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 | Carter County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $139,814 | $235,307 | $242,182 |
| Price Trend (Annual %) | 3.0% | 10.0% | 8.2% |
| Median Gross Rent | $737 | $1,121 | $1,342 |
| Rent Trend (Annual %) | 3.3% | 5.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Carter County is about 41% lower than in Tennessee. Rent is about 34% lower than the Tennessee average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Carter County, up about 3.0% and 3.3% a year respectively. Rent is changing faster.
Median rent in Carter County rose about 30.4% between 2015 and 2023, from $565 to $737. Over the same span, rent in Tennessee rose about 46.9%.
Affordability
On average, housing unit costs 2.9 yearly household incomes in Carter County.
Buying the median-priced home in Carter County costs roughly 15.8 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Carter County. The price-to-rent ratio in Tennessee is about 17.5.
| Metric | Carter County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $139,814 | $235,307 | $242,182 |
| Median Household Income | $48,727 | $67,486 | $78,145 |
| Price-to-Income Ratio | 2.9 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Carter County rose about 57.3%, while median household income rose about 48.9% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Carter County | Tennessee Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 64.0% | 60.0% | 58.2% |
| Rental Rate | 22.4% | 29.5% | 31.3% |
| Vacancy Rate | 13.6% | 10.6% | 10.6% |
| Median Tenure (years) | 16.0 | 14.0 | 15.0 |
| Median Year Moved In | 2010 | 2012 | 2011 |
Carter County has a homeownership rate of 64.0%, higher than the Tennessee average of 60.0%. Its housing vacancy rate is 13.6%, compared with 10.6% in Tennessee.
Housing Stock
| Metric | Carter County | Tennessee Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.27 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1977 | 1985 | 1978 |
| Median Number of Rooms | 5.5 | 5.7 | 5.5 |
The typical housing unit in Carter County was built around 1977. On average, 2.3 people live in a home with about 5.5 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Carter County, Tennessee.
What is the median home price in Carter County, Tennessee?
The median home price in Carter County, Tennessee is $139,814, lower than the Tennessee average of $235,307.
What is the average home price in Carter 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 Carter County, Tennessee?
The median gross rent in Carter County, Tennessee is $737 per month, lower than the Tennessee average of $1,121.
What was the median gross rent in Carter County in 2020?
In 2020, the median gross rent in Carter County, Tennessee was $644 per month.
What is the price-to-rent ratio in Carter County, Tennessee?
The price-to-rent ratio in Carter County, Tennessee is about 15.8, meaning it would take roughly 15.8 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Carter County.
Are home prices or rent rising faster in Carter County, Tennessee?
Both home prices and rent are rising in Carter County, up about 3.0% and 3.3% a year respectively. Rent is changing faster.
What is the homeownership rate in Carter County, Tennessee?
64.0% of households in Carter County, Tennessee own their home, higher than the Tennessee average of 60.0%.
What is the vacancy rate in Carter County, Tennessee?
The housing vacancy rate in Carter County, Tennessee is 13.6%, higher than the Tennessee average of 10.6%.