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 | Putnam County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $132,608 | $235,307 | $242,182 |
| Price Trend (Annual %) | -3.7% | 10.0% | 8.2% |
| Median Gross Rent | $880 | $1,121 | $1,342 |
| Rent Trend (Annual %) | 4.9% | 5.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Putnam County is about 44% lower than in Tennessee. Rent is about 21% 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 Putnam County: home prices fell about 3.7% a year while rent rose about 4.9% a year. That is an unusual pattern worth watching.
Median rent in Putnam County rose about 42.9% between 2015 and 2023, from $616 to $880. Over the same span, rent in Tennessee rose about 46.9%.
Affordability
On average, housing unit costs 2.3 yearly household incomes in Putnam County.
Buying the median-priced home in Putnam County costs roughly 12.6 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 Putnam County. The price-to-rent ratio in Tennessee is about 17.5.
| Metric | Putnam County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $132,608 | $235,307 | $242,182 |
| Median Household Income | $56,529 | $67,486 | $78,145 |
| Price-to-Income Ratio | 2.3 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Putnam County fell about 24.6%, while median household income rose about 62.9% 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 | Putnam County | Tennessee Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 55.7% | 60.0% | 58.2% |
| Rental Rate | 36.1% | 29.5% | 31.3% |
| Vacancy Rate | 8.2% | 10.6% | 10.6% |
| Median Tenure (years) | 13.0 | 14.0 | 15.0 |
| Median Year Moved In | 2013 | 2012 | 2011 |
Putnam County has a homeownership rate of 55.7%, lower than the Tennessee average of 60.0%. Its housing vacancy rate is 8.2%, compared with 10.6% in Tennessee.
Housing Stock
| Metric | Putnam County | Tennessee Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.36 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1990 | 1985 | 1978 |
| Median Number of Rooms | 5.6 | 5.7 | 5.5 |
The typical housing unit in Putnam County was built around 1990. On average, 2.4 people live in a home with about 5.6 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Putnam County, Tennessee.
What is the median home price in Putnam County, Tennessee?
The median home price in Putnam County, Tennessee is $132,608, lower than the Tennessee average of $235,307.
What is the average home price in Putnam 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 Putnam County, Tennessee?
The median gross rent in Putnam County, Tennessee is $880 per month, lower than the Tennessee average of $1,121.
What was the median gross rent in Putnam County in 2020?
In 2020, the median gross rent in Putnam County, Tennessee was $734 per month.
What is the price-to-rent ratio in Putnam County, Tennessee?
The price-to-rent ratio in Putnam County, Tennessee is about 12.6, meaning it would take roughly 12.6 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 Putnam County.
Are home prices or rent rising faster in Putnam County, Tennessee?
Home prices and rent are moving in opposite directions in Putnam County: home prices fell about 3.7% a year while rent rose about 4.9% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Putnam County, Tennessee?
55.7% of households in Putnam County, Tennessee own their home, lower than the Tennessee average of 60.0%.
What is the vacancy rate in Putnam County, Tennessee?
The housing vacancy rate in Putnam County, Tennessee is 8.2%, lower than the Tennessee average of 10.6%.