Is Sewanee, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Sewanee was a Neutral Market.
Key Takeaway
Sewanee is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Sewanee, TN
How much do homes in Sewanee, TN cost?
Median Sold Price
$475,000
$255/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Sewanee have sold for 24% less than they did a year ago.
Summary: The median home sold price in Sewanee was $475,000 in May 2024, down 24% from last year, and the median price per square foot was $255.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $634K | N/A |
| 2 Bedrooms | $312.5K | $583K | +86.6% |
| 3 Bedrooms | $559.5K | $457K | -18.3% |
| 4 Bedrooms | $674.9K | $529K | -21.6% |
| 5+ Bedrooms | $699.9K | - | N/A |
Summary: Sewanee housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 86.6%, 3 bedroom homes decreased by 18.3%, 4 bedroom homes decreased by 21.6%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Monteagle | $419.9K | $489.9K | +16.7% |
| Monteagle | $515.1K | $505.1K | -2.0% |
| Sewanee | $625K | $475K | -24.0% |
Housing Supply in Sewanee, TN
How many homes are available in Sewanee, TN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 26 | 24 | -7.7% |
Summary: The Sewanee real estate market had 24 homes for sale in May 2024, a 7.7% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 1 | -50.0% |
| 2 Bedrooms | 2 | 1 | -50.0% |
| 3 Bedrooms | 11 | 10 | -9.1% |
| 4 Bedrooms | 8 | 9 | +12.5% |
| 5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The Sewanee housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes decreased by 50%, 3 bedroom homes decreased by 9.1%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 3 | 2 | -33.3% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Sewanee, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in Sewanee in May 2024, down by 33.3% month-over-month. Of the 2 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Sewanee, TN
How long does it take to sell a home in Sewanee, TN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 46 Days | 77 Days | +65.6% |
Summary: Homes in Sewanee had an average of 77 days on market in May 2024, up by 65.6% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Sewanee has remained consistent over time.
Summary: During May 2024, 2 homes were sold in Sewanee; 0% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.
Listings courtesy of RealTracs Middle Tennessee Regional MLS as distributed by MLS GRID.
© 2024 of the REALTRACS MLS. All rights Reserved.