2022 Home Sales: New and Existing Homes
Statewide, total home sales in 2022 declined slightly from a record number of sales in 2021. After ten straight years of growth, there were a total of 119,350 homes sold in 2022, compared to 138,305 in 2021, which represented the year with the most homes sold since THDA began receiving these data in 1992. While the quantity of homes sold declined slightly from 2021 to 2022, the median price did not. In fact, the median home sale price rose to $325,000 which represents the highest nominal median sales price in state history and accounts for the twelfth consecutive year of an increase in median home sales price. This increase in home sale price was unevenly distributed by county, such that some counties, more than others, in particular drove this price increase. Nonetheless, almost every county experienced an increase in the sales price from 2021 to 2022.
Median and average sales prices of new and existing homes are compiled from actual and up-to-date information pertaining to residential, single-family home sales in these counties for calendar year 2022. 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 2022 Home Sales by County file includes median and average sales price by county, and 2022 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.