Is 38562, TN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 38562 is a buyer's market

Buyer's
Market

Difference Since October 2023

At the same time last year, 38562 was a Seller's Market.

Key Takeaway

38562 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in 38562, TN

How much do homes in 38562, TN cost?

Median Sold Price

$215,000

$164/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$28,000(+15.0%)

Key Takeaway

Homes in 38562 have sold for 15% more than they did a year ago.

Summary: The median home sold price in 38562 was $215,000 in October 2024, up 15% from last year, and the median price per square foot was $164.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $111K$129K
+16.2%
2 $130K$211K
+62.3%
3 $275K$220K
-20.0%
4 $410.9K$302.4K
-26.4%
5+ $75K$145K
+93.3%

Summary: 38562 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16.2%, 2 bedroom homes increased by 62.3%, 3 bedroom homes decreased by 20%, 4 bedroom homes decreased by 26.4%, and 5+ bedroom homes increased by 93.3%.

Median Sold Price Compared To Nearby Zip Codes

38562
+15.0%
38501
+8.1%

Housing Supply in 38562, TN

How many homes are available in 38562, TN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
40400.0%

Summary: The 38562 real estate market had 40 homes for sale in October 2024, the same as September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 01
+100.0%
2 1917
-10.5%
3 1718
+5.9%
4 44
0.0%
5+ 00
0.0%

Summary: The 38562 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 10.5%, 3 bedroom homes increased by 5.9%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
25+150.0%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 38562, you may be able to get a good deal. 80% of homes here sold below asking price last month.

Summary: A total of 5 homes were sold or pending in 38562 in October 2024, up by 150.0% month-over-month. Of the 5 sold homes, 80% were sold under asking, 20% were sold at asking, and 0% were sold over asking.

Days on Market for 38562, TN

How long does it take to sell a home in 38562, TN?

Average Sale Time

Oct 2023Oct 2024CHANGE
34 Days73 Days+110.0%

Summary: Homes in 38562 had an average of 73 days on market in Oct 2024, up by 110% compared to last year.

Breakdown of Home Sale Times

2 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 38562 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 5 homes were sold in 38562; 40% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 40% 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 14 Days Ago

Newest Listings in 38562, TN

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