Tennessee Real Estate Market May 2022: Forecasts + Trends

Tennessee real estate trends (May 2022)

How is the real estate market in Tennessee?
🏠 Average home value: $291,354	📈 0.74% home value increase month over month
💰 Median sale price: $360,400	⏳ 34 days on the market
🔑 Homes on the market: 16,414	📆 1.9 months of housing inventory
🏦 30-year mortgage rate: 5.56000%	💵 Average income: #N/A
State of the market: A
Increasing home values and listing prices coupled with limited inventory is evidence that Tennessee’s market is heating up. This trend may continue for the foreseeable future, unless inventory increases faster than demand can keep up with.
_{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 1.5% or $3K in listing fees. Eligible buyers get 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 22 days slower than the annual average	💰 Homes are selling for $25,013 more than the annual average
💸 Average listing commission: 2.72%	💸 Average buyer's commission: 2.72%

How to sell a home in Tennessee

Cost to sell a home in Tennessee

Buying a home in Tennessee

How much home you can buy with $300,000 in...
🏠 Nashville: 1,220 sq ft	🏡 Kingsport: #DIV/0! sq ft
🏡 Knoxville: 1,456 sq ft	🏠 Chattanooga: 1,546 sq ft

Investing in Tennessee real estate

Best of Tennessee

💡 Did you know…

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 locations in Tennessee based on different criteria. This month, we're looking at levels of happiness and ranking the best counties in the state.

Happiest Counties in Tennessee
1. Williamson County
2. Wilson County
3. Sumner County
4. Rutherford County
5. Polk County

Ready to buy a home in Tennessee? Eligible buyers get cash back with Clever!

Worst of Tennessee

Each month, we compare locations in Tennessee based on a different criteria. This month we're looking at levels of happiness data. These are the counties that ranked the worst in the state.

Least Happy Counties in Tennessee
1. Hancock County
2. Lake County
3. Perry County
4. Bledsoe County
5. Hardeman County

Tennessee resources

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.

Methodology

Clever's analysis of state market trends is based on local data from Zillow, realtor.com, Redfin, Bankrate, 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.

Tennessee Real Estate Market in 2022: Forecasts + Trends