Is Erwin, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Erwin has remained a Seller's Market.
Key Takeaway
Erwin is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Erwin, TN
How much do homes in Erwin, TN cost?
Median Sold Price
$232,000
$166/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Erwin have sold for 14.6% more than they did a year ago.
Summary: The median home sold price in Erwin was $232,000 in May 2024, up 14.6% from last year, and the median price per square foot was $166.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $62.5K | $145K | +132.0% |
| 2 Bedrooms | $144.9K | $157K | +8.4% |
| 3 Bedrooms | $213K | $255.9K | +20.2% |
| 4 Bedrooms | $245K | $325K | +32.7% |
| 5+ Bedrooms | $299K | $552.5K | +84.8% |
Summary: Erwin housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 132%, 2 bedroom homes increased by 8.4%, 3 bedroom homes increased by 20.2%, 4 bedroom homes increased by 32.7%, and 5+ bedroom homes increased by 84.8%.
Housing Supply in Erwin, TN
How many homes are available in Erwin, TN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 43 | 43 | 0.0% |
Summary: The Erwin real estate market had 43 homes for sale in May 2024, the same as April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 6 | 11 | +83.3% |
| 3 Bedrooms | 27 | 22 | -18.5% |
| 4 Bedrooms | 6 | 6 | 0.0% |
| 5+ Bedrooms | 4 | 4 | 0.0% |
Summary: The Erwin housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 83.3%, 3 bedroom homes decreased by 18.5%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 10 | 12 | +20.0% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Erwin, you may be able to get a good deal. 58.3% of homes here sold below asking price last month.
Summary: A total of 12 homes were sold or pending in Erwin in May 2024, up by 20.0% month-over-month. Of the 12 sold homes, 58% were sold under asking, 17% were sold at asking, and 25% were sold over asking.
Days on Market for Erwin, TN
How long does it take to sell a home in Erwin, TN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 45 Days | 135 Days | +200.5% |
Summary: Homes in Erwin had an average of 135 days on market in May 2024, up by 200.5% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Erwin has remained consistent over time.
Summary: During May 2024, 12 homes were sold in Erwin; 17% of homes were sold within 30 days, 42% of homes were sold within 30 to 90 days, and 42% of homes were sold over 90 days.
Listings courtesy of RealTracs Middle Tennessee Regional MLS as distributed by MLS GRID.
© 2024 of the REALTRACS MLS. All rights Reserved.