East Ridge, 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 Q3 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

East Ridge, TN Housing Market Trends

With a population of 22,167, 9,027 total housing units (homes and apartments), and a median house value of $178,669, house prices in East Ridge are solidly below the national average.

Single-family detached homes are the single most common housing type in East Ridge, accounting for 65.44% of the city's housing units. Other types of housing that are prevalent in East Ridge include large apartment complexes or high rise apartments ( 17.56%), duplexes, homes converted to apartments or other small apartment buildings ( 13.89%), and a few row houses and other attached homes ( 2.68%).

People in East Ridge primarily live in small (one, two or no bedroom) single-family detached homes. East Ridge 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. East Ridge's housing was primarily built during this period, from the '40s through the '60s. A full 55.29% of the city's housing hails from this era. Other housing ages represented in East Ridge include homes built between 1970-1999 ( 34.15%) and housing constructed between 2000 and later ( 5.47%). There's also some housing in East Ridge built before 1939 ( 5.08%).

Vacant housing appears to be an issue in East Ridge. Fully 10.01% of the housing stock is classified as vacant. Left unchecked, vacant East Ridge homes and apartments can be a drag on the real estate market, holding East Ridge 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.

East Ridge Home Appreciation Rates

Appreciation rates for homes in East Ridge have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 69.52%, which ranks in the top 30% nationwide. This equates to an annual average East Ridge house appreciation rate of 5.42%.

Appreciation rates are so strong in East Ridge that despite a nationwide downturn in the housing market, East Ridge real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, East Ridge appreciation rates continue to be some of the highest in America, at 16.34%, which is higher than appreciation rates in 81.60% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in East Ridge. East Ridge appreciation rates in the latest quarter were at 6.34%, which equates to an annual appreciation rate of 27.86%.

Importantly, this makes East Ridge one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Tennessee, our data show that East Ridge's latest annual appreciation rate is higher than 50% 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 East Ridge differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in East Ridge - 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 East Ridge real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$178,669

East Ridge, TN HOME PRICES

> $1,459,000
0.9%
0.9%
$1,095,001 - $1,459,000
0.1%
0.1%
$730,001 - $1,095,000
1.2%
1.2%
$584,001 - $730,000
0.5%
0.5%
$438,001 - $584,000
0.9%
0.9%
$292,001 - $438,000
5.7%
5.7%
$146,001 - $292,000
61.7%
61.7%
$73,001 - $146,000
26.1%
26.1%
$0 - $73,000
2.8%
2.8%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

Average for TN

Value Relative To Nation

Number Of Homes And Apartments:
9,027

East Ridge Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TN*
Compared To
America*
Latest Quarter:
2021 Q2 - 2021 Q3
Last 12 Months:
2020 Q3 - 2021 Q3
Last 2 Years:
2019 Q3 - 2021 Q3
Last 5 Years:
2016 Q3 - 2021 Q3
Last 10 Years:
2011 Q3 - 2021 Q3
Since 2000:
2000 Q1 - 2021 Q3
96.60% 3.16%
5
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,238 / per month

Homeownership Rate

Owners
55.6%
55.6%
Renters
44.4%
44.4%
Vacant
10.0%
10.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
5.5%
5.5%
1970 - 1999
34.2%
34.2%
1940 - 1969
55.3%
55.3%
1939 or Older
5.1%
5.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
65.4%
65.4%
Townhomes
2.7%
2.7%
Small Apt. Buildings
13.9%
13.9%
Apt. Complexes
17.6%
17.6%
Mobile Homes
0.4%
0.4%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.0%
2.0%
1 Bedroom
10.3%
10.3%
2 Bedrooms
37.8%
37.8%
3 Bedrooms
38.6%
38.6%
4 Bedrooms
9.1%
9.1%
5 or more bedrooms
2.2%
2.2%
0.0% 100.0%
% OF HOMES