The COVID-19 pandemic was a public health crisis of a scale and magnitude unlike any other in modern American history. Even though more than a year has passed since the end of the COVID-19 national emergency, the U.S. is still grappling with many of the pandemic’s economic knock-on effects — most notably, a surge in housing costs. According to Realtor.com, the median list price among all homes on the market in the U.S. was $439,950 in July 2024, up nearly $121,000 from the beginning of the pandemic in March 2020.
Due to pandemic-related work restrictions, in addition to supply chain issues, new-home construction has not kept pace with demand in recent years, exacerbating an already decades-old housing shortage. According to estimates from The Pew Charitable Trusts, closing the gap would require between 4 to 7 million new homes. Now, with mortgage rates at historic highs, many homeowners who are locked in at lower rates are reluctant to sell, further limiting housing inventory.
The surge in home prices has been driven not only by supply constraints, but also rising demand. The shift to remote work, in addition to social distancing rules, confined millions of Americans to their homes during the pandemic — and resulted in a spike in home sales. In October 2020, the sales volume of new, single-family homes topped 1.03 million, a high not seen in nearly a decade and a half.
Few parts of the country have been spared from surging home prices. In Tennessee, the median list price among all homes on the market was $443,950 in July 2024, up 49.5% — or $146,950 — from the start of the pandemic. (Here is a look at the most affordable housing market in each state.)
Notably, when it comes to the housing costs, location matters — and in some parts of Tennessee, housing prices have climbed much faster than average. In others, meanwhile, increases have been far more modest.
Of the 21 metropolitan and combined statistical areas in the state with available data, median list prices have increased anywhere from 34.4% to 107.2% since the start of the pandemic. In these same communities, a typical home now costs anywhere from $77,500 to $330,254 more than it did in March 2020. (Here is a look at the 23 cities where most homes are selling for less than $125,000.)
This is how home prices have changed since the pandemic in every city in Tennessee. Cities are ranked by the percent change in the media list prices from March 2020 to July 2024.
Why It Matters
Since the start of the pandemic, limited supply and rising demand have fueled a surge in home prices. Now, with mortgage rates at their highest levels in over a decade, many would-be sellers are staying out of the market, further exacerbating a long-standing inventory shortage. Historically, homeownership has been a reliable means of building wealth — but rising prices and elevated borrowing costs have priced millions of Americans out of the market. Still, location matters in the real estate business, and some parts of Tennessee have borne the brunt of rising prices, while others have been largely shielded.
21. Clarksville, TN-KY
- Change in median list price since start of pandemic: +34.4% (+$86,325)
- Median home list price: $337,450 in July 2024; $251,125 in March 2020
- Median list price per square foot: $190 in July 2024; $122 in March 2020
- Size of a typical listed home: 1,852 sq. ft. in July 2024; 2,134 sq. ft. in March 2020
20. Chattanooga, TN-GA
- Change in median list price since start of pandemic: +35.2% (+$109,133)
- Median home list price: $418,933 in July 2024; $309,800 in March 2020
- Median list price per square foot: $214 in July 2024; $132 in March 2020
- Size of a typical listed home: 2,002 sq. ft. in July 2024; 2,244 sq. ft. in March 2020
19. Cleveland, TN
- Change in median list price since start of pandemic: +40.4% (+$100,725)
- Median home list price: $349,900 in July 2024; $249,175 in March 2020
- Median list price per square foot: $204 in July 2024; $122 in March 2020
- Size of a typical listed home: 1,778 sq. ft. in July 2024; 2,094 sq. ft. in March 2020
18. Memphis, TN-MS-AR
- Change in median list price since start of pandemic: +43.0% (+$104,440)
- Median home list price: $347,175 in July 2024; $242,735 in March 2020
- Median list price per square foot: $162 in July 2024; $105 in March 2020
- Size of a typical listed home: 2,300 sq. ft. in July 2024; 2,328 sq. ft. in March 2020
17. Lawrenceburg, TN
- Change in median list price since start of pandemic: +44.7% (+$104,975)
- Median home list price: $339,900 in July 2024; $234,925 in March 2020
- Median list price per square foot: $181 in July 2024; $114 in March 2020
- Size of a typical listed home: 1,742 sq. ft. in July 2024; 1,938 sq. ft. in March 2020
16. Shelbyville, TN
- Change in median list price since start of pandemic: +46.1% (+$126,000)
- Median home list price: $399,450 in July 2024; $273,450 in March 2020
- Median list price per square foot: $220 in July 2024; $139 in March 2020
- Size of a typical listed home: 1,881 sq. ft. in July 2024; 1,979 sq. ft. in March 2020
