Tennessee Housing Market: Home Prices, Rent and Affordability
The typical Tennessee home is worth $334,108, up 0.7% over the past year and up 24.8% over five years, 9.4% below the national $368,697 (latest release). That ranks #28 of 50 on price. A 20%-down mortgage runs $1,719 a month and takes about $85,549 of income; the median Tennessee household earns $71,997, $13,552 short.
In Nashville, the state's largest metro, typical rent is $1,813 a month against a $2,326 principal-and-interest payment on the typical home, so renting is $513 a month cheaper before taxes, insurance and maintenance. The market is cold: 31.4% of listings cut their price (national 26.4%), homes go pending in 63 days (national 53), and for-sale inventory is up 7.8% from a year ago.
All housing figures are the latest published numbers for August; median household income is from the Census Bureau.
Tennessee Housing by the Numbers
How much does a house cost in Tennessee? The typical home is worth $334,108, the median sale price is $346,667 and the median list price $406,500. The six figures below describe the market this month, each with the national comparison.
- Typical home
- $334,108
- #28 priciest · national $369K
- Mortgage payment
- $1,719/mo
- P&I, 20% down · national $1,897
- Income needed
- $86K
- median earns $72K (+19%)
- Rent, Nashville
- $1,813/mo
- +0.8% in 1 yr · national $1,948
- Price cuts
- 31.4%
- of listings · national 26.4%
- Days to pending
- 63
- national 53 · 40,774 for sale (+7.8%)
How Have Tennessee Home Prices Changed?
The typical Tennessee home value every month since 2000, with the national typical home as a dashed line. Values rose 0.7% over the past year, are up 24.8% over five years, up 100.0% over ten, and up 193% since January 2000.
- Peak
- $334,937
- April 2026 · now -0.2%
- 10-year change
- +100.0%
- national +77.9%
- Median sale price
- $346,667
- list price $406,500
- Payment, 1-yr change
- +1.5%
- Rates and prices combined
Is It Cheaper to Rent or Buy in Tennessee?
Two direct answers from the data. Rent versus buy sets typical asking rent in Nashville, the state's largest metro, against the mortgage payment on the typical home there, since rent indexes are published by metro rather than by state. The affordability gap is the income needed to buy the typical Tennessee home minus what the median household actually earns.
Rent vs. buy · Nashville, TN
Renting is $513/month cheaper
The payment excludes property tax (0.58% of value in Tennessee), insurance and maintenance, all of which push the cost of owning higher; renting builds no equity. If values kept rising at the past five years' pace (24.8%), equity would narrow that gap over a long stay.
Affordability gap · #27 of 50
The median household is $13,552 short of the income needed
A $1,719 monthly payment takes 28.7% of the median Tennessee household's income before property tax and insurance; lenders generally cap total housing costs near 28–31%.
Full budget for your household →Is Tennessee a Buyer's or a Seller's Market?
Market temperature is our label from three market signals compared with the national market: the share of listings with a price cut, days from listing to pending (days on market), and whether homes for sale are up from a year ago. Tennessee is cold: it buyers hold the leverage: more price cuts, slower sales and rising inventory compared with the national market.
Median sale price $346,667 against a median list price of $406,500, so the typical home closes 14.7% below asking.
Where the Tennessee market is heading
Compared with a year ago, two of the three signals point looser, in buyers' favor: the share of listings with a price cut is down 0.6 points from a year ago to 31.4%, homes take 6 days longer to go pending than a year ago (63 now), and the number of homes for sale is up 7.8%. The typical home value rose 0.7% over the same period and is 0.2% below its April 2026 peak of $334,937. We publish no forecasts: these are the current-month readings, not a prediction of where Tennessee home prices go next.
Home Values and Rents in Tennessee Cities
A city-level home value or rent is available for 20 of the Tennessee cities we track. The most expensive is Brentwood ($1,404,388) and the cheapest Memphis ($145,335). Click a city for its full profile.
| City | Population | Home value | 1 yr | 5 yr | Rent | Rent 1 yr | Value ÷ income |
|---|---|---|---|---|---|---|---|
| Nashville | 690,130 | $429,741 | -2.7% | ||||
| Memphis | 618,980 | $145,335 | -2.8% | ||||
| Knoxville | 195,185 | $370,699 | +1.1% | ||||
| Chattanooga | 185,783 | $319,185 | -1.2% | ||||
| Clarksville | 176,456 | $319,419 | +0.3% | ||||
| Murfreesboro | 161,445 | $426,156 | -0.4% | ||||
| Franklin | 87,133 | $925,870 | +2.6% | ||||
| Johnson City | 72,222 | $295,339 | +1.3% | ||||
| Jackson | 68,435 | $224,512 | -1.5% | ||||
| Hendersonville | 63,091 | $518,234 | +0.7% | ||||
| Bartlett | 56,876 | $320,892 | -0.9% | ||||
| Smyrna | 56,692 | $401,595 | -0.8% | ||||
| Kingsport | 56,262 | $257,154 | -0.9% | ||||
| Spring Hill | 55,765 | $520,958 | +0.2% | ||||
| Collierville | 51,515 | $505,746 | -1.4% | ||||
| Cleveland | 48,829 | $313,361 | +1.7% | ||||
| Gallatin | 48,532 | $434,846 | +0.6% | ||||
| Brentwood | 45,556 | $1,404,388 | +3.2% | ||||
| Columbia | 45,441 | $371,690 | +1.1% | ||||
| Lebanon | 44,788 | $447,311 | +1.3% |
Home value and rent are city-level indexes; population and median household income are Census ACS. Cities without a published index are omitted.
