Fayette County, Tennessee Housing Market Prices
Fayette County Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 65% above the Tennessee median More expensive than 95% of counties in Tennessee$422,563
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Median rent 23% below the Tennessee median More expensive than 72% of counties in Tennessee$909
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Fayette County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $422,563 | $255,786 | $248,835 |
| Price Trend (Annual %) | 21.2% | 9.9% | 7.5% |
| Median Gross Rent | $909 | $1,188 | $1,407 |
| Rent Trend (Annual %) | 4.5% | 5.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Fayette County is about 65% higher than in Tennessee. Rent is about 23% lower than the Tennessee average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Fayette County, up about 21.2% and 4.5% a year respectively. Home prices are changing faster.
Median rent in Fayette County rose about 48.5% between 2015 and 2024, from $612 to $909. Over the same span, rent in Tennessee rose about 55.6%.
Affordability
On average, housing unit costs 4.8 yearly household incomes in Fayette County.
Buying the median-priced home in Fayette County costs roughly 38.7 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 Fayette County. The price-to-rent ratio in Tennessee is about 17.9.
| Metric | Fayette County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $422,563 | $255,786 | $248,835 |
| Median Household Income | $87,617 | $69,901 | $80,455 |
| Price-to-Income Ratio | 4.8 | 3.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Fayette County rose about 263.8%, while median household income rose about 47.7% between 2009 and 2025 — 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 | Fayette County | Tennessee Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 75.8% | 60.1% | 58.5% |
| Rental Rate | 17.3% | 29.7% | 31.2% |
| Vacancy Rate | 6.9% | 10.2% | 10.2% |
| Median Tenure (years) | 15.0 | 14.0 | 15.0 |
| Median Year Moved In | 2011 | 2012 | 2011 |
Fayette County has a homeownership rate of 75.8%, higher than the Tennessee average of 60.1%. Its housing vacancy rate is 6.9%, compared with 10.2% in Tennessee.
Housing Stock
| Metric | Fayette County | Tennessee Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.50 people | 2.45 people | 2.53 people |
| Median Structure Built Year | 1998 | 1986 | 1978 |
| Median Number of Rooms | 6.6 | 5.7 | 5.5 |
The typical housing unit in Fayette County was built around 1998. On average, 2.5 people live in a home with about 6.6 rooms, staying for about 15.0 years on average.
Fayette County, TN Housing Compared With Nearby Counties
Fayette County, TN is the 2nd largest of the 4 counties compared here, 43,762 residents against a local median of 33,979. The measure that sets Fayette County, TN apart most is median home price: $422,563, 138% above the local median of $177,591.
The counties themselves spread $167,258 on median home price, so Fayette County, TN sits at one end of an already wide local range rather than apart from it. Fayette County, TN has the highest median home price of the 4 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Fayette County, TN | 43,762 | $422,563 #1/4 | $909 #2/4 | 81.5% #1/4 |
| Hardeman County, TN | 25,433 | $166,145 | $812 | 71.7% |
| Marshall County, MS | 33,979 | $177,591 | $867 | 79.1% |
| Tipton County, TN | 61,301 | $333,403 | $1,012 | 76.3% |
Frequently Asked Questions
Common questions about the housing market in Fayette County, Tennessee.
What is the median home price in Fayette County, Tennessee?
The median home price in Fayette County, Tennessee is $422,563, higher than the Tennessee average of $255,786.
What is the average home price in Fayette County, Tennessee?
The typical home price in Fayette County, Tennessee, reported as the median sale price, is $422,563. 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 Fayette County, Tennessee?
The median gross rent in Fayette County, Tennessee is $909 per month, lower than the Tennessee average of $1,188.
What was the median gross rent in Fayette County in 2020?
In 2020, the median gross rent in Fayette County, Tennessee was $776 per month.
What is the price-to-rent ratio in Fayette County, Tennessee?
The price-to-rent ratio in Fayette County, Tennessee is about 38.7, meaning it would take roughly 38.7 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 Fayette County.
Are home prices or rent rising faster in Fayette County, Tennessee?
Both home prices and rent are rising in Fayette County, up about 21.2% and 4.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Fayette County, Tennessee?
75.8% of households in Fayette County, Tennessee own their home, higher than the Tennessee average of 60.1%.
What is the vacancy rate in Fayette County, Tennessee?
The housing vacancy rate in Fayette County, Tennessee is 6.9%, lower than the Tennessee average of 10.2%.
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