Is 38506, TN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 38506 is a seller's market

Buyer's
Market

Difference Since November 2023

At the same time last year, 38506 was a Neutral Market.

Key Takeaway

38506 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 38506, TN

How much do homes in 38506, TN cost?

Median Sold Price

$363,616

$198/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$15,166(+4.4%)

Key Takeaway

Homes in 38506 have sold for 4.4% more than they did a year ago.

Summary: The median home sold price in 38506 was $363,616 in November 2024, up 4.4% from last year, and the median price per square foot was $198.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $213K$415K
+94.8%
2 $165.5K$208.7K
+26.1%
3 $330K$349.9K
+6.0%
4 $431.6K$466.5K
+8.1%
5+ $775K$412.8K
-46.7%

Summary: 38506 housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 94.8%, 2 bedroom homes increased by 26.1%, 3 bedroom homes increased by 6%, 4 bedroom homes increased by 8.1%, and 5+ bedroom homes decreased by 46.7%.

Median Sold Price Compared To Nearby Zip Codes

38570
+10.4%
38501
+10.2%
38506
+4.4%
38544
-5.6%

Housing Supply in 38506, TN

How many homes are available in 38506, TN?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
169153-9.5%

Summary: The 38506 real estate market had 153 homes for sale in November 2024, a 9.5% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 23
+50.0%
2 66
0.0%
3 133116
-12.8%
4 2523
-8.0%
5+ 35
+66.7%

Summary: The 38506 housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes remained the same, 3 bedroom homes decreased by 12.8%, 4 bedroom homes decreased by 8%, and 5+ bedroom homes increased by 66.7%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
3926-33.3%

Asking Price vs. Sold Price

17 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

4 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 38506, you may be able to get a good deal. 65.4% of homes here sold below asking price last month.

Summary: A total of 26 homes were sold or pending in 38506 in November 2024, down by 33.3% month-over-month. Of the 26 sold homes, 65% were sold under asking, 19% were sold at asking, and 15% were sold over asking.

Days on Market for 38506, TN

How long does it take to sell a home in 38506, TN?

Average Sale Time

Nov 2023Nov 2024CHANGE
16 Days36 Days+122.2%

Summary: Homes in 38506 had an average of 36 days on market in Nov 2024, up by 122.2% compared to last year.

Breakdown of Home Sale Times

16 Homes Were Sold
Under 30 Days

6 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 38506 are selling fast, if you're buying plan to act quickly.

Summary: During November 2024, 26 homes were sold in 38506; 62% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 15% 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 18 Days Ago

Newest Listings in 38506, TN

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