Tennessee
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Home Prices in Tennessee

The median home value in Tennessee is just under $188,000 and home values are anticipated to go up more than 4% in the next year. The median home price in the state is just short of $258,000.

As a homebuyer in Tennessee, you are entitled to a disclosure form from the seller which includes information on any known defects to the house such as mold, structural damage, and even issues such as excessive neighborhood noise.

You can learn more about what must be included in such a form through the Tennessee Association of Realtors. Paying for a home inspection before signing the papers can go a long way towards ascertaining any issues with the property yourself.

Tennessee Mortgage Taxes

There is a transfer and mortgage tax assessed on real estate, typically $0.37 on every $100 for transfer taxes and $0.115 for every $100 for your mortgage tax.

Property Taxes in Tennessee

Tennessee has considerably low property taxes—the median yearly payment being only $1,120, which is roughly half the national average. At the same time, the state’s most populated city of Memphis has property taxes twice the state average.

It is the county assessor who is in charge of setting the value of each property on which to base the taxes assessed. Properties in the state are reappraised in cycles of four to six years. If you believe that your property has been appraised for more than it should have been, you have recourse to their assessor to discuss your concerns. Failing that, you can appeal to the County Board of Equalization.

The assessed value of residential property is equivalent to one-quarter a home’s market value—therefore, for a property appraised for $100,000, the assessed value will be $25,000 and the tax rate will apply to this amount.

Tennessee Job States to Consider

Last year, the unemployment rate in Tennessee was 3.9%. The fields employing the most Tennesseans are office and administrative support, sales, food preparation, transportation, production, and healthcare.

Tennessee Closing Costs

On average, upon purchasing your home in Tennessee, you can expect to pay around $2,000 in closing costs which can vary based on the transfer taxes, assorted state fees, escrow fees, and the cost of your home inspection. In general, plan on spending between 2% and 5% of your new home’s value on closing costs. With a home valued at $166,900, for instance, the new owner would be forced to pay from $3,338 to $8,345 in closing costs.