Home Values Rising in Tennessee Amid Coronavirus Crisis
See how the housing market is doing in the Volunteer State during COVID-19.
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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.
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.
