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The median home value in Tennessee is $310,000. Nashville and suburbs (Williamson, Rutherford, Wilson counties) have seen 40-60% appreciation since 2020. Knoxville has also emerged as a top relocation destination. Memphis remains the state's most affordable major market.
The conforming loan limit is $726,200. No Tennessee counties currently qualify for high-cost conforming limits. Loans up to this amount qualify for standard Fannie Mae/Freddie Mac rates. Above this is jumbo territory with stricter requirements.
At the median home value of $310,000 with a 20% down payment ($62,000), you'd borrow $248,000. At 7% for 30 years, principal and interest runs approximately $1,650/month. Add property taxes (~$171/mo) and insurance (~$150/mo) for a total PITI estimate.
Budget for Tennessee's effective property tax rate of 0.66% (avg. bill: $1,220/year). Lenders include taxes in your PITI calculation and collect them monthly in escrow.
First-time buyers in Tennessee should budget for closing costs of approximately $2,500. Tennessee charges a transfer tax of $0.37/$100 of value (a deed tax), which is very low. Overall closing costs are among the lowest in the Southeast.
Data: Tax Foundation (2024), US Census Bureau ACS 2023, Zillow, ATTOM Data Solutions. Updated 2024–2025. Figures reflect state averages — consult a licensed professional for personalized advice.
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