Statistics About The Average Cost Of A 3 Bedroom House In Tennessee

In this post, we will explore the average cost of a 3-bedroom house in Tennessee, shedding light on key statistics from various cities across the state. From the bustling real estate markets of Nashville and Memphis to the scenic beauty of Sevierville, we will delve into the numbers shaping the housing landscape in the Volunteer State.

Statistic 1

"Approximately 62% of homes in Tennessee are owner-occupied."

Statistic 2

"Franklin, TN has an average price for a 3-bedroom home around $400,000."

Statistic 3

"In Memphis, TN, the average cost of a 3-bedroom house is around $200,000."

Statistic 4

"The average listing price for homes in Knoxville, TN is $275,000."

Statistic 5

"Chattanooga, TN has an average 3-bedroom home price of $250,000."

Statistic 6

"The average home insurance cost in Tennessee is approximately $1,200 annually."

Statistic 7

"The average cost of a 3-bedroom house in Nashville, TN is around $320,000."

Statistic 8

"Tennessee has seen a population growth rate of 0.8% annually, contributing to rising home prices."

Statistic 9

"The statewide average for property taxes in Tennessee is 0.64%, one of the lowest in the U.S."

Statistic 10

"Home prices in Tennessee have risen by approximately 10% over the past year."

Statistic 11

"Mortgage rates in Tennessee are currently averaging around 3.5%."

Statistic 12

"The Tennessee housing market is considered highly competitive with homes selling within an average of 30 days."

Statistic 13

"The number of homes sold in Tennessee has increased by 8% year-over-year."

Statistic 14

"The rental market for a 3-bedroom home in Tennessee averages $1,500/month."

Statistic 15

"The average cost per square foot for a home in Tennessee is about $150."

Statistic 16

"The average home appreciation rate in Tennessee over the past 5 years is about 7% annually."

Statistic 17

"The median home value in Tennessee is approximately $200,000."

Statistic 18

"Homeownership rates in Tennessee are slightly higher than the national average at 67%."

Statistic 19

"Nashville, TN saw a 15% increase in home prices in the last year."

Statistic 20

"Sevierville, TN, located in a popular tourist area, has an average cost of a 3-bedroom home at $270,000."

In conclusion, the average cost of a 3-bedroom house in Tennessee varies significantly across different cities, with Franklin and Nashville having higher average prices compared to Memphis, Knoxville, Chattanooga, and Sevierville. The state’s population growth rate, low property taxes, and competitive housing market have contributed to rising home prices, with an overall increase in Tennessee home prices over the past year. Mortgage rates are currently favorable, and the state’s homeownership rates are slightly above the national average. Tennessee’s real estate market is dynamic and appealing, offering a range of options for potential homebuyers and investors.