2019 Home Sales: New and Existing Homes
Statewide, total home sales saw their eighth straight year of
growth during 2019. With a final total of 111,426 homes sold, Tennessee
experienced its most homes sold since THDA began receiving these data in 1992. The median home sold in Tennessee during 2019 was at a price of $226,000, 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 2019. 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.
A number of methodological improvements have been made for 2019 data, and have also been made to the numbers for 2017 and 2018 for the sake of continuity. These improvements reflect the inclusion of:
a) a handful of high-value transactions scattered across the state,
b) additional modular home sales (built on a solid foundation, but less consistently included in prior years), also scattered across the state, and
c) additional single family home transactions in Davidson, Montgomery, and Hamilton Counties.
These additional transactions increased the sales totals in Hamilton County by 0.2 percent, in Davidson County by 1.2 percent, and in Montgomery County by 3.2 percent. However, data were not available to make the retroactive adjustments for Montgomery County in years prior.
All files include sales volume and median sales price by county or Metropolitan Statistical Area. Additionally, the 2019 Home Sales by County file includes median and average sales price by county, and 2019 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.