On average, the number of homes sold was up 6.7% year over year and there were 8,327 homes sold in July this year, up 7,805 homes sold in July last year. The median days on the market was 50 days, up 4 year over year.
The direction and pace at which home prices are changing are indicators of the strength of the housing market and whether homes are becoming more or less affordable. The median price of a home in the United States is currently $388,700.
Top 10 Metros in Tennessee with the Fastest Growing Sales Price
Fairview, TN28.1%
Brentwood, TN24.6%
Nolensville, TN21.6%
Franklin, TN20.1%
Middle Valley, TN17.6%
Kingsport, TN17.3%
Athens, TN15.3%
Maryville, TN15.3%
Tennessee Housing Supply
Are there enough homes for sale to meet buyer demand?
In July 2024, there were 39,222 homes for sale in Tennessee, up 21.5% year over year. The number of newly listed homes was 10,592 and up 12.1% year over year. The average months of supply is 4 months, up 0 year over year. The direction and pace at which housing supply changes indicate whether the options for buyers are increasing or decreasing. They can also indicate whether homes are lingering on the market or being sold faster than sellers are listing them. There are currently 39,222 residential homes for sale in the United States.
Tennessee Housing Demand
How competitive is the market?
In July 2024, 18.2% of homes in Tennessee sold above list price, down 5.0 points year over year. There were only 31.2% of homes that had price drops, up from 24.0% of homes in July last year. There was a 98.0% sale-to-list price, down 0.31 points year over year.
Homes that sold above list price likely received multiple offers. A high or growing percentage of homes selling above list price indicates that the housing market is competitive and bidding wars are becoming more common. A low or shrinking percentage of homes selling above list price suggests that the market is becoming less competitive.
U.S. Migration Trends
Where are people moving to and from?
Nationwide, 26% of homebuyers searched to move to a different metro area between Jun '24 - Aug '24. The top 5 states homebuyers searched to move to were Florida, North Carolina, South Carolina, Tennessee, and Arizona while California, New York, Illinois, Massachusetts, and Washington were the top 5 states homebuyers searched to move from.
Of all the major U.S. metros, Sacramento was the most searched for destination among homebuyers looking to relocate between Jun '24 - Aug '24. Next came Sarasota, Myrtle Beach, Orlando, and Cape Coral. Los Angeles was the most searched for destination among homebuyers looking to leave, followed by New York, San Francisco, Seattle and Washington
