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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Monterey is a neutral's market

Buyer's
Market

Difference Since October 2023

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

Key Takeaway

Monterey is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Monterey, TN

How much do homes in Monterey, TN cost?

Median Sold Price

$471,450

$217/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$71,450(+17.9%)

Key Takeaway

Homes in Monterey have sold for 17.9% more than they did a year ago.

Summary: The median home sold price in Monterey was $471,450 in October 2024, up 17.9% from last year, and the median price per square foot was $217.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $319.9K$235K
-26.5%
2 $332.7K$240.5K
-27.7%
3 $400K$515K
+28.7%
4 $528.5K$425K
-19.6%
5+ $470K$529.5K
+12.7%

Summary: Monterey housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 26.5%, 2 bedroom homes decreased by 27.7%, 3 bedroom homes increased by 28.7%, 4 bedroom homes decreased by 19.6%, and 5+ bedroom homes increased by 12.7%.

Housing Supply in Monterey, TN

How many homes are available in Monterey, TN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
5153+3.9%

Summary: The Monterey real estate market had 53 homes for sale in October 2024, a 3.9% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 11
0.0%
2 44
0.0%
3 3840
+5.3%
4 66
0.0%
5+ 22
0.0%

Summary: The Monterey 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 remained the same, 3 bedroom homes increased by 5.3%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
58+60.0%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Monterey, you may be able to get a good deal. 75% of homes here sold below asking price last month.

Summary: A total of 8 homes were sold or pending in Monterey in October 2024, up by 60.0% month-over-month. Of the 8 sold homes, 75% were sold under asking, 13% were sold at asking, and 13% were sold over asking.

Days on Market for Monterey, TN

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

Average Sale Time

Oct 2023Oct 2024CHANGE
50 Days37 Days-24.8%

Summary: Homes in Monterey had an average of 37 days on market in Oct 2024, down by 24.8% compared to last year.

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Monterey has remained consistent over time.

Summary: During October 2024, 8 homes were sold in Monterey; 38% of homes were sold within 30 days, 63% of homes were sold within 30 to 90 days, and 0% 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 16 Days Ago

Newest Listings in Monterey, TN

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