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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Erwin, 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 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

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

Erwin, TN Housing Market Trends

With a population of 5,953, 2,603 total housing units (homes and apartments), and a median house value of $233,137, house prices in Erwin are solidly below the national average.

Single-family detached homes are the single most common housing type in Erwin, accounting for 65.77% of the town's housing units. Other types of housing that are prevalent in Erwin include large apartment complexes or high rise apartments ( 13.41%), duplexes, homes converted to apartments or other small apartment buildings ( 10.68%), and a few mobile homes or trailers ( 8.74%).

The most prevalent building size and type in Erwin are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 63.90% owning and 36.10% renting.

There is a lot of housing in Erwin 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 Erwin built between 1940-1969 ( 31.03%). A lesser amount of the housing stock also hails from before 1939 ( 22.62%). There's also some housing in Erwin built between 2000 and later ( 6.97%).

Vacant housing appears to be an issue in Erwin. Fully 13.15% of the housing stock is classified as vacant. Left unchecked, vacant Erwin homes and apartments can be a drag on the real estate market, holding Erwin 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.

Erwin Home Appreciation Rates

Appreciation rates for homes in Erwin have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 85.73%, which ranks in the top 50% nationwide. This equates to an annual average Erwin house appreciation rate of 6.39%.

Appreciation rates are so strong in Erwin that despite a nationwide downturn in the housing market, Erwin real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Erwin appreciation rates continue to be some of the highest in America, at 9.27%, which is higher than appreciation rates in 92.64% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Erwin. Erwin appreciation rates in the latest quarter were at 3.49%, which equates to an annual appreciation rate of 14.70%.

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

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

Average Home Values

Median Home Value

$233,137

Erwin, TN Home Prices
> $1,467,000
$1,100,001 - $1,467,000
$733,001 - $1,100,000
$587,001 - $733,000
$440,001 - $587,000
$294,001 - $440,000
$147,001 - $294,000
$73,001 - $147,000
$0 - $73,000
0.6%
0.6%
0.1%
0.1%
3.0%
3.0%
0.9%
0.9%
6.0%
6.0%
17.1%
17.1%
47.8%
47.8%
17.3%
17.3%
7.1%
7.1%
0% 100.0%
% of Homes
Average

for Tennessee

Average

for nation

Number of Homes And Apartments:

2,603

Erwin Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,215 / per month

Homeownership Rate

Owners
Renters
63.9%
63.9%
36.1%
36.1%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
13.1%
13.1%
86.9%
86.9%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
7.0%
7.0%
39.4%
39.4%
31.0%
31.0%
22.6%
22.6%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
65.8%
65.8%
1.4%
1.4%
10.7%
10.7%
13.4%
13.4%
8.7%
8.7%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.0%
0.0%
12.7%
12.7%
31.0%
31.0%
43.1%
43.1%
13.0%
13.0%
0.2%
0.2%
0% 100.0%
% of Homes