Is Westmoreland, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Westmoreland has remained a Seller's Market.
Housing Prices in Westmoreland, TN
How much do homes in Westmoreland, TN cost?
Median Sold Price
$304,999
$205/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Westmoreland was $304,999 in May 2024, up 5.2% from last year, and the median price per square foot was $205.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $130K | $195K | +50.0% |
3 Bedrooms | $289.9K | $310K | +6.9% |
4 Bedrooms | $375K | $320K | -14.7% |
5+ Bedrooms | - | $294.9K | N/A |
Summary: Westmoreland 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 increased by 50%, 3 bedroom homes increased by 6.9%, 4 bedroom homes decreased by 14.7%, and 5+ bedroom homes did not change.
Housing Supply in Westmoreland, TN
How many homes are available in Westmoreland, TN?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
39 | 40 | +2.6% |
Summary: The Westmoreland real estate market had 40 homes for sale in May 2024, a 2.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 6 | 5 | -16.7% |
3 Bedrooms | 30 | 32 | +6.7% |
4 Bedrooms | 2 | 2 | 0.0% |
5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Westmoreland 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 decreased by 16.7%, 3 bedroom homes increased by 6.7%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
7 | 8 | +14.3% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Summary: A total of 8 homes were sold or pending in Westmoreland in May 2024, up by 14.3% month-over-month. Of the 8 sold homes, 25% were sold under asking, 50% were sold at asking, and 25% were sold over asking.
Days on Market for Westmoreland, TN
How long does it take to sell a home in Westmoreland, TN?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
24 Days | 16 Days | -33.9% |
Summary: Homes in Westmoreland had an average of 16 days on market in May 2024, down by 33.9% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 8 homes were sold in Westmoreland; 75% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.