Is Rhea County, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Rhea County has remained a Seller's Market.
Housing Prices in Rhea County, TN
How much do homes in Rhea County, TN cost?
Median Sold Price
$293,500
$187/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Rhea County was $293,500 in April 2024, up 3% from last year, and the median price per square foot was $187.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $115K | $149K | +29.6% |
2 Bedrooms | $185.5K | $207.5K | +11.9% |
3 Bedrooms | $285K | $293.5K | +3.0% |
4 Bedrooms | $386.5K | $400K | +3.5% |
5+ Bedrooms | $555K | $392.5K | -29.3% |
Summary: Rhea County housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 29.6%, 2 bedroom homes increased by 11.9%, 3 bedroom homes increased by 3%, 4 bedroom homes increased by 3.5%, and 5+ bedroom homes decreased by 29.3%.
Median Sold Price Compared To Nearby Counties
Roane County | $234.3K | $259.3K | +10.7% |
Cumberland County | $299.7K | $317.3K | +5.9% |
Rhea County | $285K | $293.5K | +3.0% |
Meigs County | $325.1K | $325K | 0% |
Bledsoe County | $237K | $226K | -4.6% |
Housing Supply in Rhea County, TN
How many homes are available in Rhea County, TN?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
170 | 201 | +18.2% |
Summary: The Rhea County real estate market had 201 homes for sale in April 2024, a 18.2% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 3 | +100.0% |
2 Bedrooms | 13 | 15 | +15.4% |
3 Bedrooms | 106 | 123 | +16.0% |
4 Bedrooms | 37 | 44 | +18.9% |
5+ Bedrooms | 14 | 16 | +14.3% |
Summary: The Rhea County housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 15.4%, 3 bedroom homes increased by 16%, 4 bedroom homes increased by 18.9%, and 5+ bedroom homes increased by 14.3%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
28 | 58 | +107.1% |
Asking Price vs. Sold Price
35 Homes Were Sold
Under Asking
18 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Summary: A total of 58 homes were sold or pending in Rhea County in April 2024, up by 107.1% month-over-month. Of the 58 sold homes, 60% were sold under asking, 31% were sold at asking, and 9% 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
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
72 Days | 82 Days | +13.2% |
Summary: Homes in Rhea County had an average of 82 days on market in Apr 2024, up by 13.2% compared to last year.
Breakdown of Home Sale Times
11 Homes Were Sold
Under 30 Days
11 Homes Were Sold
In 30 - 90 Days
8 Homes Were Sold
Over 90 Days
Summary: During April 2024, 58 homes were sold in Rhea County; 19% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.