Tennessee started 2024 with a total of 15,637 single-family homes on the market, with a median home price of $429,900 and an average price per square foot of $262.18. By the end of the year, inventory had increased to 21,824 homes on the market (+40%), with a median home price of $425,000 (-1%), and an average price per square foot of $263 (+0%).
At the start of 2024, the median days on market (DOM) was 70 days – by the end of the year, median DOM had increased to 84 days.
Tennessee started the year with 34.66% 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 36.29% of homes for sale had taken a price cut.
