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 | Davidson County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $401,960 | $235,307 | $242,182 |
| Price Trend (Annual %) | 13.3% | 10.0% | 8.2% |
| Median Gross Rent | $1,484 | $1,121 | $1,342 |
| Rent Trend (Annual %) | 7.4% | 5.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Davidson County is about 71% higher than in Tennessee. Rent is about 32% higher 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 Davidson County, up about 13.3% and 7.4% a year respectively. Home prices are changing faster.
Median rent in Davidson County rose about 70.2% between 2015 and 2023, from $872 to $1,484. Over the same span, rent in Tennessee rose about 46.9%.
Affordability
On average, housing unit costs 5.3 yearly household incomes in Davidson County.
Buying the median-priced home in Davidson County costs roughly 22.6 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Davidson County. The price-to-rent ratio in Tennessee is about 17.5.
| Metric | Davidson County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $401,960 | $235,307 | $242,182 |
| Median Household Income | $75,813 | $67,486 | $78,145 |
| Price-to-Income Ratio | 5.3 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Davidson County rose about 172.5%, while median household income rose about 65.7% 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 | Davidson County | Tennessee Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 48.7% | 60.0% | 58.2% |
| Rental Rate | 42.5% | 29.5% | 31.3% |
| Vacancy Rate | 8.8% | 10.6% | 10.6% |
| Median Tenure (years) | 12.0 | 14.0 | 15.0 |
| Median Year Moved In | 2014 | 2012 | 2011 |
Davidson County has a homeownership rate of 48.7%, lower than the Tennessee average of 60.0%. Its housing vacancy rate is 8.8%, compared with 10.6% in Tennessee.
Housing Stock
| Metric | Davidson County | Tennessee Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.19 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1985 | 1985 | 1978 |
| Median Number of Rooms | 5.1 | 5.7 | 5.5 |
The typical housing unit in Davidson County was built around 1985. On average, 2.2 people live in a home with about 5.1 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Davidson County, Tennessee.
What is the median home price in Davidson County, Tennessee?
The median home price in Davidson County, Tennessee is $401,960, higher than the Tennessee average of $235,307.
What is the average home price in Davidson 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 Davidson County, Tennessee?
The median gross rent in Davidson County, Tennessee is $1,484 per month, higher than the Tennessee average of $1,121.
What was the median gross rent in Davidson County in 2020?
In 2020, the median gross rent in Davidson County, Tennessee was $1,172 per month.
What is the price-to-rent ratio in Davidson County, Tennessee?
The price-to-rent ratio in Davidson County, Tennessee is about 22.6, meaning it would take roughly 22.6 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Davidson County.
Are home prices or rent rising faster in Davidson County, Tennessee?
Both home prices and rent are rising in Davidson County, up about 13.3% and 7.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Davidson County, Tennessee?
48.7% of households in Davidson County, Tennessee own their home, lower than the Tennessee average of 60.0%.
What is the vacancy rate in Davidson County, Tennessee?
The housing vacancy rate in Davidson County, Tennessee is 8.8%, lower than the Tennessee average of 10.6%.