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 | Hamilton County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $298,576 | $235,307 | $242,182 |
| Price Trend (Annual %) | 12.1% | 10.0% | 8.2% |
| Median Gross Rent | $1,163 | $1,121 | $1,342 |
| Rent Trend (Annual %) | 6.1% | 5.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hamilton County is about 27% higher than in Tennessee. Rent is about 4% 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 Hamilton County, up about 12.1% and 6.1% a year respectively. Home prices are changing faster.
Median rent in Hamilton County rose about 53.5% between 2015 and 2023, from $757 to $1,163. Over the same span, rent in Tennessee rose about 46.9%.
Affordability
On average, housing unit costs 4.1 yearly household incomes in Hamilton County.
Buying the median-priced home in Hamilton County costs roughly 21.4 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 Hamilton County. The price-to-rent ratio in Tennessee is about 17.5.
| Metric | Hamilton County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $298,576 | $235,307 | $242,182 |
| Median Household Income | $73,302 | $67,486 | $78,145 |
| Price-to-Income Ratio | 4.1 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Hamilton County rose about 121.9%, while median household income rose about 61.0% 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 | Hamilton County | Tennessee Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.0% | 60.0% | 58.2% |
| Rental Rate | 32.4% | 29.5% | 31.3% |
| Vacancy Rate | 8.6% | 10.6% | 10.6% |
| Median Tenure (years) | 14.0 | 14.0 | 15.0 |
| Median Year Moved In | 2012 | 2012 | 2011 |
Hamilton County has a homeownership rate of 59.0%, lower than the Tennessee average of 60.0%. Its housing vacancy rate is 8.6%, compared with 10.6% in Tennessee.
Housing Stock
| Metric | Hamilton County | Tennessee Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.38 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1980 | 1985 | 1978 |
| Median Number of Rooms | 5.8 | 5.7 | 5.5 |
The typical housing unit in Hamilton County was built around 1980. On average, 2.4 people live in a home with about 5.8 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Hamilton County, Tennessee.
What is the median home price in Hamilton County, Tennessee?
The median home price in Hamilton County, Tennessee is $298,576, higher than the Tennessee average of $235,307.
What is the average home price in Hamilton 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 Hamilton County, Tennessee?
The median gross rent in Hamilton County, Tennessee is $1,163 per month, higher than the Tennessee average of $1,121.
What was the median gross rent in Hamilton County in 2020?
In 2020, the median gross rent in Hamilton County, Tennessee was $913 per month.
What is the price-to-rent ratio in Hamilton County, Tennessee?
The price-to-rent ratio in Hamilton County, Tennessee is about 21.4, meaning it would take roughly 21.4 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 Hamilton County.
Are home prices or rent rising faster in Hamilton County, Tennessee?
Both home prices and rent are rising in Hamilton County, up about 12.1% and 6.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Hamilton County, Tennessee?
59.0% of households in Hamilton County, Tennessee own their home, lower than the Tennessee average of 60.0%.
What is the vacancy rate in Hamilton County, Tennessee?
The housing vacancy rate in Hamilton County, Tennessee is 8.6%, lower than the Tennessee average of 10.6%.