Is Monroe County, TN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Monroe County is a seller's market

Buyer's
Market

Difference Since March 2023

Since last year, Monroe County has remained a Seller's Market.

Key Takeaway

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

Housing Prices in Monroe County, TN

How much do homes in Monroe County, TN cost?

Median Sold Price

$304,944

$185/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$45,494(+17.5%)

Key Takeaway

Homes in Monroe County have sold for 17.5% more than they did a year ago.

Summary: The median home sold price in Monroe County was $304,944 in March 2024, up 17.5% from last year, and the median price per square foot was $185.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $210K$144.5K
-31.2%
2 $195K$232.4K
+19.2%
3 $265K$306K
+15.5%
4 $345K$379.4K
+10.0%
5+ $570K$660K
+15.8%

Summary: Monroe County housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 31.2%, 2 bedroom homes increased by 19.2%, 3 bedroom homes increased by 15.5%, 4 bedroom homes increased by 10%, and 5+ bedroom homes increased by 15.8%.

Median Sold Price Compared To Nearby Counties

Loudon County
+17.9%
Monroe County
+17.5%
McMinn County
+9.2%
Cherokee County
+6.7%

Housing Supply in Monroe County, TN

How many homes are available in Monroe County, TN?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
245232-5.3%

Summary: The Monroe County real estate market had 232 homes for sale in March 2024, a 5.3% decrease compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 24
+100.0%
2 3945
+15.4%
3 163135
-17.2%
4 3033
+10.0%
5+ 1115
+36.4%

Summary: The Monroe County 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 15.4%, 3 bedroom homes decreased by 17.2%, 4 bedroom homes increased by 10%, and 5+ bedroom homes increased by 36.4%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
4046+15.0%

Asking Price vs. Sold Price

26 Homes Were Sold
Under Asking

15 Homes Were Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Monroe County, you may be able to get a good deal. 56.5% of homes here sold below asking price last month.

Summary: A total of 46 homes were sold or pending in Monroe County in March 2024, up by 15.0% month-over-month. Of the 46 sold homes, 57% were sold under asking, 33% were sold at asking, and 11% were sold over asking.

Days on Market for Monroe County, TN

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

Average Sale Time

Mar 2023Mar 2024CHANGE
59 Days54 Days-8.8%

Summary: Homes in Monroe County had an average of 54 days on market in Mar 2024, down by 8.8% compared to last year.

Breakdown of Home Sale Times

23 Homes Were Sold
Under 30 Days

13 Homes Were Sold
In 30 - 90 Days

8 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During March 2024, 46 homes were sold in Monroe County; 50% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 17% 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 24 Days Ago

Newest Listings in Monroe County, TN

Nearby Markets to Monroe County, TN

What housing markets are near Monroe County, TN?