Tennessee is a gorgeous state that is attracting more and more people every single year. This state truly has it all, from bustling city life to the beautiful nature of the mountains. Whether you’re considering moving to Tennessee or want to sell your home soon, take some time to learn a bit about today’s housing market. Here’s some basic information about the real estate market in Tennessee as of February 2021!
Average Home Values
For the entire state of Tennessee, Zillow reports the average home value is $205,297. Home values in the state have gone up nearly 10% over the last year, just proving how much this state is truly growing. Of course, this figure is an average. In bigger cities, this approximately $200,000 value will only get you a small home. That same amount can get you a much bigger property in smaller towns throughout the Volunteer State.
Cheapest and Most Expensive Areas
Tennessee is divided into three main regions: West Tennessee, Middle Tennessee, and East Tennessee. West Tennessee is mostly rural counties with lots of flat farmland, with the notable exception of Memphis. In Middle Tennessee, you’ll find more suburban areas based around the city of Nashville, and East Tennessee is known for its gorgeous mountain views and popular cities like Chattanooga and Knoxville.
In general, the most expensive houses in the state are found in Middle Tennessee. The most expensive place to live in Tennessee is Williamson County, located just south of Nashville. For cheaper properties, head to Van Buren County in the southeastern part of the state. Not only is this county the cheapest, it’s also the second-least populated with just over 5,000 residents.
General Home Statistics
Neighborhood Scout gives some interesting general information about the homes you can find in Tennessee. From 2000 to 2020, the home values in Tennessee appreciated more than 99%. The good news is that this trend doesn’t appear to be going anywhere anytime soon. Almost half of the homes in the state were built from 1970-1999, with only 22% being built in 2000 or after. 3-bedroom homes are most common, making up nearly half of all the homes in Tennessee.
Specifically for the 2021 real estate market, Tennessee has a good outlook. According to List With Clever, it takes about 89 days for a Tennessee home to sell on average. This is quite a bit below the national average of 99 days. Homes tend to sell the quickest in October, while January can be quite a slow month. Additionally, homes have been seen to sell for more money in October, while homes bought in January tend to cost less. Depending on whether you’re a buyer or a seller, either January or October could be a great month for your transaction!
Whether you want to move to Tennessee or are thinking about selling your home here and moving somewhere new, you’re in for an adventure!