Most Expensive Places to Own a Home in Tennessee 

While Tennessee has a reputation for affordable homes–median sale prices at $278,947 in November 2023–that doesn’t mean everywhere is low cost. Living in Tennessee has serious perks: it’s a vacation destination for its beautiful mountains, spacious freshwater reservoirs, and music scene. Celebrities and icons surround the home of country music. That desirability pushes up housing costs in select markets, making these the four most expensive places to own a home in Tennessee.

Numbers are based on the US Census and American Community Survey from 2022 and the most recent available housing market data from the state’s metropolitan regions.

Keep in mind the national median existing home sale price was $387,600 for November 2023, and in the South, it was at $340,000. Even some of these “expensive” markets are a deal when you have that perspective.

Cookeville

At number four, Cookeville is a centrally located large town halfway between Knoxville and Nashville. Its median home value of $271,100 reflects the interest in community-focused living, affordability, and access to the beautiful Cumberland Plateau outdoor recreation. Residents of the scenic Upper Cumberland region enjoy a relaxed pace of life, multiple community events, and proximity to outdoor attractions like Cummins Falls State Park.

The year-to-date median sold price for 2023, ending in November, showed Cookeville regional homes were selling for about $280,000. However, narrowing in on Cookeville city limits, the median sold prices for December 2023 were $311,000. Overall, there has been pricing growth, but the increases have been minimal.

Knoxville

The mountain city, Knoxville, is the third most expensive city in Tennessee to own a home. Housing values of $281,900 reflect the wider metropolitan area, including Maryville, Alcoa, and Oak Ridge.

Home to the University of Tennessee, Knoxville has a lively college-town atmosphere, with sports events and cultural festivals contributing to the outgoing energy. The one-time host of the World’s Fair is rejuvenating into a top destination to live, work, and play as Nashville grows ever more expensive. The city’s proximity to the Great Smoky Mountains provides ample opportunities for outdoor activities. The combination makes Knoxville an appealing choice for those seeking a dynamic urban lifestyle with easy access to nature.

For Knox County, which includes Knoxville, but also suburbs like Farragut and Amherst, December 2023 median list prices were $449,000. Home buyers paid a median of $311,000 in the Knoxville city limits for that month.

Sevierville

The smallest city of the top four is its second most expensive place to buy a home. What makes Sevierville so desirable as a place to live? Maybe it’s the beautiful mountain views, as the Great Smoky Mountains and the national park form the backdrop. Maybe it’s the incredible access to entertainment, as this is part of the mountain playground, with Dollywood at Pigeon Forge and the tourist center at Gatlinburg.

The people who live here gain all the community of small-town living but with an urban feeling lifestyle. It’s packed near outlet malls, shopping strips, golf courses, and adventure attractions.

Either way, desirability pushed housing values to $315,200. But the reality is real estate here transacts for far more, as evidenced by the $606,500 median sold price for December 2023.

Greater Nashville

Tennessee’s most expensive place to buy a home has one of the hottest housing markets in the whole nation. The phenomenal growth in the real estate market has pushed up housing values across the entire metro, which spans from Murfreesboro over to Franklin and up through Nashville. Because of the area’s size, housing values had a median of $421,500, but pockets around Williamson County had values at $750,000 or greater.

The market also carried the highest monthly mortgage payment in the state for 2022: $1,749.

In December 2023, the Nashville metro had a median price of $470,000 for single-family homes and $340,000 for condominiums. Single-family home prices peaked for the year in May at $479,000.

To show you how housing prices vary across greater Nashville, here’s a breakdown of its communities:

Why Nashville? The city appeals to those seeking a dynamic urban environment with a touch of Southern hospitality and a fervent passion for the arts. Yes, it’s “Music City” and home to the Country Music Hall of Fame and leading music artists, but there’s even more here. Centennial Park and its Parthenon replica art museum, top-ranked Vanderbilt University, an extensive parks system, a hot food scene…people who live in Nashville truly have a lively lifestyle close at hand.

Expensive Places to Live in Tennessee

Every housing market has neighborhoods with higher housing costs than others. That’s the nature of demand. Think about what these communities provide you with. Buying here increases access to quality schools, public parks and recreation facilities, and abundant entertainment choices. The price of living here may be worth it to you if you want the best access to the high quality of life promised in Tennessee.