Is Lenoir City, 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, Lenoir City has remained a Seller's Market.
Housing Prices in Lenoir City, TN
How much do homes in Lenoir City, TN cost?
Median Sold Price
$399,354
$212/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Lenoir City was $399,354 in May 2024, up 16.3% from last year, and the median price per square foot was $212.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | $100K | N/A |
2 Bedrooms | $276.7K | $314K | +13.5% |
3 Bedrooms | $330K | $380K | +15.2% |
4 Bedrooms | $495K | $535K | +8.1% |
5+ Bedrooms | $554.4K | $656.5K | +18.4% |
Summary: Lenoir City housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 13.5%, 3 bedroom homes increased by 15.2%, 4 bedroom homes increased by 8.1%, and 5+ bedroom homes increased by 18.4%.
Housing Supply in Lenoir City, TN
How many homes are available in Lenoir City, TN?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
176 | 185 | +5.1% |
Summary: The Lenoir City real estate market had 185 homes for sale in May 2024, a 5.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 2 | +100.0% |
2 Bedrooms | 22 | 23 | +4.5% |
3 Bedrooms | 91 | 94 | +3.3% |
4 Bedrooms | 48 | 47 | -2.1% |
5+ Bedrooms | 14 | 19 | +35.7% |
Summary: The Lenoir City housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 4.5%, 3 bedroom homes increased by 3.3%, 4 bedroom homes decreased by 2.1%, and 5+ bedroom homes increased by 35.7%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
44 | 39 | -11.4% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
13 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Summary: A total of 39 homes were sold or pending in Lenoir City in May 2024, down by 11.4% month-over-month. Of the 39 sold homes, 44% were sold under asking, 33% were sold at asking, and 23% were sold over asking.
Days on Market for Lenoir City, TN
How long does it take to sell a home in Lenoir City, TN?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
27 Days | 33 Days | +21.2% |
Summary: Homes in Lenoir City had an average of 33 days on market in May 2024, up by 21.2% compared to last year.
Breakdown of Home Sale Times
27 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Summary: During May 2024, 39 homes were sold in Lenoir City; 69% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.