Is Lenoir City, TN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lenoir City is a seller's market

Buyer's
Market

Difference Since March 2023

Since last year, Lenoir City has remained a Seller's Market.

Key Takeaway

Lenoir City is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Lenoir City, TN

How much do homes in Lenoir City, TN cost?

Median Sold Price

$393,316

$204/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$46,316(+13.3%)

Key Takeaway

Homes in Lenoir City have sold for 13.3% more than they did a year ago.

Summary: The median home sold price in Lenoir City was $393,316 in March 2024, up 13.3% from last year, and the median price per square foot was $204.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $70.5K$100K
+41.8%
2 $272.7K$298.8K
+9.5%
3 $330K$375K
+13.6%
4 $490.1K$539.5K
+10.1%
5+ $512.5K$656.5K
+28.1%

Summary: Lenoir City housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 41.8%, 2 bedroom homes increased by 9.5%, 3 bedroom homes increased by 13.6%, 4 bedroom homes increased by 10.1%, and 5+ bedroom homes increased by 28.1%.

Housing Supply in Lenoir City, TN

How many homes are available in Lenoir City, TN?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
134138+3.0%

Summary: The Lenoir City real estate market had 138 homes for sale in March 2024, a 3.0% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 11
0.0%
2 2117
-19.0%
3 6773
+9.0%
4 3837
-2.6%
5+ 710
+42.9%

Summary: The Lenoir City housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 19%, 3 bedroom homes increased by 9%, 4 bedroom homes decreased by 2.6%, and 5+ bedroom homes increased by 42.9%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
2734+25.9%

Asking Price vs. Sold Price

18 Homes Were Sold
Under Asking

8 Homes Were Sold
At Asking

8 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lenoir City, you may be able to get a good deal. 52.9% of homes here sold below asking price last month.

Summary: A total of 34 homes were sold or pending in Lenoir City in March 2024, up by 25.9% month-over-month. Of the 34 sold homes, 53% were sold under asking, 24% were sold at asking, and 24% were sold over asking.

Days on Market for Lenoir City, TN

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

Average Sale Time

Mar 2023Mar 2024CHANGE
30 Days37 Days+23.5%

Summary: Homes in Lenoir City had an average of 37 days on market in Mar 2024, up by 23.5% compared to last year.

Breakdown of Home Sale Times

19 Homes Were Sold
Under 30 Days

12 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During March 2024, 34 homes were sold in Lenoir City; 56% of homes were sold within 30 days, 35% of homes were sold within 30 to 90 days, and 9% 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 18 Days Ago

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