All Tennessee cities ranked →How Tennessee Compares With Nearby States
The South states closest to Tennessee on price. Each card links to that state's housing page; the compare link puts the two states side by side on every category.
More on Tennessee
Tennessee dashboard
Overall rank and grade, every category score, taxes, utilities, safety, schools and all tracked cities.
What you'd keep in Tennessee
Take-home after housing, taxes, childcare, utilities and groceries for your household and income.
Who is moving to Tennessee
IRS migration data: where new residents come from, where leavers go, and what both groups earn.
Tennessee Housing Market FAQ
What is the average house price in Tennessee?
$334,108 is the typical Tennessee home value according to the latest release of the home value index, which tracks homes in the middle third of the market. The median sale price was $346,667 and the median list price $406,500. That makes Tennessee the #28 most expensive state; the national typical home is worth $368,697.
Are home prices dropping in Tennessee?
No. The typical Tennessee home value rose 0.7% over the past year, though it remains 0.2% below its April 2026 peak of $334,937. Over five years it is up 24.8% and over ten years up 100.0%. Nationally, values rose 1.2% over the year.
How have Tennessee home prices changed over the past 1, 5 and 10 years?
+0.7% over one year, +24.8% over five years and +100.0% over ten years for the typical Tennessee home value, per the latest release; the national figures are +1.2%, +20.3% and +77.9%. Since January 2000 the typical Tennessee home is up 193%. The monthly chart above shows the full series against the national line.
Will the Tennessee housing market crash?
We publish no forecasts, so this page cannot answer that; it can show the current readings and the historical worst case. Right now the typical Tennessee home value is 0.2% below its April 2026 peak of $334,937 after it rose 0.7% over the past year; 31.4% of listings have cut their price (national 26.4%), homes go pending in 63 days (national 53), and inventory is up 7.8% from a year ago, per Zillow Research. The largest decline in the monthly value series for Tennessee was 11.9% from October 2007 to January 2012, and values took 42 months to regain that peak.
Is it a good time to buy a house in Tennessee?
The Tennessee market is cold right now, which means it buyers hold the leverage: more price cuts, slower sales and rising inventory compared with the national market. 31.4% of listings cut their price (national 26.4%), homes go pending in 63 days (national 53), and for-sale inventory is up 7.8% from a year ago. Affordability is the constraint: buying the typical home takes $85,549 of income, $13,552 more than the median household earns. Whether the timing is right also depends on mortgage rates and how long you plan to stay.
Is Tennessee a buyer's or seller's market?
Tennessee leans toward buyers. More listings are cutting prices than the national average (31.4% vs. 26.4%), homes take 63 days to go pending (national 53), and the number of homes for sale is up 7.8% from a year ago at 41K listings. Three of those three signals point toward buyers.
What is the average rent in Tennessee?
In Nashville, Tennessee's largest metro, the typical asking rent is $1,813 a month, up 0.8% over the past year and up 14.5% over five years, per the rent index. The national typical rent is $1,948. Among Tennessee cities we track, rents range from $1,232 to $2,074 a month.
Is it cheaper to rent or buy in Tennessee?
Renting is cheaper month to month in Nashville, Tennessee's largest metro. Typical rent is $1,813 and the principal-and-interest payment on the typical home with 20% down is $2,326, a difference of $513 a month in favor of renting. The payment excludes property tax (0.58% of value in Tennessee), insurance and maintenance, and renting builds no equity, so the full answer depends on how long you stay.
How much income do you need to buy a house in Tennessee?
About $85,549 a year, using the standard assumptions of 20% down at current mortgage rates and a payment of no more than 30% of income. The median Tennessee household earns $71,997, so the typical household is $13,552 short. That is the #27 smallest affordability gap of the 50 states. The monthly payment of $1,719 equals 28.7% of the median household's income.
Where are homes cheapest and most expensive in Tennessee?
Among the Tennessee cities we track with a published home value, the most expensive typical home is in Brentwood ($1,404,388) and the cheapest in Memphis ($145,335). Also at the top: Franklin ($925,870), Spring Hill ($520,958), and Hendersonville ($518,234). The city table above lists every tracked Tennessee city with its value, one-year change and rent.
How does Tennessee compare with nearby states?
In the South, the closest comparisons on price are North Carolina ($334,773, flat in a year), Georgia ($330,817, down 0.5% in a year), and South Carolina ($306,323, up 1.0% in a year). Tennessee's typical home is $334,108, up 0.7%. On affordability, Tennessee ranks #27 of 50 versus North Carolina at #26, Georgia at #21, and South Carolina at #17.
How current is the Tennessee housing data?
Every figure on this page comes from Zillow Research, which publishes state, metro and city data free each month for the prior month; the latest month shown is August. Median household income is from the Census Bureau's American Community Survey. We rebuild the page from the newest Zillow files as they are released.
Home values, rents, mortgage payments, income needed, inventory, price cuts, days to pending and sale and list prices are published by Zillow Research and shown as released, with attribution. Median household income and city populations are from the Census Bureau's American Community Survey. Home prices and housing markets in all 50 states →