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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Sparta is a buyer's market

Buyer's
Market

Difference Since September 2023

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

Key Takeaway

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

Housing Prices in Sparta, TN

How much do homes in Sparta, TN cost?

Median Sold Price

$285,000

$179/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

+$35,000(+14.0%)

Key Takeaway

Homes in Sparta have sold for 14% more than they did a year ago.

Summary: The median home sold price in Sparta was $285,000 in September 2024, up 14% from last year, and the median price per square foot was $179.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 $179K$156K
-12.8%
2 $179K$211.9K
+18.4%
3 $251K$285K
+13.5%
4 $364K$357.5K
-1.8%
5+ $450K$409.9K
-8.9%

Summary: Sparta housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 12.8%, 2 bedroom homes increased by 18.4%, 3 bedroom homes increased by 13.5%, 4 bedroom homes decreased by 1.8%, and 5+ bedroom homes decreased by 8.9%.

Housing Supply in Sparta, TN

How many homes are available in Sparta, TN?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
215207-3.7%

Summary: The Sparta real estate market had 207 homes for sale in September 2024, a 3.7% decrease compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 44
0.0%
2 4843
-10.4%
3 126123
-2.4%
4 2319
-17.4%
5+ 1418
+28.6%

Summary: The Sparta housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 10.4%, 3 bedroom homes decreased by 2.4%, 4 bedroom homes decreased by 17.4%, and 5+ bedroom homes increased by 28.6%.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
3928-28.2%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

7 Homes Were Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Sparta, you may be able to get a good deal. 57.1% of homes here sold below asking price last month.

Summary: A total of 28 homes were sold or pending in Sparta in September 2024, down by 28.2% month-over-month. Of the 28 sold homes, 57% were sold under asking, 25% were sold at asking, and 18% were sold over asking.

Days on Market for Sparta, TN

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

Average Sale Time

Sep 2023Sep 2024CHANGE
62 Days65 Days+4.7%

Summary: Homes in Sparta had an average of 65 days on market in Sep 2024, up by 4.7% compared to last year.

Breakdown of Home Sale Times

13 Homes Were Sold
Under 30 Days

12 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During September 2024, 28 homes were sold in Sparta; 46% of homes were sold within 30 days, 43% of homes were sold within 30 to 90 days, and 11% 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 Sep 1, 2024

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