Is Oak Ridge, 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, Oak Ridge has remained a Seller's Market.
Housing Prices in Oak Ridge, TN
How much do homes in Oak Ridge, TN cost?
Median Sold Price
$344,241
$182/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Oak Ridge was $344,241 in May 2024, up 16.7% from last year, and the median price per square foot was $182.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | $265K | N/A |
2 Bedrooms | $191K | $205K | +7.3% |
3 Bedrooms | $290.8K | $324.9K | +11.7% |
4 Bedrooms | $399.9K | $440K | +10.0% |
5+ Bedrooms | $565.5K | $554.9K | -1.9% |
Summary: Oak Ridge 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 7.3%, 3 bedroom homes increased by 11.7%, 4 bedroom homes increased by 10%, and 5+ bedroom homes decreased by 1.9%.
Housing Supply in Oak Ridge, TN
How many homes are available in Oak Ridge, TN?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
144 | 145 | +0.7% |
Summary: The Oak Ridge real estate market had 145 homes for sale in May 2024, a 0.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 0 | -100.0% |
2 Bedrooms | 14 | 13 | -7.1% |
3 Bedrooms | 82 | 76 | -7.3% |
4 Bedrooms | 34 | 38 | +11.8% |
5+ Bedrooms | 13 | 18 | +38.5% |
Summary: The Oak Ridge housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes decreased by 7.1%, 3 bedroom homes decreased by 7.3%, 4 bedroom homes increased by 11.8%, and 5+ bedroom homes increased by 38.5%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
45 | 48 | +6.7% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
16 Homes Were Sold
At Asking
16 Homes Were Sold
Over Asking
Summary: A total of 48 homes were sold or pending in Oak Ridge in May 2024, up by 6.7% month-over-month. Of the 48 sold homes, 33% were sold under asking, 33% were sold at asking, and 33% were sold over asking.
Days on Market for Oak Ridge, TN
How long does it take to sell a home in Oak Ridge, TN?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
7 Days | 38 Days | +385.2% |
Summary: Homes in Oak Ridge had an average of 38 days on market in May 2024, up by 385.2% compared to last year.
Breakdown of Home Sale Times
31 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Summary: During May 2024, 48 homes were sold in Oak Ridge; 65% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 15% of homes were sold over 90 days.