Is Prospect, 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, Prospect was a Buyer's Market.
Key Takeaway
Prospect is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Prospect, TN
How much do homes in Prospect, TN cost?
Median Sold Price
$222,000
$155/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Prospect have sold for 11% less than they did a year ago.
Summary: The median home sold price in Prospect was $222,000 in March 2024, down 11% from last year, and the median price per square foot was $155.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $250K | $142.5K | -43.0% |
| 3 Bedrooms | $202.9K | $260K | +28.1% |
| 4 Bedrooms | $249K | $450K | +80.7% |
| 5+ Bedrooms | $410K | $430K | +4.9% |
Summary: Prospect 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 decreased by 43%, 3 bedroom homes increased by 28.1%, 4 bedroom homes increased by 80.7%, and 5+ bedroom homes increased by 4.9%.
Median Sold Price Compared To Nearby Cities
| Ardmore | $269K | $283.9K | +5.6% |
| Prospect | $249.5K | $222K | -11.0% |
Housing Supply in Prospect, TN
How many homes are available in Prospect, TN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 10 | 9 | -10.0% |
Summary: The Prospect real estate market had 9 homes for sale in March 2024, a 10.0% decrease 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 | 0 | 0 | 0.0% |
| 3 Bedrooms | 4 | 4 | 0.0% |
| 4 Bedrooms | 5 | 4 | -20.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Prospect 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 remained the same, 3 bedroom homes remained the same, 4 bedroom homes decreased by 20%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 0 | 3 | +100.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Prospect, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.
Summary: A total of 3 homes were sold or pending in Prospect in March 2024, up by 100.0% month-over-month. Of the 2 sold homes, 0% were sold under asking, 50% were sold at asking, and 50% were sold over asking.
Days on Market for Prospect, TN
How long does it take to sell a home in Prospect, TN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 124 Days | 53 Days | -57.0% |
Summary: Homes in Prospect had an average of 53 days on market in Mar 2024, down by 57% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Prospect are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 3 homes were sold in Prospect; 33% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 33% 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.