Is Monterey, TN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Monterey is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Monterey has remained a Seller's Market.

Key Takeaway

Monterey is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Monterey, TN

How much do homes in Monterey, TN cost?

Median Sold Price

$322,450

$193/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

-$92,550(-22.3%)

Key Takeaway

Homes in Monterey have sold for 22.3% less than they did a year ago.

Summary: The median home sold price in Monterey was $322,450 in May 2024, down 22.3% from last year, and the median price per square foot was $193.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 -$319.9K
N/A
2 $328K$230K
-29.9%
3 $415K$439.9K
+6.0%
4 $255K$592.5K
+132.4%
5+ $470K$250K
-46.8%

Summary: Monterey 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 decreased by 29.9%, 3 bedroom homes increased by 6%, 4 bedroom homes increased by 132.4%, and 5+ bedroom homes decreased by 46.8%.

Housing Supply in Monterey, TN

How many homes are available in Monterey, TN?

Number of Homes For Sale

Apr 2024May 2024CHANGE
4239-7.1%

Summary: The Monterey real estate market had 39 homes for sale in May 2024, a 7.1% decrease compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 11
0.0%
2 67
+16.7%
3 2423
-4.2%
4 86
-25.0%
5+ 32
-33.3%

Summary: The Monterey housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 16.7%, 3 bedroom homes decreased by 4.2%, 4 bedroom homes decreased by 25%, and 5+ bedroom homes decreased by 33.3%.

Number of Homes Sold

Apr 2024May 2024CHANGE
990.0%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Monterey, you may be able to get a good deal. 55.6% of homes here sold below asking price last month.

Summary: A total of 9 homes were sold or pending in Monterey in May 2024, the same as the previous month. Of the 9 sold homes, 56% were sold under asking, 11% were sold at asking, and 33% were sold over asking.

Days on Market for Monterey, TN

How long does it take to sell a home in Monterey, TN?

Average Sale Time

May 2023May 2024CHANGE
41 Days69 Days+68.4%

Summary: Homes in Monterey had an average of 69 days on market in May 2024, up by 68.4% compared to last year.

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Monterey has remained consistent over time.

Summary: During May 2024, 9 homes were sold in Monterey; 33% of homes were sold within 30 days, 44% of homes were sold within 30 to 90 days, and 22% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

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