Get the latest personal finance news sent straight to your inbox.
We’ll send you top stories and timely tips every Tuesday and Thursday.
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.
How the Tennessee housing market stacks up

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.
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.