Tennessee Housing Market Prices
Tennessee 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 3% above the US median$255,786
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Median rent 16% below the US median$1,188
Median Home Price Map: Counties in Tennessee
Housing Market Overview
| Metric | Tennessee | US Average |
|---|---|---|
| Median Home Price | $255,786 | $248,835 |
| Price Trend (Annual %) | 9.9% | 7.5% |
| Median Gross Rent | $1,188 | $1,407 |
| Rent Trend (Annual %) | 5.4% | 5.1% |
| Household Income Trend (Annual %) | — | — |
The median home price in Tennessee is about 3% higher than in US. Rent is about 16% lower than the US 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 Tennessee, up about 9.9% and 5.4% a year respectively. Home prices are changing faster.
Median rent in Tennessee rose about 55.6% between 2015 and 2024, from $764 to $1,188. Over the same span, rent in US rose about 52.1%.
Affordability
On average, housing unit costs 3.7 yearly household incomes in Tennessee.
Buying the median-priced home in Tennessee costs roughly 17.9 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 Tennessee. The price-to-rent ratio in US is about 14.7.
| Metric | Tennessee | US Average |
|---|---|---|
| Median Home Price | $255,786 | $248,835 |
| Median Household Income | $69,901 | $80,455 |
| Price-to-Income Ratio | 3.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Tennessee rose about 121.3%, while median household income rose about 57.0% 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 | Tennessee | US Average |
|---|---|---|
| Homeownership Rate | 60.1% | 58.5% |
| Rental Rate | 29.7% | 31.2% |
| Vacancy Rate | 10.2% | 10.2% |
| Median Tenure (years) | 14.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 |
Tennessee has a homeownership rate of 60.1%, higher than the US average of 58.5%. Its housing vacancy rate is 10.2%, compared with 10.2% in US.
Housing Stock
| Metric | Tennessee | US Average |
|---|---|---|
| Average Household Size | 2.45 people | 2.53 people |
| Median Structure Built Year | 1986 | 1978 |
| Median Number of Rooms | 5.7 | 5.5 |
The typical housing unit in Tennessee was built around 1986. On average, 2.4 people live in a home with about 5.7 rooms, staying for about 14.0 years on average.
Tennessee Housing Compared With Nearby States
Tennessee is the 2nd largest of the 6 states compared here, 7,058,506 residents against a local median of 5,083,438. The measure that sets Tennessee apart most is median home price: $255,786, 79% above the local median of $142,738.
Median rent tells the same story from another angle: $1,188 against a local median of $1,007, 18% above it. The states themselves spread $138,969 on median home price, so Tennessee sits at one end of an already wide local range rather than apart from it. Tennessee has the 2nd highest median home price of the 6 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Tennessee | 7,058,506 | $255,786 #2/6 | $1,188 #2/6 | 66.9% #5/6 |
| Kentucky | 4,533,530 | $118,017 | $967 | 68.3% |
| Alabama | 5,083,438 | $160,474 | $1,007 | 70.2% |
| Indiana | 6,845,048 | $142,738 | $1,062 | 70.6% |
| Georgia | 10,939,918 | $256,986 | $1,392 | 65.7% |
| Mississippi | 2,946,497 | $130,069 | $954 | 70.0% |
Frequently Asked Questions
Common questions about the housing market in Tennessee.
What is the median home price in Tennessee?
The median home price in Tennessee is $255,786, higher than the US average of $248,835.
What is the average home price in Tennessee?
The typical home price in Tennessee, reported as the median sale price, is $255,786. 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 Tennessee?
The median gross rent in Tennessee is $1,188 per month, lower than the US average of $1,407.
What was the median gross rent in Tennessee in 2020?
In 2020, the median gross rent in Tennessee was $896 per month.
What is the price-to-rent ratio in Tennessee?
The price-to-rent ratio in Tennessee is about 17.9, meaning it would take roughly 17.9 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 Tennessee.
Are home prices or rent rising faster in Tennessee?
Both home prices and rent are rising in Tennessee, up about 9.9% and 5.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Tennessee?
60.1% of households in Tennessee own their home, higher than the US average of 58.5%.
What is the vacancy rate in Tennessee?
The housing vacancy rate in Tennessee is 10.2%, lower than the US average of 10.2%.
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