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 Q1 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (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 5,038, 1,819 total housing units (homes and apartments), and a median house value of $1,076,998, 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 96.48% of Forest Hills's homes, and 80.26% 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 50.76% of the city's housing hails from this era. Other housing ages represented in Forest Hills include homes built between 1970-1999 ( 37.08%) and housing constructed between 2000 and later ( 9.87%). There's also some housing in Forest Hills built before 1939 ( 2.30%).

Forest Hills Home Appreciation Rates

In the last 10 years, Forest Hills has experienced some of the highest home appreciation rates of any community in the nation. Forest Hills real estate appreciated 96.61% over the last ten years, which is an average annual home appreciation rate of 6.99%, putting Forest Hills in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Forest Hills 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 Forest Hills that despite a nationwide downturn in the housing market, Forest Hills real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Forest Hills appreciation rates continue to be some of the highest in America, at 19.34%, which is higher than appreciation rates in 75.54% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Forest Hills. Forest Hills appreciation rates in the latest quarter were at 5.33%, which equates to an annual appreciation rate of 23.07%.

Importantly, this makes Forest Hills 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 Forest Hills's latest annual appreciation rate is lower than 80% of the other cities and towns in Tennessee.

Average Home Values

 

Median Home Value:
$1,076,998

Forest Hills, TN HOME PRICES

> $1,377,000
$1,032,001 - $1,377,000
$689,001 - $1,032,000
$551,001 - $689,000
$413,001 - $551,000
$275,001 - $413,000
$138,001 - $275,000
$69,001 - $138,000
$0 - $69,000
30.1%
30.1%
30.8%
30.8%
32.3%
32.3%
3.4%
3.4%
1.1%
1.1%
0.0%
0.0%
1.7%
1.7%
0.2%
0.2%
0.4%
0.4%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for TN

Value Relative To Nation

Number Of Homes And Apartments:
1,819

Forest Hills Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TN*
Compared To
America*
Latest Quarter:
2021 Q4 - 2022 Q1
Last 12 Months:
2021 Q1 - 2022 Q1
Last 2 Years:
2020 Q1 - 2022 Q1
Last 5 Years:
2017 Q1 - 2022 Q1
Last 10 Years:
2012 Q1 - 2022 Q1
Since 2000:
2000 Q1 - 2022 Q1
203.77% 5.12%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$5,932 / per month

Homeownership Rate

Owners
Renters
Vacant
96.5%
96.5%
3.5%
3.5%
5.0%
5.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
9.9%
9.9%
37.1%
37.1%
50.8%
50.8%
2.3%
2.3%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
98.8%
98.8%
0.3%
0.3%
0.3%
0.3%
0.0%
0.0%
0.6%
0.6%
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.7%
0.7%
0.0%
0.0%
1.0%
1.0%
31.1%
31.1%
49.2%
49.2%
18.1%
18.1%
0.0% 100.0%
% OF HOMES

Popular Neighborhoods in Forest Hills

Zip Codes in Forest Hills, TN