Is Tellico Plains, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Tellico Plains has remained a Seller's Market.
Key Takeaway
Tellico Plains is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Tellico Plains, TN
How much do homes in Tellico Plains, TN cost?
Median Sold Price
$305,000
$187/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Tellico Plains have sold for 26.4% more than they did a year ago.
Summary: The median home sold price in Tellico Plains was $305,000 in March 2024, up 26.4% from last year, and the median price per square foot was $187.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $195K | $779K | +299.5% |
| 2 Bedrooms | $215K | $280K | +30.2% |
| 3 Bedrooms | $300K | $297.5K | -0.8% |
| 4 Bedrooms | $277.5K | $348.7K | +25.7% |
| 5+ Bedrooms | $459.2K | - | N/A |
Summary: Tellico Plains housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 299.5%, 2 bedroom homes increased by 30.2%, 3 bedroom homes decreased by 0.8%, 4 bedroom homes increased by 25.7%, and 5+ bedroom homes did not change.
Housing Supply in Tellico Plains, TN
How many homes are available in Tellico Plains, TN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 44 | 49 | +11.4% |
Summary: The Tellico Plains real estate market had 49 homes for sale in March 2024, a 11.4% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 12 | 14 | +16.7% |
| 3 Bedrooms | 26 | 27 | +3.8% |
| 4 Bedrooms | 3 | 3 | 0.0% |
| 5+ Bedrooms | 2 | 3 | +50.0% |
Summary: The Tellico Plains housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 16.7%, 3 bedroom homes increased by 3.8%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 3 | 10 | +233.3% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Tellico Plains, expect to pay close to the asking price. 70% of homes here sold near the asking price last month.
Summary: A total of 10 homes were sold or pending in Tellico Plains in March 2024, up by 233.3% month-over-month. Of the 10 sold homes, 20% were sold under asking, 70% were sold at asking, and 10% were sold over asking.
Days on Market for Tellico Plains, TN
How long does it take to sell a home in Tellico Plains, TN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 67 Days | 58 Days | -13.2% |
Summary: Homes in Tellico Plains had an average of 58 days on market in Mar 2024, down by 13.2% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Tellico Plains has remained consistent over time.
Summary: During March 2024, 10 homes were sold in Tellico Plains; 30% of homes were sold within 30 days, 60% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Knoxville Area Association of REALTORS® Multiple Listing Service. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some or all of the listings may not belong to the firm whose website is being visited. Real estate listings held by brokerage firms other than this broker are indicated by detailed information about them such as the name of the listing firms. 
Listings courtesy of RealTracs Middle Tennessee Regional MLS as distributed by MLS GRID.
© 2024 of the REALTRACS MLS. All rights Reserved.