So you’re interested in finding out more about the real estate market in Tennessee? Well, you’ve come to the right place! Tennessee has seen considerable growth over the last decade, and even over the last year, the pandemic has been no exception.
Whether you’re looking at buying a home in TN or wondering if now is the time to sell, you’ve come to the right place to learn more.
In this article, we’ll be looking at the housing market, a breakdown of home prices in Tennessee, and what it means for your wallet. We’ll also take a look at some of the more expensive areas and those that offer more value for money.
Keep reading to find out if any of these places are where you should buy or consider selling!
Average Home Prices in Tennessee
A good indication of how well a real estate market is doing is to look at the average home prices in that particular area. You’ll also want to see if the average home price has been increasing or decreasing year over year. It is important to see steady average home prices in TN and property values that are being maintained.
Currently, the median list price in Tennessee is $349,000, and the average price per square foot is $175. However, the typical home value of properties in Tennessee is $247,815, which means home values have gone up 19.1 % over the past year.
The average home prices in some regions of Tennessee are all across the board. And home prices have seen a drastic increase following the pandemic. Below are the average house prices across the state.
Average home prices in the metropolitan area of Memphis:
- $175k- median listing home price as of Oct. 2021
- Trending 9.4% year-over-year
- $131- median listing home price per square foot.
Average home prices in the metro areas of Nashville:
- $400k -median listing home price as of Oct. 2021
- Trending 11.1% year-over-year
- $242- median listing home price per sqft.
Average home prices in the metropolitan area of Knoxville:
- $295k – median listing home price as of Oct. 2021
- Trending 13.5% year-over-year
- $163- median listing home price per square foot.
>> Related Article: Guide to Knoxville housing market
Average home prices in the metro areas of Chattanooga:
- $279.9k – median listing home price as of Oct. 2021
- Trending 17.1% year-over-year
- $155- median listing home price per sqft.
Most Expensive Areas in Tennessee
Although Tennessee ranks 16th in the U.S. for the least expensive real estate, several areas of Tennessee see high real estate prices. Below are some of the most costly places in Tennessee.
#1 Most Expensive Areas in Tennessee: Brentwood, TN
Just like California, Tennessee has its own Brentwood and is just as prestigious. This beautiful suburb of Nashville is home to country music stars, excellent public schools, and great parks. Brentwood is located in both Davidson County and Williamson County. However, to live in this trendy area comes with a price tag; the average house price is $1,111,507.
#2 Most Expensive Areas in Tennessee: Franklin, TN
The second most expensive place to live in Tennessee is in Franklin, which has an average home price of $864,442 for a single-family home. Franklin is located 22 miles south of downtown Nashville and is in Williamson County. Franklin is known for its excellent public schools, nice neighborhoods, employment opportunities, charming downtown area, and Civil War sites.
#3 Most Expensive Areas in Tennessee: Nolensville, TN
Nolensville follows Franklin as the third most expensive place to live, with an average home price of $598,953. Nolensville is another suburb of Nashville and is located 22 miles southeast of Music City. This area has seen considerable growth with new homes and subdivisions popping up everywhere. Another draw to owning real estate in Nolensville is the Williamson County school district.
#4 Most Expensive Areas in Tennessee: Germantown, TN
Germantown is a suburb of Memphis and is located 21 miles from downtown Memphis. The average price of houses in Germantown is $510,145. Germantown offers residents many amenities, top healthcare facilities, friendly neighborhoods and parks, award-winning schools (public and private), and history.
#5 Most Expensive Areas in Tennessee: Mount Juliet
Mount Juliet, located 20 miles east of downtown Nashville, has seen exponential population and business growth over the last decade. It was also selected as one of Tennessee’s Fastest Growing Communities. Another perk to mention, the city has one of the lowest tax rates in Tennessee. The average asking price of a home in Mount Juliet is $475,291.
Most Value for Money Areas in Tennessee
Now we’ll take a look at some of the areas where you’ll see the most value for your money and what some of the average house prices look like.
Most Value for Money Areas in Tennessee: Chattanooga, TN
Chattanooga may be the fourth largest city in Tennessee, but it is also one of the most affordable and ideal for settling down in the South. The city has it all, a bustling nightlife thanks to The University of Tennessee at Chattanooga, its own art district, and quiet suburban neighborhoods. As a result, Chattanooga was listed in the Top 100 Cities to Live in America and one of the Top 10 Best Downtowns. Residents also enjoy an average commute time of about 18 minutes, which is much lower than the nationwide average. To top that off, the median home value is around $150,000, and monthly apartment rentals are about $818 per month.
