McMinnville, TN Homes For Sale - Tennessee Real Estate | BEX Realty (2024)

FAQs

Are real estate prices dropping in Tennessee? ›

In June 2024, 19.3% of homes in Tennessee sold above list price, down 4.8 points year. There were only 28.3% of homes that had price drops, up from 24.0% of homes in June last year. There was a 98.0% sale-to-list price, down 0.47 points year over year. … Homes that sold above list price likely received multiple offers.

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.

Rather, widespread overvaluation is a sign of the times. 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.

As of 2022, 17.9% of Tennessee homeowners were classified as cost-burdened, paying more than 30% of their incomes towards housing. For renters, the situation is even more dire, with 43.4% classified as cost-burdened.

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.

Who Pays Closing Costs in Tennessee, Buyer or Seller? In most Tennessee real estate transactions, buyers and sellers share the closing costs. But buyers cover most of them. You can negotiate with the seller for concessions.

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.

Germantown tops list of most expensive cities for Tennessee. Residents of Germantown pay the highest household bills in the state of Tennessee, at an average of $2,843 per month. Germantown residents' bills are 38.9% more, nearly $10,000 more per year, than the U.S. average.

Why are people buying houses in Tennessee? ›

“Nashville has relatively low property taxes, insurance costs and utility prices, along with no state income tax, all of which definitely help if you're looking for a lower cost of living.”

Spring Splendor: March to May

Spring is widely regarded as the prime selling season in Nashville, TN. As temperatures begin to warm up and flowers bloom, prospective buyers emerge from winter hibernation, eager to explore new homes.

Tennessee is one of nine states that does not tax capital gains on a state level. That doesn't mean residents of Tennessee, or the below 8 states, can avoid paying this tax to the federal government, but they are exempt on a state level.

The disclosure statement should include the property address and the age of the home. Disclosure requires a list of amenities included with the sale and their condition. Sellers must report any known defects or malfunctions of structural or mechanical components.

For those looking to invest, Nashville's real estate market in 2024 presents several lucrative opportunities. The steady appreciation of home values, coupled with a strong demand for housing, positions Nashville as a prime spot for real estate investments.

The Volunteer State offers ample opportunity for investors to get involved in some of the most coveted real estate markets around. With a median rent of about $1,735 per month, investors can make an excellent passive income, if they make a good investment.