Home Values Heating Up in Tennessee

At a time of low mortgage rates, see if homes in The Volunteer State are a good deal.

Flags on a southern California street. Bill Chizek / Shutterstock

Thanks to low mortgage rates, it's an excellent time to buy or sell a home across the U.S. But what about in Tennessee?

Is the state's housing market too pricey for buyers? Not-so-great if you've got a home you want to sell? Or just right — for everybody?

Home values provide some answers. They indicate that the market in Tennessee is heating up, according to Zillow, though you might find vast differences from one city or one corner of the state to the next.

Current home values in Tennessee

Home values have been rising throughout Tennessee and are up 5.93% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $169,700 , Zillow says.

Could you afford that? Let's say you want to buy that mid-priced home using a 30-year fixed-rate mortgage at this week's average interest rate, which is a low 3.69%, says mortgage company Freddie Mac.

With the 30-year mortgage rate at 3.69% and the median home price for Tennessee at $169,700 , a representative monthly mortgage payment would be $780.14.

How the Tennessee housing market stacks up

Tennessee River in Knoxville, Tennessee
Melinda Fawver / Shutterstock
Tennessee River in Knoxville, Tennessee

Property values in Tennessee are high by historical standards and are lower than what the typical house is worth nationwide.

The median home value throughout the U.S. is $229,600, which is up 4.88% from a year ago.

Zillow predicts U.S. home values will rise 2.2% over the next year, while in Tennessee, they're expected to rise 2.21%.

Homes are going on the market in Tennessee at a median price of $107 per square foot, versus $155 per square foot nationwide.

Are you looking to buy? Take a look at today's best mortgage rates where you live.

Tennessee home prices over the last 10 years

Year Avg. Price
2019* $166,775
2018 $157,492
2017 $145,275
2016 $133,158
2015 $124,317
2014 $118,050
2013 $112,833
2012 $110,183
2011 $111,625
2010 $115,558
2009 $117,508

*2019 price average through August 2019.

How much for an average-sized home?

Here's what a 2,500-square-foot home in Tennessee is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.

Year Avg. Price
2019* $267,500
2018 $255,000
2017 $235,000
2016 $217,500
2015 $202,500
2014 $192,500
2013 $185,000
2012 $180,000
2011 $180,000
2010 $190,000
2009 $192,500

*2019 price average through August 2019.