Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Cannon County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $55,000 | $235,307 | $242,182 |
| Price Trend (Annual %) | -10.7% | 10.0% | 8.2% |
| Median Gross Rent | $781 | $1,121 | $1,342 |
| Rent Trend (Annual %) | 3.7% | 5.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Cannon County is about 77% lower than in Tennessee. Rent is about 30% lower than the Tennessee average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2022
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Cannon County: home prices fell about 10.7% a year while rent rose about 3.7% a year. That is an unusual pattern worth watching.
Median rent in Cannon County rose about 29.1% between 2015 and 2023, from $605 to $781. Over the same span, rent in Tennessee rose about 46.9%.
Affordability
On average, housing unit costs 1.0 yearly household incomes in Cannon County.
Buying the median-priced home in Cannon County costs roughly 5.9 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Cannon County. The price-to-rent ratio in Tennessee is about 17.5.
| Metric | Cannon County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $55,000 | $235,307 | $242,182 |
| Median Household Income | $57,661 | $67,486 | $78,145 |
| Price-to-Income Ratio | 1.0 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2022, the median home price in Cannon County fell about 76.7%, while median household income rose about 61.3% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Cannon County | Tennessee Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 68.8% | 60.0% | 58.2% |
| Rental Rate | 20.3% | 29.5% | 31.3% |
| Vacancy Rate | 10.9% | 10.6% | 10.6% |
| Median Tenure (years) | 16.0 | 14.0 | 15.0 |
| Median Year Moved In | 2010 | 2012 | 2011 |
Cannon County has a homeownership rate of 68.8%, higher than the Tennessee average of 60.0%. Its housing vacancy rate is 10.9%, compared with 10.6% in Tennessee.
Housing Stock
| Metric | Cannon County | Tennessee Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.56 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1986 | 1985 | 1978 |
| Median Number of Rooms | 5.9 | 5.7 | 5.5 |
The typical housing unit in Cannon County was built around 1986. On average, 2.6 people live in a home with about 5.9 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Cannon County, Tennessee.
What is the median home price in Cannon County, Tennessee?
The median home price in Cannon County, Tennessee is $55,000, lower than the Tennessee average of $235,307.
What is the average home price in Cannon County, Tennessee?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Cannon County, Tennessee?
The median gross rent in Cannon County, Tennessee is $781 per month, lower than the Tennessee average of $1,121.
What was the median gross rent in Cannon County in 2020?
In 2020, the median gross rent in Cannon County, Tennessee was $641 per month.
What is the price-to-rent ratio in Cannon County, Tennessee?
The price-to-rent ratio in Cannon County, Tennessee is about 5.9, meaning it would take roughly 5.9 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Cannon County.
Are home prices or rent rising faster in Cannon County, Tennessee?
Home prices and rent are moving in opposite directions in Cannon County: home prices fell about 10.7% a year while rent rose about 3.7% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Cannon County, Tennessee?
68.8% of households in Cannon County, Tennessee own their home, higher than the Tennessee average of 60.0%.
What is the vacancy rate in Cannon County, Tennessee?
The housing vacancy rate in Cannon County, Tennessee is 10.9%, higher than the Tennessee average of 10.6%.