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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Sparta is a neutral's market

Buyer's
Market

Difference Since February 2023

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

Key Takeaway

Sparta 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 Sparta, TN

How much do homes in Sparta, TN cost?

Median Sold Price

$250,000

$170/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

-$10,000(-3.8%)

Key Takeaway

Homes in Sparta have sold for 3.8% less than they did a year ago.

Summary: The median home sold price in Sparta was $250,000 in February 2024, down 3.8% from last year, and the median price per square foot was $170.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 -$160.5K
N/A
2 $175.5K$187.5K
+6.8%
3 $260K$265K
+1.9%
4 $370K$349.4K
-5.6%
5+ $259.9K$450K
+73.1%

Summary: Sparta housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 6.8%, 3 bedroom homes increased by 1.9%, 4 bedroom homes decreased by 5.6%, and 5+ bedroom homes increased by 73.1%.

Housing Supply in Sparta, TN

How many homes are available in Sparta, TN?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
143154+7.7%

Summary: The Sparta real estate market had 154 homes for sale in February 2024, a 7.7% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 54
-20.0%
2 2428
+16.7%
3 7981
+2.5%
4 2428
+16.7%
5+ 1113
+18.2%

Summary: The Sparta housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 20%, 2 bedroom homes increased by 16.7%, 3 bedroom homes increased by 2.5%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes increased by 18.2%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
2025+25.0%

Asking Price vs. Sold Price

18 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

4 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Sparta, you may be able to get a good deal. 72% of homes here sold below asking price last month.

Summary: A total of 25 homes were sold or pending in Sparta in February 2024, up by 25.0% month-over-month. Of the 25 sold homes, 72% were sold under asking, 12% were sold at asking, and 16% were sold over asking.

Days on Market for Sparta, TN

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

Average Sale Time

Feb 2023Feb 2024CHANGE
54 Days60 Days+12.0%

Summary: Homes in Sparta had an average of 60 days on market in Feb 2024, up by 12% compared to last year.

Breakdown of Home Sale Times

5 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During February 2024, 25 homes were sold in Sparta; 20% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 16% 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 28 Days Ago

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