Is 38556, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, 38556 was a Seller's Market.
Key Takeaway
38556 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 38556, TN
How much do homes in 38556, TN cost?
Median Sold Price
$240,000
$173/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in 38556 have sold for 4.4% more than they did a year ago.
Summary: The median home sold price in 38556 was $240,000 in March 2024, up 4.4% from last year, and the median price per square foot was $173.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $156.5K | $141.5K | -9.6% |
| 2 Bedrooms | $143K | $194.9K | +36.3% |
| 3 Bedrooms | $240K | $261K | +8.8% |
| 4 Bedrooms | $264.5K | $235.7K | -10.9% |
| 5+ Bedrooms | $355K | $795K | +123.9% |
Summary: 38556 housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 9.6%, 2 bedroom homes increased by 36.3%, 3 bedroom homes increased by 8.8%, 4 bedroom homes decreased by 10.9%, and 5+ bedroom homes increased by 123.9%.
Median Sold Price Compared To Nearby Zip Codes
| 38556 | $229.9K | $240K | +4.4% |
| 38565 | $314.5K | $267.5K | -14.9% |
Housing Supply in 38556, TN
How many homes are available in 38556, TN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 147 | 165 | +12.2% |
Summary: The 38556 real estate market had 165 homes for sale in March 2024, a 12.2% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 10 | 9 | -10.0% |
| 2 Bedrooms | 28 | 32 | +14.3% |
| 3 Bedrooms | 93 | 105 | +12.9% |
| 4 Bedrooms | 14 | 16 | +14.3% |
| 5+ Bedrooms | 2 | 3 | +50.0% |
Summary: The 38556 housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 10%, 2 bedroom homes increased by 14.3%, 3 bedroom homes increased by 12.9%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 14 | 15 | +7.1% |
Asking Price vs. Sold Price
13 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 38556, you may be able to get a good deal. 86.7% of homes here sold below asking price last month.
Summary: A total of 15 homes were sold or pending in 38556 in March 2024, up by 7.1% month-over-month. Of the 15 sold homes, 87% were sold under asking, 13% were sold at asking, and 0% were sold over asking.
Days on Market for 38556, TN
How long does it take to sell a home in 38556, TN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 76 Days | 108 Days | +41.5% |
Summary: Homes in 38556 had an average of 108 days on market in Mar 2024, up by 41.5% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in 38556 are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During March 2024, 15 homes were sold in 38556; 27% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 47% of homes were sold over 90 days.
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Knoxville Area Association of REALTORS® Multiple Listing Service. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some or all of the listings may not belong to the firm whose website is being visited. Real estate listings held by brokerage firms other than this broker are indicated by detailed information about them such as the name of the listing firms. 
Listings courtesy of RealTracs Middle Tennessee Regional MLS as distributed by MLS GRID.
© 2024 of the REALTRACS MLS. All rights Reserved. 
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Greater Chattanooga Association of Realtors®. IDX information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Copyright© 2024 Greater Chattanooga Association of REALTORS®.