Is Palmyra, 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, Palmyra was a Seller's Market.
Key Takeaway
Palmyra is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Palmyra, TN
How much do homes in Palmyra, TN cost?
Median Sold Price
$357,500
$178/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Palmyra have sold for 10.6% less than they did a year ago.
Summary: The median home sold price in Palmyra was $357,500 in March 2024, down 10.6% from last year, and the median price per square foot was $178.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $419.9K | $502.5K | +19.7% |
| 3 Bedrooms | $379.9K | $307.4K | -19.1% |
| 4 Bedrooms | $427.4K | $495K | +15.8% |
| 5+ Bedrooms | $535K | $632.2K | +18.2% |
Summary: Palmyra housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 19.7%, 3 bedroom homes decreased by 19.1%, 4 bedroom homes increased by 15.8%, and 5+ bedroom homes increased by 18.2%.
Median Sold Price Compared To Nearby Cities
| Woodlawn | $272.5K | $312.5K | +14.7% |
| Palmyra | $400K | $357.5K | -10.6% |
| Indian Mound | $352.5K | $245K | -30.5% |
Housing Supply in Palmyra, TN
How many homes are available in Palmyra, TN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 10 | 11 | +10.0% |
Summary: The Palmyra real estate market had 11 homes for sale in March 2024, a 10.0% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 0 | -100.0% |
| 3 Bedrooms | 8 | 9 | +12.5% |
| 4 Bedrooms | 1 | 2 | +100.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Palmyra 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 100%, 3 bedroom homes increased by 12.5%, 4 bedroom homes increased by 100%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 2 | 1 | -50.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Palmyra, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 1 homes were sold or pending in Palmyra in March 2024, down by 50.0% month-over-month. Of the 1 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Palmyra, TN
How long does it take to sell a home in Palmyra, TN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 15 Days | 84 Days | +438.5% |
Summary: Homes in Palmyra had an average of 84 days on market in Mar 2024, up by 438.5% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Palmyra has remained consistent over time.
Summary: During March 2024, 1 homes were sold in Palmyra; 0% of homes were sold within 30 days, 100% of homes were sold within 30 to 90 days, and 0% 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.