Is Rhea County, 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, Rhea County was a Seller's Market.
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
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
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $115K | $149K | +29.6% |
2 Bedrooms | $195K | $213.3K | +9.4% |
3 Bedrooms | $269.9K | $299.3K | +10.9% |
4 Bedrooms | $426K | $362.5K | -14.9% |
5+ Bedrooms | $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 | $271.3K | $299K | +10.2% |
Roane County | $235.2K | $251K | +6.7% |
Cumberland County | $300K | $318.1K | +6.1% |
Meigs County | $325.2K | $325K | -0.1% |
Bledsoe County | $237K | $230K | -3.0% |
Housing Supply in Rhea County, TN
How many homes are available in Rhea County, TN?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
144 | 171 | +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
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 13 | 13 | 0.0% |
3 Bedrooms | 89 | 108 | +21.3% |
4 Bedrooms | 32 | 36 | +12.5% |
5+ Bedrooms | 10 | 14 | +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 2024 | Mar 2024 | CHANGE |
---|---|---|
17 | 26 | +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
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 2023 | Mar 2024 | CHANGE |
---|---|---|
61 Days | 44 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
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.