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Sarah Mitchell

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Compass Real Estate · Tennessee

“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”

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Tennessee housing market

The typical home in Tennessee is worth $334,108, up 0.7% over the past year. Homes that actually closed went for a median of $413,200 after 61 days on market. On supply, pricing discipline, and speed of sale, Tennessee currently reads as a leaning buyer's at 4.4 months of supply. At today's 7.03% 30-year fixed rate, that typical home costs $1,784 a month in principal and interest with 20.0% down.

Sources: Zillow, August 2026 · Refreshes monthly · Redfin, through May 2026 · Freddie Mac via FRED, September 2026

Tennessee housing market at a glance

Every tile carries the provider and the month it was published

Typical home value

$334,108

+0.7% YoY · Zillow, August 2026

Median sale price

$413,200

Redfin, through May 2026

Typical asking rent

$1,625/mo

Median of 60 cities · Zillow, August 2026

30-yr fixed rate

7.03%

Freddie Mac via FRED, September 2026

Monthly P&I

$1,784

20.0% down, 30-yr fixed

Days on market

+5 days YoY

Active listings

37,234

+3.7% YoY

Median household income

$67,097

U.S. Census ACS, 2023

Typical home value is Zillow's ZHVI — the value of a typical home across the whole housing stock, not just the homes that sold. Median sale price is what actually closed. Redfin stopped publishing public market trackers in June 2026; latest available period is May 2026.

Where Tennessee home prices are heading

Tennessee's typical home value is $334,108, up 0.7% over 12 months. The two-year number matters more than the one-year number: it spans a full rate cycle rather than a single seasonal swing. Values are at or within a rounding error of their two-year high.

Against the national picture, Tennessee runs 9.4% below the U.S. typical home value of $368,697, and its 12-month move of +0.7% is trailing the national pace of +1.2%.

What would have to change for Tennessee prices to fall. Prices fall when supply outruns demand for long enough that sellers compete on price rather than waiting. Tennessee is carrying 4.4 months of supply — inside the four-to-six-month band where neither side dictates terms. Active listings are +3.7% year over year and new listings -5.1%, which is close to flat. The other lever is the rate. At 7.03%, existing owners with cheaper mortgages have little reason to list, which is what has kept supply artificially low across most of the country. A sustained move down in rates unlocks those sellers and adds inventory; it also adds buyers. Which side moves first decides the direction.

Market trends

Statewide monthly series · Redfin, through May 2026 · No longer updating · Redfin stopped publishing public market trackers in June 2026; latest available period is May 2026.

What it costs to buy in Tennessee at today's rate

Down payment

$66,822

20.0% of value

Loan amount

$267,287

30-yr fixed

Monthly P&I

$1,784

at 7.03%

Income needed

$76,457

28.0% front-end ratio

A buyer purchasing the typical Tennessee home at $334,108 puts $66,822 down, finances $267,287, and pays $1,784 a month in principal and interest. Property taxes, homeowners insurance, HOA dues, and mortgage insurance sit on top of that and vary by county — budget for them separately rather than assuming the P&I figure is the payment.

Lenders typically want principal and interest under 28.0% of gross income, which puts the qualifying income for that purchase at roughly $76,457. Tennessee's median household earns $67,097 (Census ACS 2023) — a gap of $9,360 above what the median household brings in. Put differently, the median household would spend 31.9% of gross income on principal and interest alone — above the ratio most lenders underwrite to, which is why buyers here typically need a larger down payment, a co-borrower, or a cheaper city than the statewide typical home.

The value-to-income ratio in Tennessee is 5.0x. Between roughly 3.5x and 5x, prices are ahead of local earnings but still within reach for higher-earning households. Model your own numbers in the affordability calculator or the mortgage calculator.

Figures are illustrative, not a quote or a pre-approval. Rate: Freddie Mac via FRED, September 2026 · Value: Zillow, August 2026 · Income: U.S. Census ACS, 2023

Buying in Tennessee in the next 12 months?

Tell us your timeline. We send the Tennessee market brief: the price ranges that are actually clearing, the cities where your budget goes furthest, and what to fix on your credit before you apply.

Rent or buy in Tennessee?

Zillow publishes its rent index per city rather than per state, so the honest statewide read is the median across the 60 largest Tennessee cities that carry it: $1,625 a month. Set against a typical home value of $334,108, that is a price-to-rent ratio of 17.1x.

Between 15x and 20x the two options are close enough that the tiebreaker is how long you stay, not the ratio itself. Principal and interest on the typical home runs $159 more per month than that typical rent — and that is before taxes, insurance, and the roughly 1% of value a year most owners spend on maintenance.

For a second read on the same question, the Census ACS puts median gross rent across all Tennessee households — every unit type, not just what is currently listed — at $1,122 a month (2023), with 67.0% of Tennessee households owning rather than renting. Asking rents lead the ACS figure because they reflect today's new leases rather than the whole stock of existing ones.

