Murfreesboro, TN Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Murfreesboro, TN Housing Market Trends

With 146,900 people, 50,195 houses or apartments, and a median cost of homes of $277,546, Murfreesboro real estate is some of the most expensive in Tennessee, although Murfreesboro home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Murfreesboro, accounting for 54.36% of the city's housing units. Other types of housing that are prevalent in Murfreesboro include large apartment complexes or high rise apartments ( 28.20%), row houses and other attached homes ( 8.39%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 7.28%).

The most prevalent building size and type in Murfreesboro are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 50.62% owning and 49.38% renting.

Murfreesboro homes and real estate are some of the newest in America. 43.71% of Murfreesboro's housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Murfreesboro real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 42.40%), and between 1940-1969 ( 11.90%). There's also some housing in Murfreesboro built before 1939 ( 1.99%).

Murfreesboro Home Appreciation Rates

In the last 10 years, Murfreesboro has experienced some of the highest home appreciation rates of any community in the nation. Murfreesboro real estate appreciated 63.98% over the last ten years, which is an average annual home appreciation rate of 5.07%, putting Murfreesboro in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Murfreesboro definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Murfreesboro's appreciation rate, at 6.25%, has been at or slightly above the national average. In the latest quarter, Murfreesboro's appreciation rate has been 2.02%, which annualizes to a rate of 8.32%.

Relative to Tennessee, our data show that Murfreesboro's latest annual appreciation rate is lower than 80% of the other cities and towns in Tennessee.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Murfreesboro differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Murfreesboro - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Murfreesboro real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$277,546

Murfreesboro, TN HOME PRICES

> $1,260,000
1.0%
1.0%
$945,001 - $1,260,000
0.8%
0.8%
$630,001 - $945,000
2.4%
2.4%
$504,001 - $630,000
4.8%
4.8%
$378,001 - $504,000
13.4%
13.4%
$252,001 - $378,000
31.4%
31.4%
$126,001 - $252,000
39.1%
39.1%
$63,001 - $126,000
4.5%
4.5%
$0 - $63,000
2.7%
2.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Very High for TN

Value Relative To Nation

Number Of Homes And Apartments:
50,195

Murfreesboro Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TN*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
101.10% 3.38%
9
8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,507 / per month

Homeownership Rate

Owners
50.6%
50.6%
Renters
49.4%
49.4%
Vacant
7.0%
7.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
43.7%
43.7%
1970 - 1999
42.4%
42.4%
1940 - 1969
11.9%
11.9%
1939 or Older
2.0%
2.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
54.4%
54.4%
Townhomes
8.4%
8.4%
Small Apt. Buildings
7.3%
7.3%
Apt. Complexes
28.2%
28.2%
Mobile Homes
1.8%
1.8%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.7%
1.7%
1 Bedroom
9.3%
9.3%
2 Bedrooms
26.2%
26.2%
3 Bedrooms
40.1%
40.1%
4 Bedrooms
18.9%
18.9%
5 or more bedrooms
3.7%
3.7%
0.0% 100.0%
% OF HOMES