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 | Lawrence County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $159,258 | $235,307 | $242,182 |
| Price Trend (Annual %) | 13.8% | 10.0% | 8.2% |
| Median Gross Rent | $735 | $1,121 | $1,342 |
| Rent Trend (Annual %) | 2.8% | 5.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lawrence County is about 32% lower than in Tennessee. Rent is about 34% lower 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 Lawrence County, up about 13.8% and 2.8% a year respectively. Home prices are changing faster.
Median rent in Lawrence County rose about 30.6% between 2015 and 2023, from $563 to $735. Over the same span, rent in Tennessee rose about 46.9%.
Affordability
On average, housing unit costs 3.0 yearly household incomes in Lawrence County.
Buying the median-priced home in Lawrence County costs roughly 18.0 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 Lawrence County. The price-to-rent ratio in Tennessee is about 17.5.
| Metric | Lawrence County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $159,258 | $235,307 | $242,182 |
| Median Household Income | $53,951 | $67,486 | $78,145 |
| Price-to-Income Ratio | 3.0 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lawrence County rose about 130.4%, while median household income rose about 50.7% 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 | Lawrence County | Tennessee Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 68.0% | 60.0% | 58.2% |
| Rental Rate | 21.3% | 29.5% | 31.3% |
| Vacancy Rate | 10.7% | 10.6% | 10.6% |
| Median Tenure (years) | 17.0 | 14.0 | 15.0 |
| Median Year Moved In | 2009 | 2012 | 2011 |
Lawrence County has a homeownership rate of 68.0%, higher than the Tennessee average of 60.0%. Its housing vacancy rate is 10.7%, compared with 10.6% in Tennessee.
Housing Stock
| Metric | Lawrence County | Tennessee Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.66 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1981 | 1985 | 1978 |
| Median Number of Rooms | 5.9 | 5.7 | 5.5 |
The typical housing unit in Lawrence County was built around 1981. On average, 2.7 people live in a home with about 5.9 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lawrence County, Tennessee.
What is the median home price in Lawrence County, Tennessee?
The median home price in Lawrence County, Tennessee is $159,258, lower than the Tennessee average of $235,307.
What is the average home price in Lawrence 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 Lawrence County, Tennessee?
The median gross rent in Lawrence County, Tennessee is $735 per month, lower than the Tennessee average of $1,121.
What was the median gross rent in Lawrence County in 2020?
In 2020, the median gross rent in Lawrence County, Tennessee was $659 per month.
What is the price-to-rent ratio in Lawrence County, Tennessee?
The price-to-rent ratio in Lawrence County, Tennessee is about 18.0, meaning it would take roughly 18.0 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 Lawrence County.
Are home prices or rent rising faster in Lawrence County, Tennessee?
Both home prices and rent are rising in Lawrence County, up about 13.8% and 2.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lawrence County, Tennessee?
68.0% of households in Lawrence County, Tennessee own their home, higher than the Tennessee average of 60.0%.
What is the vacancy rate in Lawrence County, Tennessee?
The housing vacancy rate in Lawrence County, Tennessee is 10.7%, higher than the Tennessee average of 10.6%.