Oak Ridge, Tennessee Housing Market Prices
Oak Ridge 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 41% below the Tennessee median$149,636
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Median rent 6% below the Tennessee median$1,122
Housing Market Overview
| Metric | Oak Ridge | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $149,636 | $255,786 | $248,835 |
| Price Trend (Annual %) | 14.4% | 9.9% | 7.5% |
| Median Gross Rent | $1,122 | $1,188 | $1,407 |
| Rent Trend (Annual %) | 5.4% | 5.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Oak Ridge is about 41% lower than in Tennessee. Rent is about 6% lower than the Tennessee 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 Oak Ridge, up about 14.4% and 5.4% a year respectively. Home prices are changing faster.
Median rent in Oak Ridge rose about 52.0% between 2015 and 2024, from $738 to $1,122. Over the same span, rent in Tennessee rose about 55.6%.
Affordability
On average, housing unit costs 2.0 yearly household incomes in Oak Ridge.
Buying the median-priced home in Oak Ridge costs roughly 11.1 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 Oak Ridge. The price-to-rent ratio in Tennessee is about 17.9.
| Metric | Oak Ridge | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $149,636 | $255,786 | $248,835 |
| Median Household Income | $73,381 | $69,901 | $80,455 |
| Price-to-Income Ratio | 2.0 | 3.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Oak Ridge rose about 81.2%, while median household income rose about 39.8% 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 | Oak Ridge | Tennessee Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.7% | 60.1% | 58.5% |
| Rental Rate | 32.1% | 29.7% | 31.2% |
| Vacancy Rate | 8.2% | 10.2% | 10.2% |
| Median Tenure (years) | 12.0 | 14.0 | 15.0 |
| Median Year Moved In | 2014 | 2012 | 2011 |
Oak Ridge has a homeownership rate of 59.7%, about the same as the Tennessee average of 60.1%. Its housing vacancy rate is 8.2%, compared with 10.2% in Tennessee.
Housing Stock
| Metric | Oak Ridge | Tennessee Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.29 people | 2.45 people | 2.53 people |
| Median Structure Built Year | 1968 | 1986 | 1978 |
| Median Number of Rooms | 5.8 | 5.7 | 5.5 |
The typical housing unit in Oak Ridge was built around 1968. On average, 2.3 people live in a home with about 5.8 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Oak Ridge, Tennessee.
What is the median home price in Oak Ridge, Tennessee?
The median home price in Oak Ridge, Tennessee is $149,636, lower than the Tennessee average of $255,786.
What is the average home price in Oak Ridge, Tennessee?
The typical home price in Oak Ridge, Tennessee, reported as the median sale price, is $149,636. 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 Oak Ridge, Tennessee?
The median gross rent in Oak Ridge, Tennessee is $1,122 per month, lower than the Tennessee average of $1,188.
What was the median gross rent in Oak Ridge in 2020?
In 2020, the median gross rent in Oak Ridge, Tennessee was $867 per month.
What is the price-to-rent ratio in Oak Ridge, Tennessee?
The price-to-rent ratio in Oak Ridge, Tennessee is about 11.1, meaning it would take roughly 11.1 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 Oak Ridge.
Are home prices or rent rising faster in Oak Ridge, Tennessee?
Both home prices and rent are rising in Oak Ridge, up about 14.4% and 5.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Oak Ridge, Tennessee?
59.7% of households in Oak Ridge, Tennessee own their home, lower than the Tennessee average of 60.1%.
What is the vacancy rate in Oak Ridge, Tennessee?
The housing vacancy rate in Oak Ridge, Tennessee is 8.2%, lower than the Tennessee average of 10.2%.
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