Zillow Tn Homes (2024)

FAQs

Are TN home prices dropping? ›

In May 2024, 20.2% of homes in Tennessee sold above list price, down 4.1 points year. There were only 27.8% of homes that had price drops, up from 22.0% of homes in May last year. There was a 98.1% sale-to-list price, down 0.25 points year over year. … Homes that sold above list price likely received multiple offers.

Why Nashville, Memphis prices are inflated. Memphis was named in the report as the metro area with the highest overvaluation in the country. The Nashville metro area was ranked fifth. High demand has caused home prices to surge in recent years, especially as the state's population continues to climb post-pandemic.

Average Housing Costs in Tennessee: $828 to $1,477 per month

Zillow calculated the typical home value as $291,334 in February 2023.

Compared to the national average, the cost of living in Tennessee is relatively low, making it an attractive place to live. Residents consider Tennessee a great place to live, not just because of its thriving economy but also due to its low cost of living. The affordability extends to property taxes as well.

The best cities in Tennessee include Nashville, Brentwood, Franklin, and Memphis. See what other towns comprise the best places to live in TN.

$27,200 is the 25th percentile. Salaries below this are outliers. $37,200 is the 75th percentile.

Germantown tops list of most expensive cities for Tennessee. Residents of Germantown pay the highest household bills in the state of Tennessee, at an average of $2,843 per month. Germantown residents' bills are 38.9% more, nearly $10,000 more per year, than the U.S. average.

According to our conservative assumptions of a 5% down payment plus estimated private mortgage insurance (PMI), property taxes, and homeowner's insurance, buying a house costs more than renting one in most of the state.

In addition to lower mortgage and rent prices, Tennessee residents also enjoy low property taxes and no state income tax. Combine that with lower prices on everyday goods and services and it's easy to see why living in Tennessee is so attractive to newcomers.

What is the average electric bill in Tennessee? ›

Monthly electric bills are a product of how much electricity you use per month and your electric rate. In Tennessee, the average monthly electric bill for residential customers is $172/month, which is calculated by multiplying the average monthly consumption by the average electric rate: 1,397 kWh * 12 ¢/kWh.

The Cost to Building a House

In 2022, the average cost to build a 1500-square-foot home in Tennessee is about $168,175, which is about $112 per square foot. Even in Nashville, one of Tennessee's most bustling cities, you'll find yourself spending about $119 per square foot to build your home.

Real estate taxes vary by municipality across Tennessee, with an average tax rate of 0.67 percent of a home's assessed value in 2021, according to the Tax Foundation. Tennessee ranks 37th in the country for average property tax, with No. 1 being the highest rate.

Con: It might take time to adapt to the humid climate

The climate in Tennessee is humid and subtropical, which can be uncomfortable for some residents. The summers are hot and muggy, and the winters are mild with occasional snow. The weather is pleasant in spring and fall, but you can still expect some humidity.

OK, so not everyone in Tennessee will greet you atop a horse, but everyone does greet you with a smile. The fine people of Tennessee are genuinely friendly folks. If you're from New York or Florida, you might find it off-putting, but don't worry—they're not going to try to sell you anything or pick your pocket.

As of 2022, 17.9% of Tennessee homeowners were classified as cost-burdened, paying more than 30% of their incomes towards housing. For renters, the situation is even more dire, with 43.4% classified as cost-burdened.

Ultimately, Nashville's real estate market looks to remain vibrant and dynamic into 2024, shaped by demographic shifts, economic factors, and emerging trends. Staying attuned to these developments will be key to navigating the market successfully, whether you're an investor, a home buyer, or a real estate professional.

Home prices in Knoxville skyrocketed in recent years because there was more demand than supply. As the Tennessee housing market shifts, Ryan Coleman with Hometown Realty is not forecasting a drop in prices, just a slowdown in the rate of price growth.

The projected growth rate for home prices in the Nashville MSA is expected to be 0.4% by July 2024 and 0.3% by April 2025. This suggests a continuation of the current market, with prices holding steady or experiencing slight growth.