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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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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