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 seller's market

Buyer's
Market

Difference Since April 2023

Since last year, Rhea County has remained a Seller's Market.

Key Takeaway

Rhea County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

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

+$8,500(+3.0%)

Key Takeaway

Homes in Rhea County have sold for 3% more than they did a year ago.

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

# BEDSApr 2023Apr 2024CHANGE
1 $115K$149K
+29.6%
2 $185.5K$207.5K
+11.9%
3 $285K$293.5K
+3.0%
4 $386.5K$400K
+3.5%
5+ $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
+10.7%
Cumberland County
+5.9%
Rhea County
+3.0%
Meigs County
0%
Bledsoe County
-4.6%

Housing Supply in Rhea County, TN

How many homes are available in Rhea County, TN?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
170201+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

# BEDSMar 2024Apr 2024CHANGE
1 03
+100.0%
2 1315
+15.4%
3 106123
+16.0%
4 3744
+18.9%
5+ 1416
+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 2024Apr 2024CHANGE
2858+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

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Rhea County, you may be able to get a good deal. 60.3% of homes here sold below asking price last month.

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 2023Apr 2024CHANGE
72 Days82 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

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 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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 3 Days Ago

Newest Listings in Rhea County, TN

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