Red Bank, 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 Q2 2021. 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

Red Bank, TN Housing Market Trends

With a population of 11,840, 5,683 total housing units (homes and apartments), and a median house value of $194,116, Red Bank real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Red Bank, accounting for 60.62% of the city's housing units. Other types of housing that are prevalent in Red Bank include large apartment complexes or high rise apartments ( 23.45%), duplexes, homes converted to apartments or other small apartment buildings ( 12.84%), and a few row houses and other attached homes ( 2.45%).

People in Red Bank primarily live in small (one, two or no bedroom) single-family detached homes. Red Bank has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Red Bank's housing was primarily built during this period, from the '40s through the '60s. A full 46.14% of the city's housing hails from this era. Other housing ages represented in Red Bank include homes built between 1970-1999 ( 37.43%) and housing constructed before 1939 ( 11.49%). There's also some housing in Red Bank built between 2000 and later ( 4.94%).

Vacant housing appears to be an issue in Red Bank. Fully 10.81% of the housing stock is classified as vacant. Left unchecked, vacant Red Bank homes and apartments can be a drag on the real estate market, holding Red Bank real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Red Bank Home Appreciation Rates

In the last 10 years, Red Bank has experienced some of the highest home appreciation rates of any community in the nation. Red Bank real estate appreciated 69.39% over the last ten years, which is an average annual home appreciation rate of 5.41%, putting Red Bank in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Red Bank 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, Red Bank's appreciation rate, at 9.96%, has been at or slightly above the national average. In the latest quarter, Red Bank's appreciation rate has been 3.13%, which annualizes to a rate of 13.13%.

Relative to Tennessee, our data show that Red Bank's latest annual appreciation rate is lower than 60% of the other cities and towns in Tennessee.

Average Home Values

 

Median Home Value:
$194,116

Red Bank, TN HOME PRICES

> $1,326,000
0.2%
0.2%
$995,001 - $1,326,000
0.2%
0.2%
$663,001 - $995,000
1.1%
1.1%
$531,001 - $663,000
0.9%
0.9%
$398,001 - $531,000
1.1%
1.1%
$265,001 - $398,000
13.4%
13.4%
$133,001 - $265,000
66.6%
66.6%
$66,001 - $133,000
13.6%
13.6%
$0 - $66,000
2.9%
2.9%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

High for TN

Value Relative To Nation

Number Of Homes And Apartments:
5,683

Red Bank Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TN*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
121.12% 3.76%
9
8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,040 / per month

Homeownership Rate

Owners
53.2%
53.2%
Renters
46.8%
46.8%
Vacant
10.8%
10.8%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
4.9%
4.9%
1970 - 1999
37.4%
37.4%
1940 - 1969
46.1%
46.1%
1939 or Older
11.5%
11.5%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
60.6%
60.6%
Townhomes
2.4%
2.4%
Small Apt. Buildings
12.8%
12.8%
Apt. Complexes
23.4%
23.4%
Mobile Homes
0.6%
0.6%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.8%
1.8%
1 Bedroom
16.5%
16.5%
2 Bedrooms
42.3%
42.3%
3 Bedrooms
26.2%
26.2%
4 Bedrooms
10.5%
10.5%
5 or more bedrooms
2.7%
2.7%
0.0% 100.0%
% OF HOMES