Top Real Estate Agents in Tennessee

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2023 Tennessee Housing Market Summary

Tennessee started 2023 with a total of 15,011 single-family homes on the market, with a median home price of $418,400 and an average price per square foot of $234. By the end of the year, inventory had increased to 15,980 homes on the market (+6%), with a median home price of $432,000 (+3%) and an average price per square foot of $262 (+11%).

At the start of 2023, the median days on market (DOM) was 70 days – by the end of the year, median DOM had remained the same at 70 days.

Tennessee started the year with 35% 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 36% of Tennessee homes for sale had taken a price cut.

Finally, Altos’ proprietary Market Action Index (MAI) shows that Tennessee started 2023 as a strong seller’s market, with an MAI score of 46; by the end of the year, the MAI had dropped to 35 – a slight seller’s advantage.

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

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