Zillow Homes In Tennessee (2024)

FAQs

Is it hard to get a house in Tennessee? ›

One of the most important requirements for buying a house in Tennessee is a credit score of at least 640. Your credit score makes homebuying easy by qualifying you for down payment assistance programs and increase your ability to get pre-approved for a loan.

High demand and low supply are to blame for skyrocketing prices in Tennessee, Greater Nashville Realtors board member Collyn Wainwright said. Population growth in the state, especially since the COVID-19 pandemic, has created a surge in the demand for housing.

The average Tennessee home value is $326,084, up 3.9% over the past year and goes to pending in around 19 days.

There are several reasons why Zillow's Zestimate may be inaccurate. For one, the feature relies heavily on publicly available data, such as property tax records and past sales data. This means that it may not take into account certain factors, such as renovations or additions to a home, that could affect its value.

Minimum Credit Score - The credit score of everyone on your loan application must be at least 640. If you do not know your credit store, your lender can check for you. If your credit score does not meet the minimum requirement, you can work with a THDA-Approved Counselor to improve your score.

#1: Memphis. With a median home sale price of $190,000, Memphis is the most affordable place to live in Tennessee.

Real estate brokers say in the short term renting may be a good way to save money, but in the long term, buying could help you to build wealth. Even after nine years of calling Middle Tennessee home, my boys still say with excitement, "There's the Batman building!" every time we come downtown. It truly is unique!

The best cities in Tennessee include Nashville, Brentwood, Franklin, and Memphis. See what other towns comprise the best places to live in TN.

$27,200 is the 25th percentile. Salaries below this are outliers. $37,200 is the 75th percentile.

Is it cheaper to build or buy a house in Tennessee? ›

It is usually cheaper to buy a home than build a new one. However, by building your own home you get a brand-new residence, customized to your needs. It costs $261,940 on average to build a home in Tennessee. This figure can add up to $411,940 if you include land costs, excavations, permits, and other expenses.

Moving To Tennessee Pros And Cons. Over the last 20 years, Tennessee has enjoyed an impressive rate of population growth. Low tax rates, living costs, and high quality of life have kept people on the move to Tennessee. It's not a perfect place, but for the price, Tennessee is about as good as one can get.

Zestimates are generally quite accurate. The median error rate for the Zestimate of U.S. houses on the market is just 1.9 percent. The median error rate for houses that are not on the market is higher, at 6.9 percent, but still close enough to do your preliminary planning.

Non-disclosure state — Your home is in a “non-disclosure” state (Idaho, Indiana, Kansas, Louisiana, Mississippi, Montana, New Mexico, Texas, Utah, and Wyoming) where transactions are not publicly reported and therefore, we do not have enough data to create a Zestimate.

If the updates are not significant enough to impact the home's value, your Zestimate® may not change. Zestimate® for all homes update multiple times per week, but on rare occasions this schedule is interrupted by algorithmic changes or new analytical features.

In order to afford any median-priced home in the area, you'll need to make $124,095 (as of October 2023). Nationwide, you need an income of $75,849 to afford a typical starter home, which costs an average of $240,000. The average U.S. household earns an estimated $84,072.

Most conventional loans require a 20% down payment and a minimum credit score of 620. Some conventional loans allow for down payments as low as 3%, though the minimum varies by lender.

Here's what you can expect when buying a home in Tennessee. Before you fill out any paperwork, start saving up for your down payment. Most traditional home loans require 20% of the home's purchase price up front, while other types of mortgages, like an FHA loan, require much less.

There are a number of programs in Tennessee to help first-time homebuyers. Each has its own set of requirements (as well as its own pros and cons), which we cover below: Great Choice Home Loan Program.