24 days, indicating a rapid recovery of the market.

2. Knoxville, TN

• As of March 31, 2024, as of March 31, 2024, the housing inventory that can be sold in Tennessee 23. This indicator provides information about the total supply of housing on the market.

3. Greeneville, TN

• New Property: In March 2024, 7. 102 new properties were added to the Tennessee housing market, indicating continuous boosts and potential opportunities for both buyers and sellers.

4. Sevierville, TN

• The median sales vs. list ratio of the sales vs. list ratio on February 29, 2024 is 0. 982. This ratio indicates how much a house is sold at a price that is close to the list price, indicating that the higher the ratio, the stronger the demand and the price competitiveness.

5. Tullahoma, TN

• Average selling price: As of February 29, 2024, the average house sales price in Tennessee is 292. 083 $. We provide you.

6. Jackson, TN

• Central list price: The median list price of Tennessee housing recorded on March 31, 2024 is 384. 967 $. This measurement functions as a benchmark for sellers and buyers, and for sale. It reflects the average of all listed houses.

7. Cleveland, TN

• The ratio of sales exceeding the list price: In February 2024, 16, 0%of Tennessee's housing sales exceeded the list price. This percentage highlights the market competitiveness and the buyer's willingness to pay the premium to the desirable properties.

8. Johnson City, TN

• The ratio sold below the list price: on the other hand, 62. 8 % of Tennessee's housing sales in February 2024 fell below the list. This indicator highlights the buyer's negotiations and the diversity of price strategies in the market.

9. McMinnville, TN

• According to the data and forecasts provided, there is no evidence that Tennessee home prices are declining. Rather, they suggest that home prices are steadily increasing in various regions of the state. Factors such as population growth, economic stability, and low inventory levels are contributing to the resilience of home prices.

10. Shelbyville, TN

• Currently, there is no evidence to suggest an imminent crash in the Tennessee housing market. While the housing market is subject to fluctuations and economic uncertainty, the Tennessee housing market appears to be stable and resilient overall. Factors such as job growth, low mortgage rates, and demand for housing contribute to the strength and sustainability of the market.

11. Union City, TN

• With mortgage rates lower than last year, now may indeed be a good time to purchase a home in Tennessee. Low interest rates translate to lower monthly mortgage payments and increased affordability for buyers. And despite the competitive market environment, buyers may be able to find opportunities to negotiate favorable terms and secure their dream home with the help of a knowledgeable real estate professional.

12. Clarksville, TN

• Several areas of Tennessee are expected to see notable increases in home prices over the coming months, presenting lucrative opportunities for both buyers and sellers.

Other Factors That Can Impact the Housing Market in Tennessee

In Crossville, Tennessee, the average home price is expected to steadily increase, increasing by 0. 9% through April 30, 2024, followed by a significant increase of 2. 3% through June 30, 2024, and 6. 5% through March 31, 2025. This upward trend indicates a growing demand for housing in the region, driven by factors such as job opportunities, quality of life, and affordability.

Knoxville, Tennessee is also an area where home prices will increase significantly. Forecasts show a moderate increase of 0. 7% through April 30, 2024, followed by a significant increase of 1. 9% through June 30, 2024, and a significant increase of 6. 1% through March 31, 2025. This growth trajectory highlights Knoxville's appeal as a great urban center with diverse amenities and strong economic prospects.

Home prices in Greenville, Tennessee are expected to grow by 1. 4% through April 30, 2024, 2. 7% through June 30, 2024, and 5. 3% through March 31, 2025. This upward trend reflects Greenville's scenic beauty and strong sense of community that attracts both residents and investors.

Home prices in Sevierville, Tennessee are forecast to grow at a moderate rate of 0% through April 30, 2024, followed by a modest increase of 0. 6% through June 30, 2024, and a significant increase of 4. 7% through March 31, 2025. Although starting from zero, this forecast highlights Sevierville's appeal as a tourist destination and gateway to the Great Smoky Mountains, increasing demand for housing.

Home prices in Tullahoma, Tennessee are expected to grow steadily, increasing 0. 7% through April 30, 2024, then increasing further to 1. 7% through June 30, 2024, and reaching 4. 3% through March 31, 2025. This upward trend reflects Tullahoma's strategic location with easy access to major highways and close to employment centers, making it an attractive destination for homebuyers looking for affordability and convenience.

Home prices in Jackson, Tennessee are expected to increase 1. 1% through April 30, 2024, then increasing 2. 4% through June 30, 2024, and reaching 4. 2% through March 31, 2025. This growth trajectory highlights Jackson's growing economy and diverse housing options, attracting buyers and investors looking for long-term value in the real estate market.

Home prices in Cleveland, Tennessee are expected to grow steadily, increasing 0. 7% through April 30, 2024, followed by a further increase of 1. 8% through June 30, 2024, and 4. 2% through March 31, 2025. This upward trend reflects Cleveland's growing economy and strategic location within the state, attracting buyers looking for stability and long-term investment opportunities.

Home prices in Johnson City, Tennessee are expected to grow more slowly, increasing 0. 6% through April 30, 2024, then 1. 5% through June 30, 2024, and reaching 4. 1% through March 31, 2025. This growth trajectory highlights Johnson City's appeal as a vibrant community with educational and medical institutions, driving demand for housing in the region.

• The housing price in McMinville, Tennessee is expected to rise by 0. 4 % until April 30, 2024, 1 % up to June 30, 2024, and 4. 1 % up to March 31, 2025. It is done. Despite the start from a low reference value, this growth reflects the charm of McMinville and the good access, making it an attractive destination for buyers seeking affordable prices and communities.
• Shelbeaville, Tennessee, rose 0. 6 % until April 30, 2024, 1. 5 % up to June 30, 2024, and 3. 9 % to March 31, 2025, with a modest rise in housing prices. It is predicted. The growth track reflects the economic growth and cultural diversity of Shelbeaville, attracting buyers seeking value and opportunities in the real estate market.
• The housing price in Union City, Tennessee has risen by 1, 6 % until April 30, 2024, up 3, 3 % until June 30, 2024, and 3, 9 % by March 31, 2025. The expected rise is expected to rise significantly. This rising trend reflects the economic growth and strategic location of Union City, which is an attractive destination for buyers and investors seeking opportunities and possibilities.
• The housing price of Clarks Building, Tennessee, rising 0. 6 % until April 30, 2024, 1. 4 % up to June 30, 2024, and 3. 7 % until March 31, 2025. It is predicted. This growth track reflects the economic growth of Clarksville and the existence of the military, attracting buyers seeking stability and lon g-term value in the real estate market.
• When the housing market grows, one of the causes is the expansion of employment and the decline in unemployment. The housing market is inseparable from the economy. Economic health and increased employment affect the purchasing power of housing buyers. In Tennessee, the employment market increased by 1, 8 % last year.
• The employment growth rate for the next 10 years is expected to be 41, 6 %, which is higher than the US average of 33, 5 %. Tennessee was ranked 11th in the United States in the Wallethub analysis. The ranking contains 50 states and the special Colombia ward, ranking 10th just before Tennessee.
• The state ranked 4th in economic activity, 5th in economic health, and 38th in innovation potential. It topped the charts in percentage change in GDP from 2020 to 2021, an important factor in ranking economic activity. Tennessee's real GDP growth rate was 8. 6%, behind only New Hampshire (8. 5%) and California (7. 8%).