2018 Home Sales: New and Existing Homes
Statewide, total home sales saw their seventh straight year of
growth during 2018. With a final total of 107,560 homes sold, Tennessee
experienced its most homes sold since THDA began receiving these data in 1992. The median home sold in Tennessee during 2018 was at a price of $210,000, which is the highest nominal median sales price in state history and accounts for a ninth consecutive year of an increase in median home sales price.
Median and average sales prices of new and existing homes given below are compiled from actual and up-to-date information pertaining to residential, single-family home sales in these counties for calendar year 2018. These data, collected locally, become part of a comprehensive database maintained by the Division of Property Assessment (Comptroller's Office, State of Tennessee). This gives us the opportunity to validate the sales price data in comparison to assessed values of both property and improvement. In addition, information in the database enables us to restrict our analysis to actual arm's length transactions.
All files include sales volume and median sales price by county or Metropolitan Statistical Area. Additionally, the 2018 Home Sales by County file includes median and average sales price by county, and 2018 Home Sales by MSA includes median and average sales price by MSA.
For your convenience, files are available as Adobe (.pdf) or Excel (.xls) files.
The above statistics are limited to single family homes, residential condos, and Planned Unit Developments (P.U.D.). Many property sales are denoted by the Comptroller's Office to be not properly reflective of their market value; these tabulations exclude such sales. Those excluded were for a multitude of reasons, examples of which include:
- Very high ratios of sales price to actual assessed value,
- A transaction involving multiple parcels, or
- A non-arm's length transaction.
The important takeaway here is that the sales statistics published by THDA do not include all transactions involving residential real estate, but rather those sales that reflect the characteristics of a traditional residential home sale on the open market.
In 2017, THDA's methodology for Knox County was revisited and modified to include P.U.D. sales. In order to allow for more applicable year-over-year comparisons, totals for 2015 and 2016 were retroactively modified as well.