Special Report

The Cheapest and Most Expensive Housing Markets in Tennessee

Davel5957 / E+ via Getty Images

Home prices have surged in the U.S. in recent years. Driven by rising demand and supply constraints during the pandemic, the median home sale price spiked by nearly 50% from the second quarter of 2020 to Q3 in 2022. While the sale price of a typical American home has fallen in recent months since, housing prices remain at historic highs.

Not only have home values soared, but borrowing costs for home buyers have also climbed. The average interest rate on a 30-year fixed mortgage has been above 6% since September 2022, a high not seen in nearly a decade and a half. In a market defined by high prices and high mortgage rates, homeownership has become prohibitively expensive for a large number of Americans.

Still, housing prices are also subject to a number of factors that can be isolated from broader, nationwide market trends — and location is one of them. Two homes that are virtually identical can vary in price by hundreds of thousands of dollars, depending on where they are. And for prospective homeowners on a budget, some Tennessee cities are far more affordable than others.

According to five-year estimates from the U.S. Census Bureau’s 2022 American Community Survey, the typical home in Tennessee is worth $232,100. But across the 28 cities, towns, and unincorporated communities in the state with populations of at least 25,000, median home values range from about $137,000 to over $800,000.

In any local market, home prices are often a reflection of what residents can afford. In Tennessee, many of the least expensive cities for homebuyers are not high-income areas. Of the 28 Tennessee cities with available data from the ACS, 11 have a median home value that is less than the statewide median. In all but one of these places, the typical household earns less than the statewide median household income of $64,035. Similarly, most of Tennessee’s more expensive housing markets have higher earning populations.

These are the cheapest and most expensive housing markets in Tennessee.

28. Morristown

Dee / iStock Editorial via Getty Images
  • Median home value: $137,100
  • Homes worth over $1 million: 0.2%
  • Homeownership rate: 50.0%
  • Median household income: $39,547
  • Total population: 30,574

27. Memphis

Sean Pavone / iStock via Getty Images
  • Median home value: $139,600
  • Homes worth over $1 million: 1.7%
  • Homeownership rate: 46.6%
  • Median household income: $48,090
  • Total population: 630,027

26. Bristol

Joel Carillet / iStock Unreleased via Getty Images
  • Median home value: $165,600
  • Homes worth over $1 million: 0.4%
  • Homeownership rate: 65.9%
  • Median household income: $49,130
  • Total population: 27,307

25. Jackson

Jacob Boomsma / iStock via Getty Images
  • Median home value: $169,300
  • Homes worth over $1 million: 0.5%
  • Homeownership rate: 51.2%
  • Median household income: $48,058
  • Total population: 67,993

24. Kingsport

DenisTangneyJr / iStock via Getty Images
  • Median home value: $181,600
  • Homes worth over $1 million: 0.4%
  • Homeownership rate: 61.8%
  • Median household income: $48,228
  • Total population: 55,415

23. Knoxville

halbergman / iStock via Getty Images
  • Median home value: $184,200
  • Homes worth over $1 million: 1.4%
  • Homeownership rate: 46.2%
  • Median household income: $48,309
  • Total population: 191,857

22. Oak Ridge

For Sale Real Estate Sign in Front of New House.
Feverpitched / iStock via Getty Images
  • Median home value: $211,700
  • Homes worth over $1 million: 0.2%
  • Homeownership rate: 63.5%
  • Median household income: $67,152
  • Total population: 31,535

21. Clarksville

ChrisBoswell / iStock via Getty Images
  • Median home value: $213,200
  • Homes worth over $1 million: 0.4%
  • Homeownership rate: 56.0%
  • Median household income: $62,688
  • Total population: 167,882

20. Johnson City

DenisTangneyJr / iStock via Getty Images
  • Median home value: $215,500
  • Homes worth over $1 million: 1.5%
  • Homeownership rate: 49.7%
  • Median household income: $53,173
  • Total population: 70,720

19. Cleveland

  • Median home value: $225,700
  • Homes worth over $1 million: 1.9%
  • Homeownership rate: 50.3%
  • Median household income: $52,468
  • Total population: 47,725

18. Chattanooga

Kruck20 / iStock via Getty Images
  • Median home value: $230,500
  • Homes worth over $1 million: 2.2%
  • Homeownership rate: 53.4%
  • Median household income: $57,703
  • Total population: 181,288

