Is Palmyra, TN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Palmyra is a seller's market

Buyer's
Market

Difference Since Last Month

Last month, Palmyra was a Buyer's Market.

Key Takeaway

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

Housing Prices in Palmyra, TN

How much do homes in Palmyra, TN cost?

Median Sold Price

$279,450

$187/sqft

Based on all homes sold in January 2024.

Difference Since Last Month

-$406,550(-59.3%)

Key Takeaway

Homes in Palmyra have sold for 59.3% less than they did a month ago.

Summary: The median home sold price in Palmyra was $279,450 in January 2024, down 59.3% from last month, and the median price per square foot was $187.

Median Sold Price By Bedroom Count

# BEDSDec 2023Jan 2024CHANGE
1 --
N/A
2 --
N/A
3 -$279.4K
N/A
4 $686K$587.5K
-14.4%
5+ --
N/A

Summary: Palmyra housing prices by bedroom type for January 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes did not change, 4 bedroom homes decreased by 14.4%, and 5+ bedroom homes did not change.

Housing Supply in Palmyra, TN

How many homes are available in Palmyra, TN?

Number of Homes For Sale

Dec 2023Jan 2024CHANGE
1514-6.7%

Summary: The Palmyra real estate market had 14 homes for sale in January 2024, a 6.7% decrease compared to December 2023.

Homes For Sale By Bedroom Count

# BEDSDec 2023Jan 2024CHANGE
1 00
0.0%
2 11
0.0%
3 910
+11.1%
4 53
-40.0%
5+ 00
0.0%

Summary: The Palmyra housing inventory by bedroom type for January 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 11.1%, 4 bedroom homes decreased by 40%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Dec 2023Jan 2024CHANGE
24+100.0%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Palmyra, you may be able to get a good deal. 75% of homes here sold below asking price last month.

Summary: A total of 4 homes were sold or pending in Palmyra in January 2024, up by 100.0% month-over-month. Of the 4 sold homes, 75% were sold under asking, 25% 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

Dec 2023Jan 2024CHANGE
23 Days60 Days+156.4%

Summary: Homes in Palmyra had an average of 60 days on market in Jan 2024, up by 156.4% compared to last month.

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Palmyra has remained consistent over time.

Summary: During January 2024, 4 homes were sold in Palmyra; 25% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 25% 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 21 Days Ago

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