The Limestone, TN housing market is gaining attention in 2024 with noticeable growth in property prices. Whether you are a potential buyer or seller, understanding current market trends is essential. The real estate market in this rural Tennessee town has shown considerable shifts over the past year, positioning Limestone as a region to watch in the coming months.
Current Limestone Real Estate Trends
Rising Home Prices in Limestone, TN
As of August 2024, the median listing price in Limestone, TN reached $415K, marking an impressive 25.9% year-over-year, according to Realtor.com. This sharp rise reflects a broader trend of increasing demand for homes in rural areas, where residents seek more space and a peaceful environment. The median price per square foot also climbed to $222, signaling rising property values.
Sale-to-List Price Ratio
Despite increasing listing prices, homes in Limestone are selling slightly below asking price. The sale-to-list price ratio stands at 96.67%, meaning that buyers are securing homes at about 3.33% below the listed price on average. This indicates a negotiating window for buyers but also underscores that homes are still moving, even if at slightly discounted prices.
Limestone, TN: A Buyer's Market
Limestone is currently classified as a buyer’s market. With homes sitting on the market for an average of 67 days, and more homes available than there are buyers, prospective homeowners may find opportunities to purchase properties at competitive rates. The increased supply has given buyers more negotiating power, making this an ideal time to explore real estate options in the area.
Forecast for Limestone's Housing Market 2024-2025
Looking ahead to the rest of 2024, the Limestone housing market is expected to remain favorable for buyers. With inventory levels increasing and listing prices trending upward, the area could continue attracting those seeking rural living without the premium pricing of urban areas. However, as demand slowly catches up, this buyer’s market may begin to shift toward a more balanced landscape by the end of the year.
Washington County, TN Real Estate Highlights
Limestone is an unincorporated community on the western border of Washington County, Tennessee, and the eastern border of Greene County in the northeastern part of the U.S. state of Tennessee. Its zip code is 37681. This analysis is based on data from realtor.com®.
Current Market Trends
As of August 2024, the median listing home price in Washington County was $379.9K, representing a 5% decline year-over-year. The median home sold price was slightly lower, sitting at $347.4K. Homes in the area were selling for 1.22% below their listing prices, with a sale-to-list price ratio of 98.78%. This suggests that while buyers can negotiate slightly, sellers are generally able to command near-asking prices.
The median days on the market for homes in Washington County was 40 days, showing an increase compared to earlier months, indicating that homes are taking slightly longer to sell. However, this duration is still relatively short, keeping Washington County in a seller's market, meaning demand is higher than supply. This is evident as inventory remains limited, with more buyers seeking properties than available listings.
Forecast for Washington County Housing Market
Given current trends, the Washington County housing market is expected to remain competitive throughout the remainder of 2024. While listing prices have dipped slightly, the overall demand for homes continues to outpace supply, suggesting the seller's market condition will persist. Buyers might expect a slight softening of prices, but the market is not expected to shift dramatically in favor of buyers.
The key indicator to watch will be the median days on the market—if this continues to rise, it could signal a gradual cooling. Nonetheless, the market is expected to maintain stability with minor fluctuations in pricing, particularly if mortgage rates remain steady.
