Is Tellico Plains, TN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Tellico Plains is a buyer's market

Buyer's
Market

Difference Since November 2023

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

Key Takeaway

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

Housing Prices in Tellico Plains, TN

How much do homes in Tellico Plains, TN cost?

Median Sold Price

$259,050

$177/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

-$30,950(-10.7%)

Key Takeaway

Homes in Tellico Plains have sold for 10.7% less than they did a year ago.

Summary: The median home sold price in Tellico Plains was $259,050 in November 2024, down 10.7% from last year, and the median price per square foot was $177.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $779K$317.5K
-59.2%
2 $277.5K$240.7K
-13.2%
3 $308K$259K
-15.9%
4 $337.5K$360K
+6.7%
5+ -$189K
N/A

Summary: Tellico Plains housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 59.2%, 2 bedroom homes decreased by 13.2%, 3 bedroom homes decreased by 15.9%, 4 bedroom homes increased by 6.7%, and 5+ bedroom homes did not change.

Housing Supply in Tellico Plains, TN

How many homes are available in Tellico Plains, TN?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
4950+2.0%

Summary: The Tellico Plains real estate market had 50 homes for sale in November 2024, a 2.0% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 24
+100.0%
2 2021
+5.0%
3 2120
-4.8%
4 43
-25.0%
5+ 22
0.0%

Summary: The Tellico Plains housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 5%, 3 bedroom homes decreased by 4.8%, 4 bedroom homes decreased by 25%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
57+40.0%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Tellico Plains, you may be able to get a good deal. 42.9% of homes here sold below asking price last month.

Summary: A total of 7 homes were sold or pending in Tellico Plains in November 2024, up by 40.0% month-over-month. Of the 7 sold homes, 43% were sold under asking, 43% were sold at asking, and 14% were sold over asking.

Days on Market for Tellico Plains, TN

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

Average Sale Time

Nov 2023Nov 2024CHANGE
109 Days51 Days-52.9%

Summary: Homes in Tellico Plains had an average of 51 days on market in Nov 2024, down by 52.9% compared to last year.

Breakdown of Home Sale Times

4 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 Tellico Plains are selling fast, if you're buying plan to act quickly.

Summary: During November 2024, 7 homes were sold in Tellico Plains; 57% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 29% 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 21 Days Ago

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