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 | Weakley County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $142,856 | $235,307 | $242,182 |
| Price Trend (Annual %) | 16.4% | 10.0% | 8.2% |
| Median Gross Rent | $760 | $1,121 | $1,342 |
| Rent Trend (Annual %) | 4.1% | 5.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Weakley County is about 39% lower than in Tennessee. Rent is about 32% 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 Weakley County, up about 16.4% and 4.1% a year respectively. Home prices are changing faster.
Median rent in Weakley County rose about 35.5% between 2015 and 2023, from $561 to $760. Over the same span, rent in Tennessee rose about 46.9%.
Affordability
On average, housing unit costs 2.9 yearly household incomes in Weakley County.
Buying the median-priced home in Weakley County costs roughly 15.7 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Weakley County. The price-to-rent ratio in Tennessee is about 17.5.
| Metric | Weakley County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $142,856 | $235,307 | $242,182 |
| Median Household Income | $49,486 | $67,486 | $78,145 |
| Price-to-Income Ratio | 2.9 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Weakley County rose about 78.6%, while median household income rose about 47.3% 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 | Weakley County | Tennessee Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.7% | 60.0% | 58.2% |
| Rental Rate | 29.7% | 29.5% | 31.3% |
| Vacancy Rate | 11.7% | 10.6% | 10.6% |
| Median Tenure (years) | 15.0 | 14.0 | 15.0 |
| Median Year Moved In | 2011 | 2012 | 2011 |
Weakley County has a homeownership rate of 58.7%, lower than the Tennessee average of 60.0%. Its housing vacancy rate is 11.7%, compared with 10.6% in Tennessee.
Housing Stock
| Metric | Weakley County | Tennessee Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.32 people | 2.47 people | 2.54 people |
| Median Structure Built Year | 1978 | 1985 | 1978 |
| Median Number of Rooms | 5.6 | 5.7 | 5.5 |
The typical housing unit in Weakley County was built around 1978. On average, 2.3 people live in a home with about 5.6 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Weakley County, Tennessee.
What is the median home price in Weakley County, Tennessee?
The median home price in Weakley County, Tennessee is $142,856, lower than the Tennessee average of $235,307.
What is the average home price in Weakley 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 Weakley County, Tennessee?
The median gross rent in Weakley County, Tennessee is $760 per month, lower than the Tennessee average of $1,121.
What was the median gross rent in Weakley County in 2020?
In 2020, the median gross rent in Weakley County, Tennessee was $629 per month.
What is the price-to-rent ratio in Weakley County, Tennessee?
The price-to-rent ratio in Weakley County, Tennessee is about 15.7, meaning it would take roughly 15.7 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Weakley County.
Are home prices or rent rising faster in Weakley County, Tennessee?
Both home prices and rent are rising in Weakley County, up about 16.4% and 4.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Weakley County, Tennessee?
58.7% of households in Weakley County, Tennessee own their home, lower than the Tennessee average of 60.0%.
What is the vacancy rate in Weakley County, Tennessee?
The housing vacancy rate in Weakley County, Tennessee is 11.7%, higher than the Tennessee average of 10.6%.