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 | Madison County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $192,307 | $235,307 | $242,182 |
| Price Trend (Annual %) | 9.3% | 10.0% | 8.2% |
| Median Gross Rent | $1,076 | $1,121 | $1,342 |
| Rent Trend (Annual %) | 4.4% | 5.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Madison County is about 18% lower than in Tennessee. Rent is about 4% 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 Madison County, up about 9.3% and 4.4% a year respectively. Home prices are changing faster.
Median rent in Madison County rose about 40.4% between 2015 and 2023, from $766 to $1,076. Over the same span, rent in Tennessee rose about 46.9%.
Affordability
On average, housing unit costs 3.3 yearly household incomes in Madison County.
Buying the median-priced home in Madison County costs roughly 14.9 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 Madison County. The price-to-rent ratio in Tennessee is about 17.5.
| Metric | Madison County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $192,307 | $235,307 | $242,182 |
| Median Household Income | $58,437 | $67,486 | $78,145 |
| Price-to-Income Ratio | 3.3 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Madison County rose about 60.4%, while median household income rose about 47.0% 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 | Madison County | Tennessee Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.3% | 60.0% | 58.2% |
| Rental Rate | 33.8% | 29.5% | 31.3% |
| Vacancy Rate | 10.0% | 10.6% | 10.6% |
| Median Tenure (years) | 14.0 | 14.0 | 15.0 |
| Median Year Moved In | 2012 | 2012 | 2011 |
Madison County has a homeownership rate of 56.3%, lower than the Tennessee average of 60.0%. Its housing vacancy rate is 10.0%, compared with 10.6% in Tennessee.
Housing Stock
| Metric | Madison County | Tennessee Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.40 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1982 | 1985 | 1978 |
| Median Number of Rooms | 5.9 | 5.7 | 5.5 |
The typical housing unit in Madison County was built around 1982. On average, 2.4 people live in a home with about 5.9 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Madison County, Tennessee.
What is the median home price in Madison County, Tennessee?
The median home price in Madison County, Tennessee is $192,307, lower than the Tennessee average of $235,307.
What is the average home price in Madison 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 Madison County, Tennessee?
The median gross rent in Madison County, Tennessee is $1,076 per month, lower than the Tennessee average of $1,121.
What was the median gross rent in Madison County in 2020?
In 2020, the median gross rent in Madison County, Tennessee was $874 per month.
What is the price-to-rent ratio in Madison County, Tennessee?
The price-to-rent ratio in Madison County, Tennessee is about 14.9, meaning it would take roughly 14.9 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 Madison County.
Are home prices or rent rising faster in Madison County, Tennessee?
Both home prices and rent are rising in Madison County, up about 9.3% and 4.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Madison County, Tennessee?
56.3% of households in Madison County, Tennessee own their home, lower than the Tennessee average of 60.0%.
What is the vacancy rate in Madison County, Tennessee?
The housing vacancy rate in Madison County, Tennessee is 10.0%, lower than the Tennessee average of 10.6%.