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 | Jefferson County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $122,064 | $235,307 | $242,182 |
| Price Trend (Annual %) | -0.3% | 10.0% | 8.2% |
| Median Gross Rent | $879 | $1,121 | $1,342 |
| Rent Trend (Annual %) | 4.6% | 5.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Jefferson County is about 48% lower than in Tennessee. Rent is about 22% lower than the Tennessee average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Jefferson County: home prices fell about 0.3% a year while rent rose about 4.6% a year. That is an unusual pattern worth watching.
Median rent in Jefferson County rose about 37.1% between 2015 and 2023, from $641 to $879. Over the same span, rent in Tennessee rose about 46.9%.
Affordability
On average, housing unit costs 1.9 yearly household incomes in Jefferson County.
Buying the median-priced home in Jefferson County costs roughly 11.6 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Jefferson County. The price-to-rent ratio in Tennessee is about 17.5.
| Metric | Jefferson County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $122,064 | $235,307 | $242,182 |
| Median Household Income | $63,721 | $67,486 | $78,145 |
| Price-to-Income Ratio | 1.9 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Jefferson County fell about 20.8%, while median household income rose about 67.1% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Jefferson County | Tennessee Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 62.7% | 60.0% | 58.2% |
| Rental Rate | 22.0% | 29.5% | 31.3% |
| Vacancy Rate | 15.4% | 10.6% | 10.6% |
| Median Tenure (years) | 15.0 | 14.0 | 15.0 |
| Median Year Moved In | 2011 | 2012 | 2011 |
Jefferson County has a homeownership rate of 62.7%, higher than the Tennessee average of 60.0%. Its housing vacancy rate is 15.4%, compared with 10.6% in Tennessee.
Housing Stock
| Metric | Jefferson County | Tennessee Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.54 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1987 | 1985 | 1978 |
| Median Number of Rooms | 5.7 | 5.7 | 5.5 |
The typical housing unit in Jefferson County was built around 1987. On average, 2.5 people live in a home with about 5.7 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Jefferson County, Tennessee.
What is the median home price in Jefferson County, Tennessee?
The median home price in Jefferson County, Tennessee is $122,064, lower than the Tennessee average of $235,307.
What is the average home price in Jefferson 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 Jefferson County, Tennessee?
The median gross rent in Jefferson County, Tennessee is $879 per month, lower than the Tennessee average of $1,121.
What was the median gross rent in Jefferson County in 2020?
In 2020, the median gross rent in Jefferson County, Tennessee was $723 per month.
What is the price-to-rent ratio in Jefferson County, Tennessee?
The price-to-rent ratio in Jefferson County, Tennessee is about 11.6, meaning it would take roughly 11.6 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Jefferson County.
Are home prices or rent rising faster in Jefferson County, Tennessee?
Home prices and rent are moving in opposite directions in Jefferson County: home prices fell about 0.3% a year while rent rose about 4.6% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Jefferson County, Tennessee?
62.7% of households in Jefferson County, Tennessee own their home, higher than the Tennessee average of 60.0%.
What is the vacancy rate in Jefferson County, Tennessee?
The housing vacancy rate in Jefferson County, Tennessee is 15.4%, higher than the Tennessee average of 10.6%.