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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.



Forest Hills, 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

Forest Hills, TN Housing Market Trends

With a population of 4,618, 1,798 total housing units (homes and apartments), and a median house value of $1,189,029, Forest Hills house prices are not only among the most expensive in Tennessee, Forest Hills real estate also is some of the most expensive in all of America.

Forest Hills is a city of large, single-family homes. In fact, there is a higher proportion of four, five or more bedroom homes in Forest Hills than is found in 98% of the communities in America.

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Forest Hills. Owner-occupied housing accounts for 97.78% of Forest Hills's homes, and 75.62% have either three or four bedrooms, which is average sized relative to America.

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. Forest Hills's housing was primarily built during this period, from the '40s through the '60s. A full 49.50% of the city's housing hails from this era. Other housing ages represented in Forest Hills include homes built between 1970-1999 ( 36.54%) and housing constructed between 2000 and later ( 10.47%). There's also some housing in Forest Hills built before 1939 ( 3.49%).

Forest Hills Home Appreciation Rates

Appreciation rates for homes in Forest Hills have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 99.48%, which ranks in the top 30% nationwide. This equates to an annual average Forest Hills house appreciation rate of 7.15%.

Over the last year, Forest Hills appreciation rates have trailed the rest of the nation. In the last twelve months, Forest Hills's appreciation rate has been 0.66%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Forest Hills were at -1.32%, which equates to an annual appreciation rate of -5.18%.

Notably, Forest Hills's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Tennessee, our data show that Forest Hills's latest annual appreciation rate is lower than 90% of the other cities and towns in Tennessee.

Average Home Values

Median Home Value

$1,189,029

Forest Hills, TN Home Prices
> $1,284,000
$963,001 - $1,284,000
$642,001 - $963,000
$514,001 - $642,000
$385,001 - $514,000
$257,001 - $385,000
$128,001 - $257,000
$64,001 - $128,000
$0 - $64,000
51.0%
51.0%
28.0%
28.0%
16.8%
16.8%
1.4%
1.4%
0.7%
0.7%
0.0%
0.0%
0.8%
0.8%
0.9%
0.9%
0.5%
0.5%
0% 100.0%
% of Homes
Very High

for Tennessee

Very High

for nation

Number of Homes And Apartments:

1,798

Forest Hills Appreciation Rates

Rent & Ownership

Average Market Rent:

$3,943 / per month

Homeownership Rate

Owners
Renters
97.8%
97.8%
2.2%
2.2%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
4.9%
4.9%
95.1%
95.1%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
10.5%
10.5%
36.5%
36.5%
49.5%
49.5%
3.5%
3.5%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
98.6%
98.6%
0.5%
0.5%
0.3%
0.3%
0.0%
0.0%
0.4%
0.4%
0.2%
0.2%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.7%
0.7%
0.2%
0.2%
1.4%
1.4%
27.1%
27.1%
48.5%
48.5%
22.1%
22.1%
0% 100.0%
% of Homes

Popular Neighborhoods in Forest Hills

Zip Codes in Forest Hills, TN