Bryan Realty
Lakeland, TN 38002
Single-Family Homes
Market Report / michael@bryanrealty.com
Lakeland, TN 38002
Tue Sep 28 2021
This week the median list price for Lakeland, TN 38002 is $513,975 with the market action index hovering around 80. This is about the same as last month's market action index of 80. Inventory has held steady at or around 24.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the MAI. If the market heats up, prices are likely to resume an upward climb.
Real-Time Market Profile
| Median List Price | $513,975 | |
| Median Price of New Listings | $385,000 | |
| Per Square Foot | $160 | |
| Average Days on Market | 78 | |
| Median Days on Market | 28 | |
| Price Decreased | 25% | |
| Price Increased | 4% | |
| Relisted | 4% | |
| Inventory | 24 | |
| Median Rent | $2,128 | |
| Market Action | 80 | |
| Strong Seller's Market | ||
We continue to see prices in this zip code hovering around these current levels, even though they bumped up a bit this week. Look for a persistent up-shift in the Market Action Index before we see prices move significantly from here.
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $719,850 | 3,774 | 1 - 2.5 acres | 5 | 4 | 17 | 2 | 1 | 49 |
| $572,850 | 3,499 | 0.25 - 0.5 acre | 4 | 3 | 0 | 1 | 1 | 38 |
| $466,400 | 3,299 | 0.25 - 0.5 acre | 4 | 3 | 22 | 3 | 3 | 24 |
| $295,000 | 1,899 | 0.5 - 1 acre | 3 | 2 | 43 | 3 | 4 | 10 |