Zillow Tn Homes (2024)

FAQs

Are housing prices dropping in TN? ›

In June 2024, 19.3% of homes in Tennessee sold above list price, down 4.8 points year. There were only 28.3% of homes that had price drops, up from 24.0% of homes in June last year. There was a 98.0% sale-to-list price, down 0.47 points year over year. … Homes that sold above list price likely received multiple offers.

Rather, widespread overvaluation is a sign of the times. High demand and low supply are to blame for skyrocketing prices in Tennessee, Greater Nashville Realtors board member Collyn Wainwright said. Population growth in the state, especially since the COVID-19 pandemic, has created a surge in the demand for housing.

What types of land are available in Tennessee? Tennessee land is still relatively affordable compared to nearby North Carolina. Land can be had for around $4,700 per acre per the USDA. Soil in the east is ideal for growing tomatoes, as the limestone in it gives crops an acidic taste.

Eligibility and Visa Types: Nonimmigrant visa holders, including those on B1/B2, TN, L1, F1, and H1B visas, are eligible to purchase houses in the U.S. The absence of explicit restrictions allows foreign nationals to invest in real estate.

The best cities in Tennessee include Nashville, Brentwood, Franklin, and Memphis. See what other towns comprise the best places to live in TN.

Germantown tops list of most expensive cities for Tennessee. Residents of Germantown pay the highest household bills in the state of Tennessee, at an average of $2,843 per month. Germantown residents' bills are 38.9% more, nearly $10,000 more per year, than the U.S. average.

Average Cost of Living in Tennessee: $42,469 per year

10, according to MERIC data gathered in 2022.

According to our conservative assumptions of a 5% down payment plus estimated private mortgage insurance (PMI), property taxes, and homeowner's insurance, buying a house costs more than renting one in most of the state.

The average cost to build a house in Nashville ranges from $100 to $200 per square foot, depending on factors such as location, design, and material choices.

How high is property tax in Tennessee? ›

Real estate taxes vary by municipality across Tennessee, with an average tax rate of 0.67 percent of a home's assessed value in 2021, according to the Tax Foundation. Tennessee ranks 37th in the country for average property tax, with No. 1 being the highest rate.

Which regions of Tennessee are popular for purchasing land? Shelby County and Memphis anchor west Tennessee, Davidson County and Nashville are the hub of middle Tennessee and Knox County and Knoxville dominate east Tennessee. Just east of Knoxville sits Sevier County, which has the most land available in the state.

Here are some general FHA loan requirements for Tennessee. A credit score of 580 or higher: A lender may accept credit scores of 500-579 under certain conditions. A credit score lower than 580 will require a larger down payment. Minimum of two years employment: Must have verifiable, steady, and consistent income.

Down payment (20%) Principal and Interest. Property taxes.

The law in Tennessee suggests either the buyer or seller can pay the transfer tax on the property. However, in practice, the buyer typically pays this tax as part of their closing costs.

Many predict that home prices in Nashville will decrease by around 5% in 2024. However, it's essential to remember that while a drop in prices may seem concerning, it can also present opportunities for both buyers and investors.

Tennessee stands at the forefront of a housing crisis, facing unique challenges shaped by diverse factors across the state. The escalating housing and rental prices in recent years have placed the dream of homeownership beyond the reach of many Tennesseans.

Pro: Tennessee has a low cost of living

And there are plenty of affordable places to live in Tennessee. Although home prices can be affordable, living in cities like Knoxville can be expensive, while smaller suburbs like Clarksville generally remain cheaper.