Run the rent-vs-buy calculator with your own holding period and down payment — the statewide ratio is a starting point, not an answer.

Supply: what is on the market in Tennessee

Tennessee inventory, new listings, sales, and supply, latest month versus the same month a year earlier
Measure	Latest	Year earlier	Change
Active listings	37,234	35,909	+3.7%
New listings	11,638	12,257	-5.1%
Homes sold	8,416	8,523	-1.3%
Months of supply	4.4	4.2	+0.2
Sale-to-list ratio	97.8%	97.7%	Below asking

What these mean. Active listings is the shelf — everything a buyer could tour today. New listings is restock rate; when it falls faster than sales, the shelf empties. Months of supply is active inventory divided by homes sold per month: at the current sales pace, how many months it would take to sell every home currently listed. Under 4 months of supply tilts toward sellers, 4 to 5 months is the neutral band, and above 5 months tilts toward buyers — above 7 months is a glut. These are the same thresholds the market verdict on every city and ZIP page is scored against. Sale-to-list ratio is the discipline check — above 100% means homes are clearing over asking on average, below means sellers are conceding.

Redfin, through May 2026 · No longer updating — Redfin stopped publishing public market trackers in June 2026; latest available period is May 2026. Zillow's inventory and new-listing counts are published per city and appear on the individual city pages.

Where Tennessee home values are moving fastest

12-month change in typical home value · Zillow, August 2026

Rising fastest

Falling

Computed from Zillow's typical home value for each city at August 2026 against the same month a year earlier, across the 150 largest Tennessee cities by population. Small markets swing hardest because a handful of transactions moves the index — read the city page before treating a large move as a trend.

The most and least expensive cities in Tennessee

Typical home value across the 150 largest cities · Zillow, August 2026

Most expensive

1.Brentwood$1.40M
2.Franklin$925,870
3.Nolensville$843,614
4.Farragut$691,336
5.Piperton$672,372
6.Mount Juliet$563,602
7.Fairview$545,321
8.Spring Hill$520,958
9.Hendersonville$518,234
10.Collierville$505,746

Most affordable

1.Memphis$145,335
2.Dyer$159,261
3.Humboldt$160,899
4.Trenton$164,345
5.Dyersburg$168,473
6.Brownsville$171,025
7.Union City$175,317
8.Henderson$180,750
9.Dresden$183,801
10.Milan$184,924

The spread between Brentwood and Memphis is 9.7x — one reason a single statewide number is close to useless for a buyer with a fixed budget. Pick the city first, then the price band. Speed is a separate axis from price: Henderson was the quickest of these markets to clear at 9 days on market (Redfin, through May 2026).

How Tennessee compares

Tennessee typical home value, 12-month change, median household income, and value-to-income ratio compared with the United States and neighboring states
Market	Typical value	12-mo change	Median income	Value / income
Tennessee	$334,108	+0.7%	$67,097	5.0x
United States	$368,697	+1.2%	—	—
Georgia	$330,817	-0.5%	$74,664	4.4x
North Carolina	$334,773	-0.0%	$69,904	4.8x
Kentucky	$232,577	-0.4%	$62,417	3.7x

The three states above are Tennessee's nearest land neighbours — the markets buyers most often price against when a move is still negotiable. Georgia and Kentucky carry lower typical home value than Tennessee, which is what makes them the usual destination for equity-funded moves out of Tennessee.

Values and 12-month changes: Zillow, August 2026 · Refreshes monthly. Income: U.S. Census ACS, 2023. ACS publishes household income per state, not for the nation on the same basis, so the U.S. row shows home value only.

Tennessee housing markets by city

340 cities tracked — the 60 largest by population shown

Memphis

$145,335

Knoxville

$370,699

Clarksville

$319,419

Murfreesboro

$426,156

Franklin

$925,870

Johnson City

$295,339

Jackson

$224,512

Hendersonville

$518,234

Bartlett

$320,892

Kingsport

$257,154

Smyrna

$401,595

Spring Hill

$520,958

Collierville

$505,746

Cleveland

$313,361

Gallatin

$434,846

Brentwood

$1.40M

Columbia

$371,690

Lebanon

$447,311

Mount Juliet

$563,602

Germantown

$485,907

La Vergne

$345,288

Cookeville

$321,869

Maryville

$394,656

Oak Ridge

$327,243

Morristown

$267,036

Bristol

$237,878

Farragut

$691,336

Shelbyville

$312,688

Tullahoma

$295,544

Springfield

$331,021

Sevierville

$420,849

Goodlettsville

$387,975

Dickson

$345,539

Dyersburg

$168,473

Seymour

$373,356

Greeneville

$248,513

Arlington

$407,320

Nolensville

$843,614

Elizabethton

$233,534

Athens

$262,695

Lakeland

$448,503

White House

$387,992

McMinnville

$257,620

Powell

$362,722

Portland

$333,034

Manchester

$322,469

Lewisburg

$295,713

Crossville

$308,253

Lawrenceburg

$241,208

Alcoa

$321,448

Millington

$239,609

Union City

$175,317

Martin

$221,049

Lenoir City

$419,006

Paris

$216,591

Atoka

$350,873

Clinton

$333,957

Fairview

$545,321

Brownsville

$171,025

Winchester

$363,745

Browse all 340 Tennessee cities Compare every state →

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What to do next in Tennessee

