RUTHERFORD COUNTY, TENN. – In real estate transactions, it appears there are a growing number of homes being sold in Tennessee that sell for $1-million or more.
A recently released report from the Inspection Support Network showed 2.14% of homes sold in the Volunteer State were homes that closed at $1-million or more. The analysis found the median property value for the homes that sold at one-million-dollars or more was a little over $1.3-million. The median income for million-dollar home buyers in Tennessee was $350,000 annually in 2020.
In Rutherford County, there are 24-active listings for homes priced at $1-million or more, according to RealTracs.com. However, at least 12 of those listings were priced specifically because of the land that the home sits on and the actual home size is 3,200-square feet or less.
4-Homes on the active RealTracs list had 3,300 to 4,000-square feet and sit on 5 to 21-acres.
Of the 24-home listings that have a million-dollar+ price tag in Rutherford County, 3 listings were for homes between 6,000-square feet and 14,000-square feet in size.
As home values increase across the country, so do the number of million-dollar homes being sold. Nationwide, 4.76% of homes sold in 2020 closed at one-million-dollars or more.
Zillow.com shows 23-agent listed homes and 1-for sale by owner home with a price tag of one-million-dollars or more.
Rutherford County Assessor of Property Rob Mitchell told WGNS NEWS on Thursday (4/21/22), “The median increase in values between 2018 and 2022 for Rutherford County, Tennessee is 44 percent! This is on par with increases seen in all major population centers in Tennessee recently.”
Mitchell said that assessment change notices will be arriving in mailboxes around May 10, 2022.
The Assessor of Property further explained the property value increase stating, “Citizens should understand that these rates will produce revenue numbers from the tax base which are equivalent to the previous year’s tax levy. The tax burden is redistributed based upon the demand in the market for property types.”
Scroll down for more on property values and a short video on how your property value will further determine what you pay in property taxes...
Property and taxes - Continued...
The Tennessee Comptroller of the Treasury released a video in 2020 that describes the property value and how it relates to what you pay in property taxes annually.
More on the 2.14% of Tennessee Homes Sold for $1M+
To determine the states with the highest percentage of luxury home sales, researchers at Inspection Support Network analyzed the latest data from the Home Mortgage Disclosure Act. Only conventional, home purchase loans that originated in 2020 were considered in the analysis. The researchers ranked states by the percentage of mortgaged home sales greater than $1 million. In the event of a tie, the state with the larger median property value for greater-than-$1 million homes was ranked higher.
The analysis found that in Tennessee, luxury home sales accounted for 2.14% of all home purchases in 2020.
Here is a summary of the data for Tennessee:
• Percentage of luxury home sales ($1M+):14%
• Median property value for $1M+ homes:$1,315,000
• Median income for $1M+ buyers:$350,000
• Median down payment for $1M+ homes:$410,000
For reference, here are the statistics for the entire United States:
• Percentage of luxury home sales ($1M+):76%
• Median property value for $1M+ homes:$1,355,000
• Median income for $1M+ buyers:$330,000
• Median down payment for $1M+ homes:$410,000
For more information, a detailed methodology, and complete results, you can find the original report on Inspection Support Network’s website: https://www.inspectionsupport.com/resources/cities-with-the-highest-percentage-of-luxury-home-sales/
