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Conventional means that the mortgages are neither insured nor guaranteed by the FHA, VA, or other federal government entity. In the last 10 years, Murfreesboro has experienced some of the highest home appreciation rates of any community in the nation. Murfreesboro real estate appreciated 132.02% over the last ten years, which is an average annual home appreciation rate of 8.78%, putting Murfreesboro in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Murfreesboro definitely has a track record of being one of the best long term real estate investments in America through the last ten years. Murfreesboro, TN, is located about 30 miles southeast of Nashville and has been noted as one of the fastest-growing areas in the state.
Importantly, this makes Murfreesboro one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength. Members receive 10 FREE city profile downloads a month, unlimited access to our detailed cost of living calculator and analysis, unlimited access to our DataEngine, and more. Check out the latest Maps in a variety of categories including cost of living, population, and commute time. The median home price in Murfreesboro is $347,500 with a median price per sqft of $168. Everything you need to know about local demographics, nearby schools, public transport, market trends, and more.
Murfreesboro, TN Home Reports
A high or growing percentage of homes selling above list price indicates that the housing market is competitive and bidding wars are becoming more common. A low or shrinking percentage of homes selling above list price suggests that the market is becoming less competitive. One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Murfreesboro differ in their investment potential, sometimes by a great deal. Price indicates that the housing market is competitive and bidding wars are becoming more common. In November 2022, Murfreesboro home prices were up 2.6% compared to last year, selling for a median price of $381K.
The new methodology uses the latest and most accurate data mapping of listing statuses to yield a cleaner and more consistent measurement of active listings at both the national and local level. The methodology has also been adjusted to better account for missing data in some fields including square footage. Most areas across the country will see minor changes with a smaller handful of areas seeing larger updates.
REAL ESTATE APPRECIATION & HOUSING MARKET TRENDS
Currently, there are 1,007 homes listed in Murfreesboro which include 1 condos, 3 foreclosures. Get started by checking out the most popular home & the most saved home by Coldwell Banker homebuyers in the last 30 days. When you are ready to explore homes, read what Coldwell Banker agents have to say about Murfreesboro and discover homes for sale in Murfreesboro. Neighborhood appreciation rate data are based on transactions involving conforming, conventional mortgages. Only mortgage transactions on single-family properties are included.
Our data are calculated and updated every three months for each neighborhood, city and town, approximately two months after the end of the previous quarter. Each quarter, Fannie Mae and Freddie Mac provide their most recent mortgage transactions to the FHFA. These data are combined with the data of the previous 29 years to establish price differentials on properties where more than one mortgage transaction has occurred. These resultant neighborhood appreciation rates are a broad measure of the movement of single-family house prices.
Tennessee Housing Market
Homes include single family houses as well as apartment and condominium units. Relative to Tennessee, our data show that Murfreesboro's latest annual appreciation rate is higher than 60% of the other cities and towns in Tennessee. The median household income in a city certainly helps gauge the cost of living. The median household income in Murfreesboro is $62,003, which is 16% more than that of the state. The median income for an individual is $31,405, which is 0% less than that of the state. On average, the number of homes sold was down 35.9% year over year and there were 5,551 homes sold in November this year, down 8,591 homes sold in November last year.
So, the costs may go up or down depending on which neighborhood you eventually decide to stay. Nolensville follows Franklin as the third most expensive place to live, with an average home price of $598,953. Nolensville is another suburb of Nashville and is located 22-miles southeast of Music City. This area has seen considerable growth with new homes and subdivisions popping up everywhere. Another draw to owning real estate in Nolensville is the Williamson County school district.
More Real Estate Resources for Murfreesboro
Whether you’re looking at buying a home in TN or wondering if now is the time to sell, you’ve come to the right place to learn more. Storm risk estimates how much climate change increases the chances of extreme precipitation, when a lot of rain or snow falls in a short time, including thunderstorms, snowstorms, and tropical cyclones. Heat risk estimates how much climate change might increase the typical number of hot days in a year and the likelihood of extreme heat and heatwaves.
Mortgage transactions on condominiums or multi-unit properties are also excluded. As such, NeighborhoodScout does not produce appreciation rates for neighborhoods that consist solely of renters or have no single-family homes . Germantown is a suburb of Memphis and is located 21-miles from downtown Memphis. Germantown offers residents many amenities, top healthcare facilities, friendly neighborhoods and parks, award-winning schools , and history.
Drought risk is based on water stress, which estimates how much of the future water supply will be used for human purposes, like watering the lawn. 79% of Murfreesboro homebuyers searched to stay within the Murfreesboro metropolitan area. Los Angeles homebuyers searched to move into Murfreesboro more than any other metro followed by Chicago and San Francisco.
Franklin is located 22-miles south of downtown Nashville and is in Williamson County. Franklin is known for its excellent public schools, nice neighborhoods, employment opportunities, charming downtown area, and Civil war sites. Housing is generally the biggest monthly cost that you would need to account for. The average rent in Murfreesboro (located in Nashville-Davidson-Murfreesboro-Franklin Metro) metro area for a 2-bed home is $1,085, which is 7% less than the average rent across the US. However, this average takes into account both metro and suburban areas.
Situated in Rutherford County, the city is home to Middle Tennessee State University and has plenty of outdoor activities and amenities, including a 12-mile greenway. Furthermore, Murfreesboro is a great city for families, as the public schools are rated higher than surrounding areas. Compared to other suburbs of Nashville, Murfreesboro is fairly affordable, the median home price is $246,000, and renters pay an average of $970 a month. Johnson City has been named the best place to live in Washington County, Tennessee, and it’s easy to see why.
Different neighborhoods within a city or town can have drastically different home appreciation rates. Our data are built upon median house values in each neighborhood, and combine data from the United States Bureau of the Census with quarterly house resale data. The data reflect appreciation rates for the neighborhood overall, not necessarily each individual house in the neighborhood. Appreciation rates are so strong in Murfreesboro that despite a nationwide downturn in the housing market, Murfreesboro real estate has continued to appreciate in value faster than most communities. Based on the last twelve months, short-term real estate investors have found good fortune in Murfreesboro. Murfreesboro appreciation rates in the latest quarter were at 5.43%, which equates to an annual appreciation rate of 23.53%.