Most Value for Money Areas in Tennessee: Johnson City, TN
Johnson City has been named the best place to live in Washington County, Tennessee, and it’s easy to see why. With a population of 65,600 people, the city boasts tiny, close-knit communities that make life there pleasurable. In addition, Johnson City offers residents higher learning opportunities at Eastern Tennessee State University, shopping, restaurants, and outdoor activities. Another draw is how affordable it is, the median house price in Johnson City is $148,800, and the median monthly rent is $733.
Most Value for Money Areas in Tennessee: Clarksville, TN
Clarksville has been recognized as one of the best cities to live in Montgomery County for several years. With a population of 150,000, the city is home to Austin Peay State University and is close to Fort Campbell, which is located on the Kentucky-Tennessee border between Hopkinsville and Clarksville. Clarksville is a wonderful place to live because of its excellent schools, making it an attractive option for families. The median home value in Clarksville is about $159,300, and the median rent price is approximately $950 per month.
Most Value for Money Areas in Tennessee: Oak Ridge, TN
Situated about 25 miles away from the busy city of Knoxville, this quaint little suburb is home to 30,000 residents, many of whom are young professionals, although it’s family-friendly as well. Oak Ridge was once called “The Secret City” and is home to The Oak Ridge National Laboratory operated by the U.S. Department of Energy, which employs many people who live in the area. Residents can enjoy local activities, the large swimming pool at the Oak Ridge Civic Center Recreation Building, one of the city’s 16 parks, and many biking and running trails. Oak Ridge boasts a reasonable median home price of $135,400, and the median rent price is about $720 per month.
>> Find out if Knoxville is the best place to live
Most Value for Money Areas in Tennessee: Murfreesboro, TN
Murfreesboro, TN, is located about 30 miles southeast of Nashville and has been noted as one of the fastest-growing areas in the state. Situated in Rutherford County, the city is home to Middle Tennessee State University (MTSU) and has plenty of outdoor activities and amenities, including a 12-mile greenway. Furthermore, Murfreesboro is a great city for families, as the public schools are rated higher than surrounding areas. Compared to other suburbs of Nashville, Murfreesboro is fairly affordable, the median home price is $246,000, and renters pay an average of $970 a month.
High Home Prices in TN
Curious about what parts of Tennessee have high home prices? Below is a list of the top five most expensive home prices in Tennessee currently on the market. Just to give you a hint, a majority of them are located around Nashville.
- 370 Vaughn Rd, Nashville, TN 37221 | List Price: $45,000,000.
- 2423 Hidden River Ln, Franklin, TN 37069 | List Price: $16,500,000.
- 607 Sunnyside Ln, Columbia, TN 38401 | List Price: $15,000,000
- 2050 E Millers Cove Rd, Walland, TN 37886 | List Price: $15,000,000
- 1358 Page Rd, Nashville, TN 37205 | List Price: $14,999,000
Low Home Prices in TN
Curious about what parts of Tennessee or counties have the lowest-priced homes for sale? Below is a list of the top five lowest home prices in Tennessee currently on the market.
- 3062 St Croix, Memphis, Shelby County, TN 38127 | List Price: $12,000
- 314 W 10th St, Trenton, Gibson County, TN 38382 | List Price: $12,342
- 911 Jenkinsville Jamestown, Dyersburg, Dyer County, TN 38024 | List Price: $15,000
- 409 Cherry, Linden, Perry County, TN 37096 | List Price: $15,000
- 155 Bowen, Dyersburg, Dyer County, TN 38024 | List Price: $15,000
Final Takeaways
With no state income tax, affordable real estate prices, and great education systems, Tennessee is a wonderful place to live and work. This may be one of the reasons why more than 77 companies have decided to move their headquarters here in TN in recent years.
If you’re interested in calling Tennessee home or relocating to the Tennessee area, working with a real estate professional is key to making a smooth transition. Contacting one of the real estate agents in your area would be helpful when purchasing a home.
However, when it comes to selling a home, people prefer to work with one of the companies that buy houses in Knoxville, Chattanooga, or Nashville for a seamless transaction.
Nexus Homebuyers is a “we buy homes Tennessee” company and has worked with residents of Tennessee, Georgia, and Alabama to sell their single-family homes, townhomes, condos, and apartments in as-is condition. They make the home selling process super easy and fast, which is how it should be when it comes to the sale of your house. They also buy land in Nashville and Knoxville!
To find out more about cash home buyers in Nashville or your local area and how they can help you sell your house as-is, contact Nexus Homebuyers today!
