Is 37027, TN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 37027 is a buyer's market

Buyer's
Market

Difference Since February 2023

At the same time last year, 37027 was a Seller's Market.

Key Takeaway

37027 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in 37027, TN

How much do homes in 37027, TN cost?

Median Sold Price

$1,031,752

$299/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$5,585(+0.5%)

Key Takeaway

Homes in 37027 have sold for 0.5% more than they did a year ago.

Summary: The median home sold price in 37027 was $1,031,752 in February 2024, up 0.5% from last year, and the median price per square foot was $299.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $230K$265.2K
+15.3%
2 $350K$425K
+21.4%
3 $600K$595.5K
-0.8%
4 $1.0M$1.0M
-0.2%
5+ $1.9M$1.8M
-3.9%

Summary: 37027 housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.3%, 2 bedroom homes increased by 21.4%, 3 bedroom homes decreased by 0.8%, 4 bedroom homes decreased by 0.2%, and 5+ bedroom homes decreased by 3.9%.

Median Sold Price Compared To Nearby Zip Codes

37027
0.5%
37211
-1.2%
37215
-3.4%
37067
-4.1%
37220
-7.9%

Housing Supply in 37027, TN

How many homes are available in 37027, TN?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
280317+13.2%

Summary: The 37027 real estate market had 317 homes for sale in February 2024, a 13.2% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 22
0.0%
2 1817
-5.6%
3 4341
-4.7%
4 97119
+22.7%
5+ 120138
+15.0%

Summary: The 37027 housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 5.6%, 3 bedroom homes decreased by 4.7%, 4 bedroom homes increased by 22.7%, and 5+ bedroom homes increased by 15%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
4342-2.3%

Asking Price vs. Sold Price

24 Homes Were Sold
Under Asking

10 Homes Were Sold
At Asking

8 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 37027, you may be able to get a good deal. 57.1% of homes here sold below asking price last month.

Summary: A total of 42 homes were sold or pending in 37027 in February 2024, down by 2.3% month-over-month. Of the 42 sold homes, 57% were sold under asking, 24% were sold at asking, and 19% were sold over asking.

Days on Market for 37027, TN

How long does it take to sell a home in 37027, TN?

Average Sale Time

Feb 2023Feb 2024CHANGE
35 Days69 Days+96.3%

Summary: Homes in 37027 had an average of 69 days on market in Feb 2024, up by 96.3% compared to last year.

Breakdown of Home Sale Times

16 Homes Were Sold
Under 30 Days

16 Homes Were Sold
In 30 - 90 Days

9 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 37027 are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 42 homes were sold in 37027; 38% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 21% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 28 Days Ago

Newest Listings in 37027, TN

Nearby Markets to 37027, TN