Is Red Bank, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Red Bank has remained a Seller's Market.
Key Takeaway
Red Bank is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Red Bank, TN
How much do homes in Red Bank, TN cost?
Median Sold Price
$310,000
$216/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Red Bank have sold for 4.6% less than they did a year ago.
Summary: The median home sold price in Red Bank was $310,000 in April 2024, down 4.6% from last year, and the median price per square foot was $216.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $176K | $148.5K | -15.6% |
| 2 Bedrooms | $244.9K | $232.5K | -5.1% |
| 3 Bedrooms | $340K | $352.5K | +3.7% |
| 4 Bedrooms | $425K | $435K | +2.3% |
| 5+ Bedrooms | $340K | $450K | +32.4% |
Summary: Red Bank housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 15.6%, 2 bedroom homes decreased by 5.1%, 3 bedroom homes increased by 3.7%, 4 bedroom homes increased by 2.3%, and 5+ bedroom homes increased by 32.4%.
Median Sold Price Compared To Nearby Cities
| Chattanooga | $314.5K | $327.2K | +4.0% |
| Red Bank | $324.9K | $310K | -4.6% |
Housing Supply in Red Bank, TN
How many homes are available in Red Bank, TN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 59 | 63 | +6.8% |
Summary: The Red Bank real estate market had 63 homes for sale in April 2024, a 6.8% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 16 | 14 | -12.5% |
| 3 Bedrooms | 29 | 34 | +17.2% |
| 4 Bedrooms | 7 | 10 | +42.9% |
| 5+ Bedrooms | 5 | 3 | -40.0% |
Summary: The Red Bank housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 12.5%, 3 bedroom homes increased by 17.2%, 4 bedroom homes increased by 42.9%, and 5+ bedroom homes decreased by 40%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 20 | 18 | -10.0% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Red Bank, you could pay more than the asking price. 38.9% of homes here sold above asking price last month.
Summary: A total of 18 homes were sold or pending in Red Bank in April 2024, down by 10.0% month-over-month. Of the 18 sold homes, 33% were sold under asking, 28% were sold at asking, and 39% were sold over asking.
Days on Market for Red Bank, TN
How long does it take to sell a home in Red Bank, TN?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 7 Days | 19 Days | +142.6% |
Summary: Homes in Red Bank had an average of 19 days on market in Apr 2024, up by 142.6% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Red Bank are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 18 homes were sold in Red Bank; 17% of homes were sold within 30 days, 6% of homes were sold within 30 to 90 days, and 0% 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.