Is 37871, TN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 37871 is a buyer's market

Buyer's
Market

Difference Since October 2023

At the same time last year, 37871 was a Seller's Market.

Key Takeaway

37871 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in 37871, TN

How much do homes in 37871, TN cost?

Median Sold Price

$400,000

$185/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$62,500(+18.5%)

Key Takeaway

Homes in 37871 have sold for 18.5% more than they did a year ago.

Summary: The median home sold price in 37871 was $400,000 in October 2024, up 18.5% from last year, and the median price per square foot was $185.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $128.1K$75K
-41.5%
2 $200K$272.5K
+36.3%
3 $278K$387K
+39.2%
4 $429K$443.5K
+3.4%
5+ $671.3K$459.9K
-31.5%

Summary: 37871 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 41.5%, 2 bedroom homes increased by 36.3%, 3 bedroom homes increased by 39.2%, 4 bedroom homes increased by 3.4%, and 5+ bedroom homes decreased by 31.5%.

Median Sold Price Compared To Nearby Zip Codes

37820
+42.9%
37871
+18.5%
37764
+8.6%
37924
+3.0%
37806
-12.4%

Housing Supply in 37871, TN

How many homes are available in 37871, TN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
3546+31.4%

Summary: The 37871 real estate market had 46 homes for sale in October 2024, a 31.4% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 54
-20.0%
3 2029
+45.0%
4 910
+11.1%
5+ 13
+200.0%

Summary: The 37871 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 20%, 3 bedroom homes increased by 45%, 4 bedroom homes increased by 11.1%, and 5+ bedroom homes increased by 200%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
65-16.7%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 37871, you may be able to get a good deal. 60% of homes here sold below asking price last month.

Summary: A total of 5 homes were sold or pending in 37871 in October 2024, down by 16.7% month-over-month. Of the 5 sold homes, 60% were sold under asking, 0% were sold at asking, and 40% were sold over asking.

Days on Market for 37871, TN

How long does it take to sell a home in 37871, TN?

Average Sale Time

Oct 2023Oct 2024CHANGE
20 Days45 Days+117.1%

Summary: Homes in 37871 had an average of 45 days on market in Oct 2024, up by 117.1% compared to last year.

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 37871 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 5 homes were sold in 37871; 60% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 20% 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 13 Days Ago

Newest Listings in 37871, TN

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