Top Small Teams in Tennessee – Ranked By Sides

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2022 Market Summary

Tennessee started 2022 with a total of 6,707 single-family homes on the market, with a median home price of $349,000 and an average price per square foot of $209. By the end of the year, inventory had increased to 15,538 homes on the market (+131%), with a median home price of $416,770 (+19%) and an average price per square foot of $236 (+12%).

At the start of 2022, the median days on market (DOM) was 49 days – by the end of the year, median DOM had increased to 77 days.

Tennessee started the year with 22% of homes taking a price cut (for reference, 35% is the national average for price reductions in a ‘normal’ year.) By the end of the year, about 38% of Tennessee homes for sale had taken a price cut.

Finally, Altos’ proprietary Market Action Index (MAI) shows that Tennessee started 2022 as a strong seller’s market, with an MAI score of 54; by the end of the year, the MAI had dropped to 33 – a balanced buyer and seller’s market.

This market summary is powered by Altos Research – click here to run a free report for your area.

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