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 | Pickett County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $112,500 | $235,307 | $242,182 |
| Price Trend (Annual %) | 0.4% | 10.0% | 8.2% |
| Median Gross Rent | $755 | $1,121 | $1,342 |
| Rent Trend (Annual %) | 8.1% | 5.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Pickett County is about 52% lower than in Tennessee. Rent is about 33% lower than the Tennessee average.
Median Home and Rent Price Trends
Median Home Prices, 2016-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Pickett County, up about 0.4% and 8.1% a year respectively. Rent is changing faster.
Median rent in Pickett County rose about 65.0% between 2015 and 2023, from $457 to $755. Over the same span, rent in Tennessee rose about 46.9%.
Affordability
On average, housing unit costs 2.5 yearly household incomes in Pickett County.
Buying the median-priced home in Pickett County costs roughly 12.4 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 Pickett County. The price-to-rent ratio in Tennessee is about 17.5.
| Metric | Pickett County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $112,500 | $235,307 | $242,182 |
| Median Household Income | $44,687 | $67,486 | $78,145 |
| Price-to-Income Ratio | 2.5 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2016 and 2023, the median home price in Pickett County fell about 0.0%, while median household income rose about 80.6% 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 | Pickett County | Tennessee Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 51.6% | 60.0% | 58.2% |
| Rental Rate | 11.1% | 29.5% | 31.3% |
| Vacancy Rate | 37.4% | 10.6% | 10.6% |
| Median Tenure (years) | 18.0 | 14.0 | 15.0 |
| Median Year Moved In | 2008 | 2012 | 2011 |
Pickett County has a homeownership rate of 51.6%, lower than the Tennessee average of 60.0%. Its housing vacancy rate is 37.4%, compared with 10.6% in Tennessee.
Housing Stock
| Metric | Pickett County | Tennessee Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.36 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1982 | 1985 | 1978 |
| Median Number of Rooms | 5.4 | 5.7 | 5.5 |
The typical housing unit in Pickett County was built around 1982. On average, 2.4 people live in a home with about 5.4 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Pickett County, Tennessee.
What is the median home price in Pickett County, Tennessee?
The median home price in Pickett County, Tennessee is $112,500, lower than the Tennessee average of $235,307.
What is the average home price in Pickett 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 Pickett County, Tennessee?
The median gross rent in Pickett County, Tennessee is $755 per month, lower than the Tennessee average of $1,121.
What was the median gross rent in Pickett County in 2020?
In 2020, the median gross rent in Pickett County, Tennessee was $523 per month.
What is the price-to-rent ratio in Pickett County, Tennessee?
The price-to-rent ratio in Pickett County, Tennessee is about 12.4, meaning it would take roughly 12.4 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 Pickett County.
Are home prices or rent rising faster in Pickett County, Tennessee?
Both home prices and rent are rising in Pickett County, up about 0.4% and 8.1% a year respectively. Rent is changing faster.
What is the homeownership rate in Pickett County, Tennessee?
51.6% of households in Pickett County, Tennessee own their home, lower than the Tennessee average of 60.0%.
What is the vacancy rate in Pickett County, Tennessee?
The housing vacancy rate in Pickett County, Tennessee is 37.4%, higher than the Tennessee average of 10.6%.