Is 37216, TN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 37216 is a seller's market

Buyer's
Market

Difference Since November 2023

Since last year, 37216 has remained a Seller's Market.

Key Takeaway

37216 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 37216, TN

How much do homes in 37216, TN cost?

Median Sold Price

$559,554

$324/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$24,454(+4.6%)

Key Takeaway

Homes in 37216 have sold for 4.6% more than they did a year ago.

Summary: The median home sold price in 37216 was $559,554 in November 2024, up 4.6% from last year, and the median price per square foot was $324.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $296K$290K
-2.0%
2 $412.5K$419.9K
+1.8%
3 $550K$559.9K
+1.8%
4 $727.5K$724.9K
-0.4%
5+ $715K$877.4K
+22.7%

Summary: 37216 housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 2%, 2 bedroom homes increased by 1.8%, 3 bedroom homes increased by 1.8%, 4 bedroom homes decreased by 0.4%, and 5+ bedroom homes increased by 22.7%.

Median Sold Price Compared To Nearby Zip Codes

37207
+11.6%
37214
+9.2%
37115
+7.0%
37216
+4.6%
37206
-2.9%

Housing Supply in 37216, TN

How many homes are available in 37216, TN?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
188187-0.5%

Summary: The 37216 real estate market had 187 homes for sale in November 2024, a 0.5% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 108
-20.0%
2 2930
+3.4%
3 8987
-2.2%
4 4650
+8.7%
5+ 1412
-14.3%

Summary: The 37216 housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 20%, 2 bedroom homes increased by 3.4%, 3 bedroom homes decreased by 2.2%, 4 bedroom homes increased by 8.7%, and 5+ bedroom homes decreased by 14.3%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
2935+20.7%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

13 Homes Were Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 37216, you may be able to get a good deal. 45.7% of homes here sold below asking price last month.

Summary: A total of 35 homes were sold or pending in 37216 in November 2024, up by 20.7% month-over-month. Of the 35 sold homes, 46% were sold under asking, 37% were sold at asking, and 17% were sold over asking.

Days on Market for 37216, TN

How long does it take to sell a home in 37216, TN?

Average Sale Time

Nov 2023Nov 2024CHANGE
23 Days37 Days+59.6%

Summary: Homes in 37216 had an average of 37 days on market in Nov 2024, up by 59.6% compared to last year.

Breakdown of Home Sale Times

20 Homes Were Sold
Under 30 Days

12 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 37216 are selling fast, if you're buying plan to act quickly.

Summary: During November 2024, 35 homes were sold in 37216; 57% of homes were sold within 30 days, 34% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 21 Days Ago

Newest Listings in 37216, TN

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