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 | Smith County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $305,357 | $235,307 | $242,182 |
| Price Trend (Annual %) | 57.2% | 10.0% | 8.2% |
| Median Gross Rent | $876 | $1,121 | $1,342 |
| Rent Trend (Annual %) | 6.9% | 5.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Smith County is about 30% higher than in Tennessee. Rent is about 22% 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 Smith County, up about 57.2% and 6.9% a year respectively. Home prices are changing faster.
Median rent in Smith County rose about 63.0% between 2015 and 2023, from $537 to $876. Over the same span, rent in Tennessee rose about 46.9%.
Affordability
On average, housing unit costs 4.8 yearly household incomes in Smith County.
Buying the median-priced home in Smith County costs roughly 29.1 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Smith County. The price-to-rent ratio in Tennessee is about 17.5.
| Metric | Smith County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $305,357 | $235,307 | $242,182 |
| Median Household Income | $63,489 | $67,486 | $78,145 |
| Price-to-Income Ratio | 4.8 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Smith County rose about 194.6%, while median household income rose about 42.9% 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 | Smith County | Tennessee Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 66.5% | 60.0% | 58.2% |
| Rental Rate | 21.6% | 29.5% | 31.3% |
| Vacancy Rate | 11.9% | 10.6% | 10.6% |
| Median Tenure (years) | 17.0 | 14.0 | 15.0 |
| Median Year Moved In | 2009 | 2012 | 2011 |
Smith County has a homeownership rate of 66.5%, higher than the Tennessee average of 60.0%. Its housing vacancy rate is 11.9%, compared with 10.6% in Tennessee.
Housing Stock
| Metric | Smith County | Tennessee Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.63 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1984 | 1985 | 1978 |
| Median Number of Rooms | 6.1 | 5.7 | 5.5 |
The typical housing unit in Smith County was built around 1984. On average, 2.6 people live in a home with about 6.1 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Smith County, Tennessee.
What is the median home price in Smith County, Tennessee?
The median home price in Smith County, Tennessee is $305,357, higher than the Tennessee average of $235,307.
What is the average home price in Smith 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 Smith County, Tennessee?
The median gross rent in Smith County, Tennessee is $876 per month, lower than the Tennessee average of $1,121.
What was the median gross rent in Smith County in 2020?
In 2020, the median gross rent in Smith County, Tennessee was $662 per month.
What is the price-to-rent ratio in Smith County, Tennessee?
The price-to-rent ratio in Smith County, Tennessee is about 29.1, meaning it would take roughly 29.1 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Smith County.
Are home prices or rent rising faster in Smith County, Tennessee?
Both home prices and rent are rising in Smith County, up about 57.2% and 6.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Smith County, Tennessee?
66.5% of households in Smith County, Tennessee own their home, higher than the Tennessee average of 60.0%.
What is the vacancy rate in Smith County, Tennessee?
The housing vacancy rate in Smith County, Tennessee is 11.9%, higher than the Tennessee average of 10.6%.