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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Polk County is a buyer's market

Buyer's
Market

Difference Since February 2023

At the same time last year, Polk County was a Seller's Market.

Key Takeaway

Polk County is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Polk County, TN

How much do homes in Polk County, TN cost?

Median Sold Price

$279,950

$163/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

-$30,050(-9.7%)

Key Takeaway

Homes in Polk County have sold for 9.7% less than they did a year ago.

Summary: The median home sold price in Polk County was $279,950 in February 2024, down 9.7% from last year, and the median price per square foot was $163.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $220.3K$100.3K
-54.5%
2 $190K$181K
-4.7%
3 $279.9K$289K
+3.3%
4 $371K$420K
+13.2%
5+ $420K$299.9K
-28.6%

Summary: Polk County housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 54.5%, 2 bedroom homes decreased by 4.7%, 3 bedroom homes increased by 3.3%, 4 bedroom homes increased by 13.2%, and 5+ bedroom homes decreased by 28.6%.

Median Sold Price Compared To Nearby Counties

Monroe County
+18.2%
McMinn County
+7.4%
Bradley County
+5.4%
Fannin County
-2.1%
Polk County
-9.7%

Housing Supply in Polk County, TN

How many homes are available in Polk County, TN?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
6983+20.3%

Summary: The Polk County real estate market had 83 homes for sale in February 2024, a 20.3% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 55
0.0%
2 913
+44.4%
3 3135
+12.9%
4 1619
+18.8%
5+ 811
+37.5%

Summary: The Polk County housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 44.4%, 3 bedroom homes increased by 12.9%, 4 bedroom homes increased by 18.8%, and 5+ bedroom homes increased by 37.5%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
86-25.0%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Polk County, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.

Summary: A total of 6 homes were sold or pending in Polk County in February 2024, down by 25.0% month-over-month. Of the 6 sold homes, 33% were sold under asking, 50% were sold at asking, and 17% were sold over asking.

Days on Market for Polk County, TN

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

Average Sale Time

Feb 2023Feb 2024CHANGE
139 Days59 Days-57.8%

Summary: Homes in Polk County had an average of 59 days on market in Feb 2024, down by 57.8% compared to last year.

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During February 2024, 6 homes were sold in Polk County; 17% of homes were sold within 30 days, 0% 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 18 Days Ago

Newest Listings in Polk County, TN

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