Is 38401, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, 38401 has remained a Seller's Market.
Key Takeaway
38401 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 38401, TN
How much do homes in 38401, TN cost?
Median Sold Price
$364,441
$213/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 38401 have sold for 0.5% less than they did a year ago.
Summary: The median home sold price in 38401 was $364,441 in March 2024, down 0.5% from last year, and the median price per square foot was $213.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $219K | $280K | +27.9% |
| 2 Bedrooms | $235.5K | $233.6K | -0.8% |
| 3 Bedrooms | $349.5K | $349.9K | 0.1% |
| 4 Bedrooms | $458.8K | $470K | +2.4% |
| 5+ Bedrooms | $509.4K | $520K | +2.1% |
Summary: 38401 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 27.9%, 2 bedroom homes decreased by 0.8%, 3 bedroom homes increased by 0.1%, 4 bedroom homes increased by 2.4%, and 5+ bedroom homes increased by 2.1%.
Housing Supply in 38401, TN
How many homes are available in 38401, TN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 349 | 385 | +10.3% |
Summary: The 38401 real estate market had 385 homes for sale in March 2024, a 10.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 31 | 38 | +22.6% |
| 3 Bedrooms | 202 | 218 | +7.9% |
| 4 Bedrooms | 87 | 93 | +6.9% |
| 5+ Bedrooms | 28 | 34 | +21.4% |
Summary: The 38401 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 22.6%, 3 bedroom homes increased by 7.9%, 4 bedroom homes increased by 6.9%, and 5+ bedroom homes increased by 21.4%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 58 | 86 | +48.3% |
Asking Price vs. Sold Price
41 Homes Were Sold
Under Asking
27 Homes Were Sold
At Asking
18 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 38401, you may be able to get a good deal. 47.7% of homes here sold below asking price last month.
Summary: A total of 86 homes were sold or pending in 38401 in March 2024, up by 48.3% month-over-month. Of the 86 sold homes, 48% were sold under asking, 31% were sold at asking, and 21% were sold over asking.
Days on Market for 38401, TN
How long does it take to sell a home in 38401, TN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 36 Days | 36 Days | -1.3% |
Summary: Homes in 38401 had an average of 36 days on market in Mar 2024, down by 1.3% compared to last year.
Breakdown of Home Sale Times
57 Homes Were Sold
Under 30 Days
14 Homes Were Sold
In 30 - 90 Days
15 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 38401 are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 86 homes were sold in 38401; 66% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 17% 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.