17. Columbia

Michael Vi / iStock via Getty Images
  • Median home value: $235,800
  • Homes worth over $1 million: 0.7%
  • Homeownership rate: 63.9%
  • Median household income: $58,110
  • Total population: 42,474

16. Cookeville

lvreugdenhil / Flickr
  • Median home value: $241,200
  • Homes worth over $1 million: 1.7%
  • Homeownership rate: 40.0%
  • Median household income: $48,094
  • Total population: 34,967

15. La Vergne

somegeekintn / Flickr
  • Median home value: $248,300
  • Homes worth over $1 million: 0.1%
  • Homeownership rate: 72.0%
  • Median household income: $77,531
  • Total population: 38,553

14. Bartlett

Feverpitched / iStock via Getty Images
  • Median home value: $251,700
  • Homes worth over $1 million: 0.7%
  • Homeownership rate: 84.7%
  • Median household income: $94,603
  • Total population: 57,481

13. Maryville

mcpuckette / iStock via Getty Images
  • Median home value: $269,500
  • Homes worth over $1 million: 1.0%
  • Homeownership rate: 69.1%
  • Median household income: $74,610
  • Total population: 31,876

12. Smyrna

T.J. Martell Foundation 2013 Nashville Is Nowville Charity Event
2013 Getty Images / Getty Images Entertainment via Getty Images
  • Median home value: $285,200
  • Homes worth over $1 million: 0.2%
  • Homeownership rate: 57.4%
  • Median household income: $76,115
  • Total population: 53,760

11. Gallatin

  • Median home value: $306,100
  • Homes worth over $1 million: 2.3%
  • Homeownership rate: 59.9%
  • Median household income: $68,548
  • Total population: 44,947

10. Lebanon

csfotoimages / iStock Editorial via Getty Images
  • Median home value: $325,800
  • Homes worth over $1 million: 1.0%
  • Homeownership rate: 59.3%
  • Median household income: $63,698
  • Total population: 39,562

9. Murfreesboro

csfotoimages / iStock Editorial via Getty Images
  • Median home value: $327,400
  • Homes worth over $1 million: 1.3%
  • Homeownership rate: 53.1%
  • Median household income: $70,451
  • Total population: 153,487

8. Nashville-Davidson

Kruck20 / iStock via Getty Images
  • Median home value: $351,400
  • Homes worth over $1 million: 5.6%
  • Homeownership rate: 53.8%
  • Median household income: $71,328
  • Total population: 684,103

7. Hendersonville

dan-holland / Wikimedia Commons
  • Median home value: $364,700
  • Homes worth over $1 million: 2.5%
  • Homeownership rate: 71.7%
  • Median household income: $86,954
  • Total population: 61,589

6. Mount Juliet

Brett Carlsen / Getty Images News via Getty Images
  • Median home value: $381,400
  • Homes worth over $1 million: 0.4%
  • Homeownership rate: 75.8%
  • Median household income: $108,066
  • Total population: 39,525

5. Spring Hill

  • Median home value: $389,800
  • Homes worth over $1 million: 0.5%
  • Homeownership rate: 74.9%
  • Median household income: $104,880
  • Total population: 51,319

4. Germantown

By Thomas R Machnitzki - Own work, CC BY 3.0, https://commons.wikimedia.org/w/index.php?curid=12863104
  • Median home value: $402,300
  • Homes worth over $1 million: 4.2%
  • Homeownership rate: 87.6%
  • Median household income: $140,429
  • Total population: 41,094

3. Collierville

By Chase Via - Own work, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=110370008
  • Median home value: $409,000
  • Homes worth over $1 million: 1.5%
  • Homeownership rate: 80.5%
  • Median household income: $129,729
  • Total population: 51,170

2. Franklin

DenisTangneyJr / iStock via Getty Images
  • Median home value: $574,000
  • Homes worth over $1 million: 8.3%
  • Homeownership rate: 63.8%
  • Median household income: $106,592
  • Total population: 83,630

1. Brentwood

Concord715 / Wikimedia Commons / Public Domain
  • Median home value: $842,400
  • Homes worth over $1 million: 31.0%
  • Homeownership rate: 91.6%
  • Median household income: $181,576
  • Total population: 44,830

Find a Qualified Financial Advisor (Sponsor)

Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.