If you are buying

Set the payment before the price. Start from what you can carry monthly, then work backwards with the affordability calculator — the typical Tennessee home is $1,784/mo in P&I today.
Pick the city, not the state. Values across Tennessee run from $145,335 in Memphis to $1.40M in Brentwood.
Put two finalists head to head in the city comparison tool before you tour anything.
Fix the credit file before you shop the rate. A better score moves the payment more than haggling over price does at 7.03%.

If you are selling

Price against your city, not the statewide figure — the spread between Tennessee markets is wider than the year-over-year move in any of them.
Read the supply table above. At 4.4 months of supply, neither side has leverage, so presentation and pricing accuracy decide the outcome.
Watch days on market in your city, not the state. The statewide median was 61 days (Redfin, through May 2026); your city page carries its own.
Time the listing against new-listing volume. New listings are -5.1% year over year — less competition than a year ago.

Tennessee housing market questions

What is the typical home value in Tennessee?

The typical home value in Tennessee is $334,108 (Zillow, August 2026). That is a +0.7% change over the past 12 months. The median price of homes that actually sold was $413,200 (Redfin, through May 2026); sale prices skew toward whatever segment is transacting, which is why they differ from the typical-value figure.

Are Tennessee home prices going up or down?

Tennessee home values are up 0.7% year over year (Zillow, August 2026). Values are at or near their highest reading in the past two years.

How much income do you need to buy a home in Tennessee?

At the current 30-year fixed rate of 7.03%, a $334,108 home with 20.0% down carries roughly $1,784 a month in principal and interest. Using the 28% front-end ratio most lenders underwrite to, that implies a household income of about $76,457 before taxes, insurance, HOA dues, or mortgage insurance are added. Tennessee's median household income is $67,097 (Census ACS, 2023), a gap of $9,360 above the median household. These figures are illustrative, not a quote or a pre-approval.

Is it cheaper to rent or buy in Tennessee?

Typical asking rent across the largest Tennessee cities Zillow publishes rent data for is $1,625 a month (median of 60 cities, Zillow, August 2026). Against a typical home value of $334,108, that is a price-to-rent ratio of 17.1x. Ratios under about 15x generally favour buying if you plan to stay put; above about 20x, renting and investing the difference tends to win over short horizons. Principal and interest alone runs $159 more than that typical rent each month, before taxes, insurance, and maintenance.

Which Tennessee cities are the most affordable?

Among the largest cities we track in Tennessee, the lowest typical home values are in Memphis ($145,335), Dyer ($159,261), Humboldt ($160,899), Trenton ($164,345), Dyersburg ($168,473). Values are Zillow's typical-home-value index for August 2026.

Which Tennessee cities are the most expensive?

The highest typical home values among the largest Tennessee cities are in Brentwood ($1.40M), Franklin ($925,870), Nolensville ($843,614), Farragut ($691,336), Piperton ($672,372). Price per square foot, inventory, and days on market for each are on the individual city pages.

Which Tennessee cities are appreciating the fastest?

Over the past 12 months the largest home-value gains among Tennessee cities we track were in Dresden (+8.7%), Union City (+8.7%), Surgoinsville (+8.3%), Woodbury (+7.7%), Alamo (+7.4%). Fast appreciation usually reflects constrained supply, in-migration, or a small transaction base — check the individual city page before reading it as a trend.

How long do homes take to sell in Tennessee?

Homes in Tennessee spent a median of 61 days on market in the last month Redfin published (Redfin, through May 2026). That is 5 days slower than the same month a year earlier. The quickest market among the state's largest cities was Henderson at 9 days. Redfin stopped publishing public market trackers in June 2026; latest available period is May 2026.

How does Tennessee compare to neighboring states?

Tennessee's typical home value of $334,108 compares with Georgia at $330,817, North Carolina at $334,773, Kentucky at $232,577. The U.S. typical home value is $368,697, putting Tennessee 9.4% below the national figure. Georgia and Kentucky are cheaper on a typical-value basis.

Is now a good time to buy in Tennessee?

That depends on your timeline, not the headline. The measurable inputs today: a 30-year fixed rate of 7.03%, 4.4 months of supply statewide (Redfin, through May 2026), active listings +3.7% year over year, and home values +0.7% over the past year. Buyers with a five-year-plus horizon are mostly exposed to the payment, not the price, so the rate you can qualify for matters more than the month you buy. Properties Incorporated is an independent data platform, not a brokerage or lender — this is information, not advice.

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