The Tennessee Real Estate Market: 2024 Trends

I want to... 🏠 Sell my home | 🗝️ Buy a home | 🗺️ Find a new place to live in Tennessee

💡 Key Tennessee housing market facts

Data PointValueRankCompared to National Avg
Typical Home Value $321,755[1]#28 of 50 states12.2% lower
Median Listing Price $435,000[2]#21 of 50 states0.6% lower
Median Sale Price $387,100[3]#25 of 50 states5.1% lower
30 Year Mortgage Rate 7.05%[4]#42 of 50 states1.1% higher
Median Days on Market 44[5]#16 of 50 states11.9% shorter
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🗺️ Buying a house in the Tennessee real estate market

Tennessee has an affordability score of 7.1, meaning it takes 7.1 years of the median household income ($54,833) to afford Tennessee's median home sale price ($387,100). Because of this, we rank Tennessee as the 15th least affordable state for buyers based strictly on prices compared to income.

Data PointValueRankCompared to National Avg
Median Sale Price $387,100[6]#25 of 50 states5.1% lower
30 Year Mortgage Rate 7.05%[7]#42 of 50 states1.1% higher
Median Household Income $54,833[8]#42 of 50 states15% lower
Affordability Ratio 7.1#36 of 50 states13% higher
Buyers Agent Commission 2.82%[9]#35 of 50 states5.4% higher
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Resources for Tennessee home buyers

🗺️ Selling a house in the Tennessee real estate market

According to our detailed survey of Tennessee real estate agents, listing agents (those representing the seller) charge an average commission in Tennessee of 2.77%, which is the 19th lowest in the United States. Buyers' agents charge an average commission of 2.82%, which is the 16th highest in the United States.

Data PointValueRankCompared to National Avg
Median Listing Price $435,000[10]#21 of 50 states0.6% lower
Median Sale Price $387,100[11]#25 of 50 states5.1% lower
Median Days on Market 44[12]#16 of 50 states11.9% shorter
Buyer's Agent Commission 2.82%[13]#35 of 50 states5.4% higher
Listing Agent Commission 2.77%[14]#19 of 50 states3.1% lower
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Resources for Tennessee home sellers

Moving to Tennessee

According to our recent moving trends survey[15], Tennessee is the 13th most desirable state to move to, with 12% of Americans indicating that they would choose to move there if money were no object. Likewise, 9% of survey respondents indicated that they would move to Nashville among a choice of America's largest cities, and 7% indicated that they would move to Memphis. Among medium-sized cities, 10% indicated that they would move to Knoxville.

Here's how Tennessee cities rank in a number of our research studies.

StudyBest Tennessee cityRank
Best Pizza Cities[16]Nashville30th best
Best Coffee Cities[17]Nashville23rd best
Best LGBTQ Cities[18]Nashville38th best
Best Bike Cities[19]Nashville16th best
Best Commuter Cities[20]Memphis23rd best
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Article Sources

[1] Zillow – "Zillow Home Value Index". Updated April 30, 2024.
[2] Realtor.com – "Realtor.com Data Library". Updated March 2024.
[3] Redfin – "Redfin Data Center". Updated March 2024.
[4] Bankrate – "Bankrate". Updated May 2024.
[5] Realtor.com – "Realtor.com Data Library". Updated March 2024.
[6] Redfin – "Redfin Data Center". Updated March 2024.
[7] Bankrate – "Bankrate". Updated May 2024.
[8] US Census – "US Census, 2020 American Community Survey". Updated 2020.
[9] Clever Real Estate – "Clever Real Estate survey of American real estate agents". Updated May 2024.
[10] Realtor.com – "Realtor.com Data Library". Updated March 2024.
[11] Redfin – "Redfin Data Center". Updated March 2024.
[12] Realtor.com – "Realtor.com Data Library". Updated March 2024.
[13] Clever Real Estate – "Clever Real Estate survey of American real estate agents". Updated May 2024.
[14] Clever Real Estate – "Clever Real Estate survey of American real estate agents". Updated May 2024.
[15] Home Bay – "Half of Americans Are Surprised by How Much It Costs to Move". Updated February 26, 2024.
[16] Clever Real Estate – "The 15+ Best Pizza Cities in America". Updated February 12, 2024.
[17] Clever Real Estate – "The Best (and Worst) Coffee Cities in America". Updated January 12, 2024.
[19] Clever Real Estate – "The Most Bike-Friendly Cities in the U.S.". Updated July 17, 2023.
[20] Clever Real Estate – "The Best (and Worst) Cities for Commuters". Updated September 21, 2023.

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