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 | Shelby County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $187,446 | $235,307 | $242,182 |
| Price Trend (Annual %) | 11.0% | 10.0% | 8.2% |
| Median Gross Rent | $1,169 | $1,121 | $1,342 |
| Rent Trend (Annual %) | 4.3% | 5.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Shelby County is about 20% lower than in Tennessee. Rent is about 4% higher 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 Shelby County, up about 11.0% and 4.3% a year respectively. Home prices are changing faster.
Median rent in Shelby County rose about 36.2% between 2015 and 2023, from $858 to $1,169. Over the same span, rent in Tennessee rose about 46.9%.
Affordability
On average, housing unit costs 3.0 yearly household incomes in Shelby County.
Buying the median-priced home in Shelby County costs roughly 13.4 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 Shelby County. The price-to-rent ratio in Tennessee is about 17.5.
| Metric | Shelby County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $187,446 | $235,307 | $242,182 |
| Median Household Income | $62,646 | $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 Shelby County rose about 106.6%, while median household income rose about 42.1% 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 | Shelby County | Tennessee Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 48.8% | 60.0% | 58.2% |
| Rental Rate | 40.6% | 29.5% | 31.3% |
| Vacancy Rate | 10.6% | 10.6% | 10.6% |
| Median Tenure (years) | 14.0 | 14.0 | 15.0 |
| Median Year Moved In | 2012 | 2012 | 2011 |
Shelby County has a homeownership rate of 48.8%, lower than the Tennessee average of 60.0%. Its housing vacancy rate is 10.6%, compared with 10.6% in Tennessee.
Housing Stock
| Metric | Shelby County | Tennessee Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.51 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1977 | 1985 | 1978 |
| Median Number of Rooms | 5.7 | 5.7 | 5.5 |
The typical housing unit in Shelby County was built around 1977. On average, 2.5 people live in a home with about 5.7 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Shelby County, Tennessee.
What is the median home price in Shelby County, Tennessee?
The median home price in Shelby County, Tennessee is $187,446, lower than the Tennessee average of $235,307.
What is the average home price in Shelby 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 Shelby County, Tennessee?
The median gross rent in Shelby County, Tennessee is $1,169 per month, higher than the Tennessee average of $1,121.
What was the median gross rent in Shelby County in 2020?
In 2020, the median gross rent in Shelby County, Tennessee was $956 per month.
What is the price-to-rent ratio in Shelby County, Tennessee?
The price-to-rent ratio in Shelby County, Tennessee is about 13.4, meaning it would take roughly 13.4 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 Shelby County.
Are home prices or rent rising faster in Shelby County, Tennessee?
Both home prices and rent are rising in Shelby County, up about 11.0% and 4.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Shelby County, Tennessee?
48.8% of households in Shelby County, Tennessee own their home, lower than the Tennessee average of 60.0%.
What is the vacancy rate in Shelby County, Tennessee?
The housing vacancy rate in Shelby County, Tennessee is 10.6%, about the same as the Tennessee average.