Tennessee real estate trends (May 2022)
How is the real estate market in Tennessee?
🏠 Average home value: $289,053
📈 1.97% home value increase month over month
💰 Median sale price: $363,500
⏳ 36 days on the market
🔑 Homes on the market: 7,200
📆 0.6 months of housing inventory
🏦 30-year mortgage rate: 3.03%
💵 Average income: $58,275
State of the market: A
Listing prices are more than 50% higher than home values here in Tennessee, suggesting that sellers are extremely optimistic about the market’s future. Low inventory makes this an even sweeter seller’s market.
*Data last updated May 2022
From the state capital in Nashville to front porches in quiet towns, Tennessee is famous for its storied tradition of country music and honky-tonk — perhaps helping to explain why the state has attracted an impressive flood of new residents in recent years.
Among its many famous residents, musician Dolly Parton lives up to Tennessee's nickname — the Volunteer State — by pouring her resources into everything children's literacy and education to social justice.
Tennessee's geography provides a dramatic backdrop for its many working artists and musicians, from the Appalachian peaks to deep, tree-lined valleys.
If you're thinking of buying or selling in Tennessee, these Tennessee housing predictions and stats can help you make an informed decision.
Want to save money when you buy or sell your home? With Clever, you'll only pay 1% or $3K in listing fees. Eligible buyers get 0.5% cash back after closing. Find out how much you can save with Clever today!
Selling a home in Tennessee
Tennessee real estate market forecast for sellers
⏰ Homes are selling 5 days faster than the annual average
💰 Homes are selling for $21,175 more than the annual average
💸 Average listing commission: 2.80%
💸 Average buyer's commission: 2.80%
How to sell a home in Tennessee
- The Best Low Commission Real Estate Brokers
- Top Real Estate Agents in Tennessee (June 2021 Rankings)
- 8 Steps to Selling a House in Tennessee
- How to Sell a House By Owner in Tennessee (2021 Update)
- 5 Best Tennessee Flat-Fee MLS Companies in 2021
- We Buy Houses for Cash Companies in Tennessee (2021 Rankings)
Cost to sell a home in Tennessee
- What's The Average Tennessee Real Estate Commission In 2021?
- Tennessee Seller Closing Costs in 2021: How Much Will You Pay?
- The Ultimate Guide to Tennessee Real Estate Taxes
Buying a home in Tennessee
How much home you can buy with $300,000 in...
🏠 Nashville: 1,210 sq ft
🏡 Kingsport: 2,041 sq ft
🏡 Knoxville: 1,587 sq ft
🏠 Chattanooga: 1,685 sq ft
- How to Save with a Home Buyer Rebate
- 8 Definitive Steps to Buying a House in Tennessee
- The 5 Most Affordable Places to Live In Tennessee
- The Best Time to Buy a House in Tennessee
- Everything You Need to Know About Moving to Tennessee
Investing in Tennessee real estate
- Top 5 Best Real Estate Investment Markets in Tennessee
- The Ultimate Guide to Flipping Houses in Tennessee
- A Beginner's Guide to Buying an Apartment Building
Best of Tennessee
💡 Did you know…
Nashville, Tennessee was ranked the #1 music city in the U.S. in 2022?
Although Nashville is best known for its country music scene, Nashville was named the most popular city in the U.S. for heavy metal and the second most popular for all other major music genres.» Taking notes? 🎵 Learn more about the rankings here: The Best Music Cities in the U.S.
Each month, we compare cities in Tennessee based on different criteria. This month, we're looking at affordability and ranking the best cities in the state.
Most Affordable Cities in Tennessee
Worst of Tennessee
Each month, we compare cities in Tennessee based on a different criteria. This month we're looking at affordability data. These are the cities that ranked the worst in the state.
Least Affordable Cities in Tennessee
- Tennessee Depatment of Commerce and Insurance - Real Estate Commission
- Tennessee's real estate license verification
- Tennessee's real estate agent code of conduct
- Tennessee's disclosure forms
- Transfer taxes in Tennessee
- Home buying assistance programs in Tennessee
Frequently asked questions about Tennessee real estate
It is currently a seller’s market in Tennessee, with homes selling quickly and for more than they’re worth. Although this is the overall trend across the state, each city and town is different, which is why it’s best to consult with a local real estate agent to better understand trends in your area.
Investing in Tennessee real estate is a good idea, especially in Nashville and Memphis, where demand for housing is always high. However, for your investment to pay off, you need to plan out your finances and determine which types of properties are profitable in your area. Check out our guide to investing in real estate to learn more.
It might not be a good time to buy a house in Tennessee right now. Listing prices are higher than normal, and there aren’t a lot of properties on the market to choose from. If you really need to buy, then work with a real estate agent to help you find the perfect property for your budget.
Clever's analysis of state market trends is based on local data from Zillow, realtor.com, Redfin, S&P Global, the U.S. Census, and Clever surveys. Our team of over 20 real estate analysts from across the country research local markets and data to compile our "Best" and "Worst" rankings.