Is Manchester, 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, Manchester has remained a Seller's Market.
Key Takeaway
Manchester is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Manchester, TN
How much do homes in Manchester, TN cost?
Median Sold Price
$315,773
$188/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Manchester have sold for 8.9% more than they did a year ago.
Summary: The median home sold price in Manchester was $315,773 in May 2024, up 8.9% from last year, and the median price per square foot was $188.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $89K | - | N/A |
| 2 Bedrooms | $157.5K | $198K | +25.7% |
| 3 Bedrooms | $280.3K | $313.3K | +11.8% |
| 4 Bedrooms | $451.7K | $371.7K | -17.7% |
| 5+ Bedrooms | $515K | $360K | -30.1% |
Summary: Manchester 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 25.7%, 3 bedroom homes increased by 11.8%, 4 bedroom homes decreased by 17.7%, and 5+ bedroom homes decreased by 30.1%.
Median Sold Price Compared To Nearby Cities
| Manchester | $290K | $315.7K | +8.9% |
| Hillsboro | $330K | $269.9K | -18.2% |
Housing Supply in Manchester, TN
How many homes are available in Manchester, TN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 136 | 142 | +4.4% |
Summary: The Manchester real estate market had 142 homes for sale in May 2024, a 4.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 9 | 12 | +33.3% |
| 3 Bedrooms | 95 | 97 | +2.1% |
| 4 Bedrooms | 29 | 30 | +3.4% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Manchester 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 33.3%, 3 bedroom homes increased by 2.1%, 4 bedroom homes increased by 3.4%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 25 | 31 | +24.0% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
10 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Manchester, you may be able to get a good deal. 42.9% of homes here sold below asking price last month.
Summary: A total of 31 homes were sold or pending in Manchester in May 2024, up by 24.0% month-over-month. Of the 28 sold homes, 43% were sold under asking, 36% were sold at asking, and 21% were sold over asking.
Days on Market for Manchester, TN
How long does it take to sell a home in Manchester, TN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 43 Days | 55 Days | +27.8% |
Summary: Homes in Manchester had an average of 55 days on market in May 2024, up by 27.8% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Manchester are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 31 homes were sold in Manchester; 52% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 19% of homes were sold over 90 days.
Listings courtesy of RealTracs Middle Tennessee Regional MLS as distributed by MLS GRID.
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