Is Prospect, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Prospect was a Neutral Market.
Key Takeaway
Prospect is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Prospect, TN
How much do homes in Prospect, TN cost?
Median Sold Price
$272,500
$156/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Prospect have sold for 9.4% more than they did a year ago.
Summary: The median home sold price in Prospect was $272,500 in May 2024, up 9.4% from last year, and the median price per square foot was $156.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $228.5K | $150K | -34.4% |
| 3 Bedrooms | $277.4K | $172.4K | -37.8% |
| 4 Bedrooms | $144.5K | $588K | +306.9% |
| 5+ Bedrooms | $410K | $430K | +4.9% |
Summary: Prospect housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 34.4%, 3 bedroom homes decreased by 37.8%, 4 bedroom homes increased by 306.9%, and 5+ bedroom homes increased by 4.9%.
Median Sold Price Compared To Nearby Cities
| Prospect | $249K | $272.5K | +9.4% |
| Ardmore | $269K | $273K | +1.5% |
Housing Supply in Prospect, TN
How many homes are available in Prospect, TN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 9 | 10 | +11.1% |
Summary: The Prospect real estate market had 10 homes for sale in May 2024, a 11.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 1 | 0.0% |
| 3 Bedrooms | 4 | 6 | +50.0% |
| 4 Bedrooms | 3 | 2 | -33.3% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Prospect housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 50%, 4 bedroom homes decreased by 33.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 1 | 1 | 0.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Prospect, expect to pay close to the asking price. 100% of homes here sold near the asking price last month.
Summary: A total of 1 homes were sold or pending in Prospect in May 2024, the same as the previous month. Of the 1 sold homes, 0% were sold under asking, 100% were sold at asking, and 0% were sold over asking.
Days on Market for Prospect, TN
How long does it take to sell a home in Prospect, TN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 44 Days | 7 Days | -84.1% |
Summary: Homes in Prospect had an average of 7 days on market in May 2024, down by 84.1% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Prospect are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 1 homes were sold in Prospect; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Listings courtesy of RealTracs Middle Tennessee Regional MLS as distributed by MLS GRID.
© 2024 of the REALTRACS MLS. All rights Reserved.