Is Oak Ridge, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Oak Ridge has remained a Seller's Market.
Key Takeaway
Oak Ridge is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Oak Ridge, TN
How much do homes in Oak Ridge, TN cost?
Median Sold Price
$338,936
$178/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Oak Ridge have sold for 14.9% more than they did a year ago.
Summary: The median home sold price in Oak Ridge was $338,936 in April 2024, up 14.9% from last year, and the median price per square foot was $178.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $175K | $265K | +51.4% |
| 2 Bedrooms | $189.9K | $201.4K | +6.1% |
| 3 Bedrooms | $289.9K | $319.9K | +10.3% |
| 4 Bedrooms | $400K | $450K | +12.5% |
| 5+ Bedrooms | $550K | $552.4K | 0.4% |
Summary: Oak Ridge housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 51.4%, 2 bedroom homes increased by 6.1%, 3 bedroom homes increased by 10.3%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes increased by 0.4%.
Housing Supply in Oak Ridge, TN
How many homes are available in Oak Ridge, TN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 154 | 138 | -10.4% |
Summary: The Oak Ridge real estate market had 138 homes for sale in April 2024, a 10.4% decrease compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 13 | 14 | +7.7% |
| 3 Bedrooms | 92 | 80 | -13.0% |
| 4 Bedrooms | 32 | 30 | -6.3% |
| 5+ Bedrooms | 16 | 13 | -18.8% |
Summary: The Oak Ridge housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 7.7%, 3 bedroom homes decreased by 13%, 4 bedroom homes decreased by 6.3%, and 5+ bedroom homes decreased by 18.8%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 45 | 43 | -4.4% |
Asking Price vs. Sold Price
22 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
13 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Oak Ridge, you may be able to get a good deal. 51.2% of homes here sold below asking price last month.
Summary: A total of 43 homes were sold or pending in Oak Ridge in April 2024, down by 4.4% month-over-month. Of the 43 sold homes, 51% were sold under asking, 19% were sold at asking, and 30% were sold over asking.
Days on Market for Oak Ridge, TN
How long does it take to sell a home in Oak Ridge, TN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 20 Days | 32 Days | +55.9% |
Summary: Homes in Oak Ridge had an average of 32 days on market in Apr 2024, up by 55.9% compared to last year.
Breakdown of Home Sale Times
34 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Oak Ridge are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 43 homes were sold in Oak Ridge; 79% of homes were sold within 30 days, 5% of homes were sold within 30 to 90 days, and 16% 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.