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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Rhea County is a neutral's market

Buyer's
Market

Difference Since March 2023

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

Key Takeaway

Rhea County is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Rhea County, TN

How much do homes in Rhea County, TN cost?

Median Sold Price

$299,000

$186/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$27,618(+10.2%)

Key Takeaway

Homes in Rhea County have sold for 10.2% more than they did a year ago.

Summary: The median home sold price in Rhea County was $299,000 in March 2024, up 10.2% from last year, and the median price per square foot was $186.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $115K$149K
+29.6%
2 $195K$213.3K
+9.4%
3 $269.9K$299.3K
+10.9%
4 $426K$362.5K
-14.9%
5+ $555K$397.4K
-28.4%

Summary: Rhea County housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 29.6%, 2 bedroom homes increased by 9.4%, 3 bedroom homes increased by 10.9%, 4 bedroom homes decreased by 14.9%, and 5+ bedroom homes decreased by 28.4%.

Median Sold Price Compared To Nearby Counties

Rhea County
+10.2%
Roane County
+6.7%
Cumberland County
+6.1%
Meigs County
-0.1%
Bledsoe County
-3.0%

Housing Supply in Rhea County, TN

How many homes are available in Rhea County, TN?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
144171+18.8%

Summary: The Rhea County real estate market had 171 homes for sale in March 2024, a 18.8% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 00
0.0%
2 1313
0.0%
3 89108
+21.3%
4 3236
+12.5%
5+ 1014
+40.0%

Summary: The Rhea County 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 increased by 21.3%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes increased by 40%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
1726+52.9%

Asking Price vs. Sold Price

11 Homes Were Sold
Under Asking

13 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

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

Summary: A total of 26 homes were sold or pending in Rhea County in March 2024, up by 52.9% month-over-month. Of the 26 sold homes, 42% were sold under asking, 50% were sold at asking, and 8% were sold over asking.

Days on Market for Rhea County, TN

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

Average Sale Time

Mar 2023Mar 2024CHANGE
61 Days44 Days-28.5%

Summary: Homes in Rhea County had an average of 44 days on market in Mar 2024, down by 28.5% compared to last year.

Breakdown of Home Sale Times

7 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During March 2024, 26 homes were sold in Rhea County; 27% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 12% 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 22 Days Ago

Newest Listings in Rhea County, TN

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