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Current home values in Tennessee

Home values have been rising throughout Tennessee and are up 14.8% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $414,418, Realtor says.

Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.

Here's how that works in Tennessee: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.

A 30-year mortgage for a $414,418 home at 3.33% would give a typical Tennessee homebuyer a monthly payment of $1,457, assuming a 20% down payment.

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How the Tennessee housing market stacks up

Older couple enjoying their time together
opkirilka / Twenty20
Older couples can take a trip to explore downtown Tennessee

The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.

While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in Tennessee, they're predicted to rise 6.6%.

Homes right now are going on the market in Tennessee at a median price of $131 per square foot, versus $134 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
2020* $191,422
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

*2020 price average through March 31, 2020.

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As home prices have increased, the average homeowner is sitting on a record amount of home equity. Savvy homeowners are tapping into their equity to consolidate debt, pay for home improvements, or tackle unexpected expenses. Rocket Mortgage, the nation's largest mortgage lender, offers competitive rates and expert guidance.

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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
2020* $327,943
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

*2020 price average through March 31, 2020.

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About the Author

Doug Whiteman

Doug Whiteman

Former Editor-in-Chief

Doug Whiteman was formerly the editor-in-chief of MoneyWise. He has been quoted by The Wall Street Journal, USA Today and CNBC.com and has been interviewed on Fox Business, CBS Radio and the syndicated TV show "First Business."

What to Read Next

It's a lengthy, complicated process, so just keep your eyes on the prize: your new home.

Disclaimer

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