15. Nashville-Davidson–Murfreesboro–Franklin, TN
- Change in median list price since start of pandemic: +49.8% (+$189,200)
- Median home list price: $568,900 in July 2024; $379,700 in March 2020
- Median list price per square foot: $268 in July 2024; $165 in March 2020
- Size of a typical listed home: 2,172 sq. ft. in July 2024; 2,323 sq. ft. in March 2020
14. Dayton, TN
- Change in median list price since start of pandemic: +49.9% (+$116,375)
- Median home list price: $349,700 in July 2024; $233,325 in March 2020
- Median list price per square foot: $202 in July 2024; $135 in March 2020
- Size of a typical listed home: 1,918 sq. ft. in July 2024; 1,940 sq. ft. in March 2020
13. Cookeville, TN
- Change in median list price since start of pandemic: +51.2% (+$132,963)
- Median home list price: $392,863 in July 2024; $259,900 in March 2020
- Median list price per square foot: $210 in July 2024; $124 in March 2020
- Size of a typical listed home: 1,847 sq. ft. in July 2024; 1,995 sq. ft. in March 2020
12. Kingsport-Bristol, TN-VA
- Change in median list price since start of pandemic: +53.8% (+$113,791)
- Median home list price: $325,289 in July 2024; $211,498 in March 2020
- Median list price per square foot: $171 in July 2024; $103 in March 2020
- Size of a typical listed home: 1,908 sq. ft. in July 2024; 2,000 sq. ft. in March 2020
11. Knoxville, TN
- Change in median list price since start of pandemic: +58.1% (+$175,830)
- Median home list price: $478,280 in July 2024; $302,450 in March 2020
- Median list price per square foot: $227 in July 2024; $132 in March 2020
- Size of a typical listed home: 2,167 sq. ft. in July 2024; 2,269 sq. ft. in March 2020
10. Union City, TN
- Change in median list price since start of pandemic: +58.5% (+$77,500)
- Median home list price: $209,900 in July 2024; $132,400 in March 2020
- Median list price per square foot: $134 in July 2024; $74 in March 2020
- Size of a typical listed home: 1,590 sq. ft. in July 2024; 1,745 sq. ft. in March 2020
9. Dyersburg, TN
- Change in median list price since start of pandemic: +61.7% (+$88,175)
- Median home list price: $231,175 in July 2024; $143,000 in March 2020
- Median list price per square foot: $129 in July 2024; $70 in March 2020
- Size of a typical listed home: 1,718 sq. ft. in July 2024; 1,862 sq. ft. in March 2020
8. Crossville, TN
- Change in median list price since start of pandemic: +62.5% (+$149,272)
- Median home list price: $387,972 in July 2024; $238,700 in March 2020
- Median list price per square foot: $207 in July 2024; $118 in March 2020
- Size of a typical listed home: 1,788 sq. ft. in July 2024; 1,925 sq. ft. in March 2020
7. Newport, TN
- Change in median list price since start of pandemic: +70.8% (+$161,725)
- Median home list price: $390,175 in July 2024; $228,450 in March 2020
- Median list price per square foot: $227 in July 2024; $126 in March 2020
- Size of a typical listed home: 1,750 sq. ft. in July 2024; 1,792 sq. ft. in March 2020
6. McMinnville, TN
- Change in median list price since start of pandemic: +74.3% (+$141,675)
- Median home list price: $332,400 in July 2024; $190,725 in March 2020
- Median list price per square foot: $203 in July 2024; $106 in March 2020
- Size of a typical listed home: 1,640 sq. ft. in July 2024; 1,811 sq. ft. in March 2020
5. Athens, TN
- Change in median list price since start of pandemic: +83.1% (+$146,325)
- Median home list price: $322,450 in July 2024; $176,125 in March 2020
- Median list price per square foot: $185 in July 2024; $99 in March 2020
- Size of a typical listed home: 1,567 sq. ft. in July 2024; 1,834 sq. ft. in March 2020
4. Sevierville, TN
- Change in median list price since start of pandemic: +89.6% (+$330,254)
- Median home list price: $699,000 in July 2024; $368,746 in March 2020
- Median list price per square foot: $393 in July 2024; $198 in March 2020
- Size of a typical listed home: 1,955 sq. ft. in July 2024; 2,094 sq. ft. in March 2020
3. Jackson, TN
- Change in median list price since start of pandemic: +93.1% (+$148,450)
- Median home list price: $307,825 in July 2024; $159,375 in March 2020
- Median list price per square foot: $154 in July 2024; $83 in March 2020
- Size of a typical listed home: 2,063 sq. ft. in July 2024; 1,917 sq. ft. in March 2020
2. Martin, TN
- Change in median list price since start of pandemic: +97.9% (+$125,500)
- Median home list price: $253,725 in July 2024; $128,225 in March 2020
- Median list price per square foot: $132 in July 2024; $70 in March 2020
- Size of a typical listed home: 1,901 sq. ft. in July 2024; 1,649 sq. ft. in March 2020
1. Morristown, TN
- Change in median list price since start of pandemic: +107.2% (+$246,350)
- Median home list price: $476,250 in July 2024; $229,900 in March 2020
- Median list price per square foot: $229 in July 2024; $120 in March 2020
- Size of a typical listed home: 2,000 sq. ft. in July 2024; 1,881 sq. ft. in March 2020
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