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Home appreciation in Tennessee
Tennessee's FHFA HPI® all-transactions index changed +2.6% over the year to Q2 2026, versus +3.0% nationally, ranking 36th of 51 states and D.C. Below, compare its 15 3-digit ZIP regions and 10 metro areas.
- 1-year change
- +2.6%
- 5-year change
- +50.0%
- Since Q1 1995
- +313%
- State rank (1 year)
- 36th
U.S. +3.0%
10th of 51
U.S. +292%
of 51 states and D.C.
Tennessee vs the U.S.
FHFA HPI® all-transactions index, rebased so Q1 1995 = 100, through Q2 2026
- Tennessee: 413.2
- United States: 391.6
Tennessee appreciation by time window
| Window | TN | U.S. | Gap vs U.S. |
|---|---|---|---|
| 1 year | +2.6% | +3.0% | −0.4 pts |
| 3 years | +11.8% | +12.9% | −1.0 pts |
| 5 years | +50.0% | +41.3% | +8.7 pts |
| 10 years | +119% | +93.3% | +25.8 pts |
| Since Q1 1995 | +313% | +292% | +21.7 pts |
3-digit ZIP regions in Tennessee
Fastest-appreciating ZIP codes in Tennessee →Sorted by one-year change. 8 of 15 regions beat the national one-year change of +3.0%. Place labels name the largest community in each region.
| # | 3-digit ZIP region | 1 year | 5 years | 10 years | Since Q1 1995 |
|---|---|---|---|---|---|
| 1 | 384 · Columbia, TN area | +5.0% | +55.3% | +144% | +348% |
| 2 | 385 · Cookeville, TN area | +4.4% | +55.4% | +131% | +314% |
| 3 | 376 · Johnson City, TN area | +4.3% | +61.8% | +118% | +302% |
| 4 | 380 · Memphis, TN area | +4.2% | +40.9% | +93.4% | +180% |
| 5 | 383 · Jackson, TN area | +3.9% | +57.9% | +115% | +217% |
| 6 | 377 · Greeneville, TN area | +3.9% | +62.1% | +132% | +348% |
| 7 | 378 · Oak Ridge, TN area | +3.7% | +64.1% | +144% | +330% |
| 8 | 382 · Martin, TN area | +3.6% | +58.3% | +131% | +309% |
| 9 | 379 · Knoxville, TN area | +3.0% | +61.5% | +139% | +349% |
| 10 | 373 · Cleveland, TN area | +2.6% | +55.5% | +119% | +306% |
| 11 | 370 · Nashville-Davidson, TN area | +1.7% | +48.0% | +122% | +346% |
| 12 | 371 · Murfreesboro, TN area | +1.7% | +47.6% | +125% | +343% |
| 13 | 374 · Chattanooga, TN area | +0.9% | +49.1% | +128% | +352% |
| 14 | 381 · Memphis, TN area | +0.4% | +26.1% | +83.4% | +186% |
| 15 | 372 · Nashville-Davidson, TN area | +0.1% | +40.4% | +110% | +515% |
Metro areas in Tennessee
| Metro area | 1 year | 5 years | Since Q1 1995 |
|---|---|---|---|
| Jackson, TN | +6.1% | +56.4% | +207% |
| Cleveland, TN | +5.3% | +55.0% | +298% |
| Johnson City, TN | +4.0% | +63.4% | +299% |
| Knoxville, TN | +3.9% | +63.5% | +344% |
| Kingsport-Bristol, TN-VA | +3.0% | +60.3% | +293% |
| Clarksville, TN-KY | +2.1% | +49.4% | +275% |
| Chattanooga, TN-GA | +1.9% | +51.5% | +315% |
| Memphis, TN-MS-AR | +1.8% | +33.1% | +183% |
| Nashville-Davidson--Murfreesboro--Franklin, TN | +1.6% | +45.8% | +385% |
| Morristown, TN | +0.9% | +59.2% | +300% |
Boom, bust, and recovery in Tennessee
Tennessee's index peaked in Q1 2008, fell 8.9% to its low in Q2 2011, and regained its peak in Q2 2015, about 7.2 years after the top. Today it sits +134% versus that 2000s peak. How every state and ZIP region fared
| Area | 2000s peak | Low point | Peak to low | Back to peak | Today vs peak |
|---|---|---|---|---|---|
| TN | Q1 2008 | Q2 2011 | -8.9% | Q2 2015 (7.2 yrs) | +134% |
| U.S. | Q1 2007 | Q2 2012 | -19.0% | Q4 2016 (9.8 yrs) | +89.3% |
Appreciation after inflation
Adjusting for consumer price inflation, Tennessee's index has changed +86.6% in real terms since Q1 1995. Home prices vs inflation
| Window | Inflation (CPI-U) | TN after inflation | U.S. after inflation |
|---|---|---|---|
| 1 year | +3.9% | -1.2% | -0.8% |
| 3 years | +9.8% | +1.9% | +2.8% |
| 5 years | +24.0% | +20.9% | +13.9% |
| 10 years | +39.1% | +57.5% | +39.0% |
| Since Q1 1995 | +121% | +86.6% | +76.8% |
If you bought in Tennessee in…
An example $300,000 purchase grown at the statewide index rate to Q2 2026. Local markets within the state vary widely.
| Bought in | Index change | $300,000 then, at the state rate |
|---|---|---|
| Q2 1995 | +305% | $1,215,876 |
| Q2 2000 | +230% | $989,114 |
| Q2 2005 | +167% | $802,317 |
| Q2 2010 | +149% | $746,292 |
| Q2 2015 | +132% | $696,272 |
| Q2 2020 | +71.5% | $514,406 |
| Q2 2021 | +50.0% | $449,939 |
| Q2 2023 | +11.9% | $335,555 |
| Q2 2025 | +2.6% | $307,784 |
Frequently asked questions
- How much have home prices gone up in Tennessee?
- FHFA HPI® data for Tennessee shows the all-transactions index changed +2.6% over the year to Q2 2026, +50.0% over five years, +119% over ten years, and +313% since Q1 1995.
- Is Tennessee appreciating faster than the national average?
- Over the past year Tennessee's index moved −0.4 pts versus the U.S. (+3.0%), ranking 36th of 51 states and D.C. Over five years the gap is +8.7 pts.
- Which ZIP codes in Tennessee are appreciating fastest?
- Over the past year the strongest of 15 3-digit ZIP regions in Tennessee was ZIP3 384 (Columbia, TN area) at +5.0%, and the weakest was ZIP3 372 (Nashville-Davidson, TN area) at +0.1%. 8 of 15 beat the national one-year change.