Is Rhea County, TN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Rhea County is a neutral's market

Buyer's
Market

Difference Since November 2023

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

Key Takeaway

Rhea County 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 Rhea County, TN

How much do homes in Rhea County, TN cost?

Median Sold Price

$290,000

$181/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$10,000(+3.6%)

Key Takeaway

Homes in Rhea County have sold for 3.6% more than they did a year ago.

Summary: The median home sold price in Rhea County was $290,000 in November 2024, up 3.6% from last year, and the median price per square foot was $181.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $434.5K$290K
-33.3%
2 $185K$193.5K
+4.6%
3 $280K$280K
0.0%
4 $349.9K$384.9K
+10.0%
5+ $375K$500K
+33.3%

Summary: Rhea County housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 33.3%, 2 bedroom homes increased by 4.6%, 3 bedroom homes did not change, 4 bedroom homes increased by 10%, and 5+ bedroom homes increased by 33.3%.

Median Sold Price Compared To Nearby Counties

Meigs County
+24.8%
Roane County
+11.3%
Bledsoe County
+8.2%
Rhea County
+3.6%
Cumberland County
+2.8%

Housing Supply in Rhea County, TN

How many homes are available in Rhea County, TN?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
217181-16.6%

Summary: The Rhea County real estate market had 181 homes for sale in November 2024, a 16.6% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 43
-25.0%
2 2120
-4.8%
3 129104
-19.4%
4 4139
-4.9%
5+ 2215
-31.8%

Summary: The Rhea County housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes decreased by 4.8%, 3 bedroom homes decreased by 19.4%, 4 bedroom homes decreased by 4.9%, and 5+ bedroom homes decreased by 31.8%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
5830-48.3%

Asking Price vs. Sold Price

20 Homes Were Sold
Under Asking

7 Homes Were Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Rhea County, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.

Summary: A total of 30 homes were sold or pending in Rhea County in November 2024, down by 48.3% month-over-month. Of the 30 sold homes, 67% were sold under asking, 23% were sold at asking, and 10% were sold over asking.

Days on Market for Rhea County, TN

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

Average Sale Time

Nov 2023Nov 2024CHANGE
65 Days55 Days-15.1%

Summary: Homes in Rhea County had an average of 55 days on market in Nov 2024, down by 15.1% compared to last year.

Breakdown of Home Sale Times

4 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Rhea County has remained consistent over time.

Summary: During November 2024, 30 homes were sold in Rhea County; 13% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 7% 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 20 Days Ago

Newest Listings in Rhea County, TN

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