Tennessee Real Estate Market Trends & Analysis

The Tennessee real estate market has received a great deal of support from the local economy. Increasingly positive views of today’s economy, the job market, and wages have all contributed to a healthier real estate industry in Tennessee. Of particular importance, however, are inventory levels in the state’s biggest city: Nashville.

Whereas most cities across the country have had a hard time maintaining two to three months of available inventory, Nashville boasted about 4.4 months as recently as halfway through the year, which helps the entire state. Improving inventory levels mean the market will look to become more balanced sooner rather than later. As a result, it’s safe to assume real estate in Tennessee will become even more of a commodity than it already is.

Tennessee Real Estate Fees & Regulations

Real Estate

Closing Conducted by: Attorney, Lender Representative
Conveyance: Warranty or Quitclaim Deed

Foreclosure Procedure

Primary Foreclosure Method: Non-Judicial
Process Period: 2 - 3 months
Notice of Sale: Trustee
Redemption Period: Up to 2 Years

Taxes

Income Tax: 5.00%
Corporate Tax: 6.50%
Sales Tax: 7%
Estate Tax: No
Inheritance Tax: No
Median Property Tax: 0.68%
Property Taxes by County: http://www.tax-rates.org/tennessee/property-tax#Counties

Average Transactional Costs

Closing Cost: $2,366.00
Transfer Fee: Transfer tax 0.37%; Mortgage tax 0.12%
Origination Fee: $1,746.00

Overview

  • Median Home Value: $169,700
  • 1-Year Appreciation Rate: +5.9%
  • Median Home Value (1-Year Forecast): +3.3%
  • Median Rent Price: $1,395
  • Price-To-Rent Ratio: 10.13
  • Average Days On Market: 62
  • Unemployment Rate: 3.5% (latest estimate by the Bureau Of Labor Statistics)
  • Population: 6,770,010 (latest estimate by the U.S. Census Bureau)
  • Median Household Income: $48,708 (latest estimate by the U.S. Census Bureau)
  • Percentage Of Vacant Homes: 11.77%
  • Foreclosure Rate: 1 in every 3,999

Tennessee Foreclosure Trends & Statistics

Tax Lien Investing

  • Tax Lien or Deed: Redemption Deed state
  • Interest Rate: State holds auction; 10% penalty
  • Redemption Period: 1 year after sale