Lenoir City, 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 Q2 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

Lenoir City, TN Housing Market Trends

With a population of 9,324, 3,479 total housing units (homes and apartments), and a median house value of $165,396, house prices in Lenoir City are solidly below the national average.

Single-family detached homes are the single most common housing type in Lenoir City, accounting for 62.70% of the city's housing units. Other types of housing that are prevalent in Lenoir City include large apartment complexes or high rise apartments ( 23.07%), row houses and other attached homes ( 7.93%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.20%).

The most prevalent building size and type in Lenoir City are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 50.80% owning and 49.20% renting.

There is a lot of housing in Lenoir City 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 Lenoir City built between 2000 and later ( 31.56%). A lesser amount of the housing stock also hails from between 1940-1969 ( 19.60%). There's also some housing in Lenoir City built before 1939 ( 14.56%).

Vacant housing appears to be an issue in Lenoir City. Fully 12.37% of the housing stock is classified as vacant. Left unchecked, vacant Lenoir City homes and apartments can be a drag on the real estate market, holding Lenoir City 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.

Lenoir City Home Appreciation Rates

Real estate appreciation rates in Lenoir City's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 3.38% during the period.

Appreciation rates are so strong in Lenoir City that despite a nationwide downturn in the housing market, Lenoir City real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Lenoir City appreciation rates continue to be some of the highest in America, at 11.07%, which is higher than appreciation rates in 77.06% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Lenoir City. Lenoir City appreciation rates in the latest quarter were at 3.24%, which equates to an annual appreciation rate of 13.61%.

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

Average Home Values

 

Median Home Value:
$165,396

Lenoir City, TN HOME PRICES

> $1,225,000
0.2%
0.2%
$919,001 - $1,225,000
0.3%
0.3%
$613,001 - $919,000
1.0%
1.0%
$490,001 - $613,000
1.9%
1.9%
$367,001 - $490,000
6.2%
6.2%
$245,001 - $367,000
19.0%
19.0%
$122,001 - $245,000
34.5%
34.5%
$61,001 - $122,000
31.1%
31.1%
$0 - $61,000
5.7%
5.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

Low for Nation

Average for TN

Value Relative To Nation

Number Of Homes And Apartments:
3,479

Lenoir City Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TN*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
70.77% 2.52%
3
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,161 / per month

Homeownership Rate

Owners
50.8%
50.8%
Renters
49.2%
49.2%
Vacant
12.4%
12.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
31.6%
31.6%
1970 - 1999
34.3%
34.3%
1940 - 1969
19.6%
19.6%
1939 or Older
14.6%
14.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
62.7%
62.7%
Townhomes
7.9%
7.9%
Small Apt. Buildings
3.2%
3.2%
Apt. Complexes
23.1%
23.1%
Mobile Homes
3.1%
3.1%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.7%
1.7%
1 Bedroom
12.3%
12.3%
2 Bedrooms
32.9%
32.9%
3 Bedrooms
42.9%
42.9%
4 Bedrooms
9.1%
9.1%
5 or more bedrooms
1.1%
1.1%
0.0% 100.0%
% OF HOMES