Smyrna, 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

Smyrna, TN Housing Market Trends

With 51,586 people, 18,059 houses or apartments, and a median cost of homes of $227,282, Smyrna real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Smyrna, accounting for 60.27% of the town's housing units. Other types of housing that are prevalent in Smyrna include large apartment complexes or high rise apartments ( 24.76%), row houses and other attached homes ( 5.79%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.82%).

The most prevalent building size and type in Smyrna are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 57.33% owning and 42.67% renting.

There is a lot of housing in Smyrna built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Smyrna built between 2000 and later ( 43.09%). A lesser amount of the housing stock also hails from between 1940-1969 ( 8.56%). There's also some housing in Smyrna built before 1939 ( 1.59%).

Smyrna Home Appreciation Rates

In the last 10 years, Smyrna has experienced some of the highest home appreciation rates of any community in the nation. Smyrna real estate appreciated 67.21% over the last ten years, which is an average annual home appreciation rate of 5.27%, putting Smyrna in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Smyrna definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Smyrna that despite a nationwide downturn in the housing market, Smyrna real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Smyrna appreciation rates continue to be some of the highest in America, at 6.26%, which is higher than appreciation rates in 70.07% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Smyrna. Smyrna appreciation rates in the latest quarter were at 2.03%, which equates to an annual appreciation rate of 8.35%.

Relative to Tennessee, our data show that Smyrna'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 town. Individual neighborhoods within Smyrna differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Smyrna - 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 Smyrna real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$227,282

Smyrna, TN HOME PRICES

> $1,261,000
0.1%
0.1%
$946,001 - $1,261,000
0.0%
0.0%
$631,001 - $946,000
1.0%
1.0%
$504,001 - $631,000
2.2%
2.2%
$378,001 - $504,000
7.1%
7.1%
$252,001 - $378,000
28.6%
28.6%
$126,001 - $252,000
52.5%
52.5%
$63,001 - $126,000
3.9%
3.9%
$0 - $63,000
4.5%
4.5%
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:
18,059

Smyrna 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
94.35% 3.21%
8
7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,452 / per month

Homeownership Rate

Owners
57.3%
57.3%
Renters
42.7%
42.7%
Vacant
4.7%
4.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
43.1%
43.1%
1970 - 1999
46.8%
46.8%
1940 - 1969
8.6%
8.6%
1939 or Older
1.6%
1.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
60.3%
60.3%
Townhomes
5.8%
5.8%
Small Apt. Buildings
4.8%
4.8%
Apt. Complexes
24.8%
24.8%
Mobile Homes
4.3%
4.3%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.4%
1.4%
1 Bedroom
9.4%
9.4%
2 Bedrooms
22.0%
22.0%
3 Bedrooms
53.6%
53.6%
4 Bedrooms
11.7%
11.7%
5 or more bedrooms
1.9%
1.9%
0.0% 100.0%
% OF HOMES