Carthage, TN—37030
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Carthage, TN
As of Oct '25, the median home price in Carthage, TN is $266,000, with a year-over-year change of -2.1%. This indicates that home prices in Carthage, TN are decreasing. According to Zillow, the 1-year price projection is 1.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $266,000 | -2.1% |
| Single Family | $266,000 | -1.5% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $211,000 | 0.5% |
3 Bed | $310,000 | -0.6% |
4 Bed | $367,000 | 0.3% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Carthage, TN
As of July '25, Rentcast reports the average rent in Carthage, TN is $1,400, with a year-over-year rent change of -2.8%. Per bedroom, the median rent as of July '25 in Carthage, TN is 1-bedrooms: $850, 2-bedrooms: $1,230, 3-bedrooms: $1,690, 4-bedrooms: $1,950. The most common rental property sizes in Carthage, TN are 2-bedroom and 3-bedroom, accounting for 50.1% and 32.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,350 | $1,400 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $850 | $850 |
| 2 Bed Rent | $1,200 | $1,230 |
| 3 Bed Rent | $1,600 | $1,690 |
| 4 Bed Rent | $1,950 | $1,950 |
% of Rental Stock
Property Listings — Carthage, TN
As of Oct '25, Realtor.com reports that the median days on market for a home in Carthage, TN is 70. This is a increase of 4.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 41.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $322,000 | -6.0% |
Listing Count | 58 | 28.0% |
| Listings as % of Homes | 0.9% | 28.0% |
Days on Market | 70 | 4.0% |
Demographics — Carthage, TN
As of the latest ACS Survey released in 2023, Carthage, TN has a population of 7,890, which has increased by 11.7% over the past 5 years. Carthage, TN is a moderately popular place for families, as children make up 20.8% of the population. The area has a poorly educated workforce, with 19.7% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 7,890 | 11.7% |
% Under 18 | 20.8% | -8.0% |
% Seniors | 18.3% | 8.9% |
% WFH | 7.7% | 57.1% |
% w/ College Degree | 19.7% | 62.8% |
As of the latest ACS Survey released in 2023, Carthage, TN is a predominantly white area, with 89.7% of the population identifying as white. The white population has shrunk by 2.6% in the last 5 years. The second most common race or ethnicity in Carthage, TN is black, making up 2.9% of the population. Foreign-born residents account for 1.4% of the population in Carthage, TN, and this percentage has decreased by 30.0% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 89.7% | -2.6% |
% Black | 2.9% | -29.3% |
% Hispanic | 2.2% | 15.8% |
% Asian | 0.9% | ∞% |
% Foreign Born | 1.4% | -30.0% |
Mortgage and Risk — Carthage, TN
According to HUD data as of 2023, there were 246 mortgage originations in Carthage, TN, of which 68.0% of loans were conventional mortgages. The average loan-to-value was 65.0%, with 30.0% above 90% LTV (very high). This implies large mortgage risk in Carthage, TN. Investor activity is low, as 11.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 246 |
% Conventional Loans | 68.0% |
% Government Loans | 32.0% |
% Investor Loans | 11.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Carthage, TN
As of 2024, the percent of homes in Carthage, TN under the Section 8 program is 0.1%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Carthage, TN, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 167 |
Total Units Section 8 | 1 |
% Rentals under Section 8 | 0.1% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$90 | $850 | $760 |
| 2 Bedroom | -$200 | $1,200 | $1,000 |
| 3 Bedroom | -$280 | $1,600 | $1,320 |
| 4 Bedroom | -$620 | $1,950 | $1,330 |
Affordability — Carthage, TN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.5 |
| Median Home Price | $266,000 |
| Median Household Income | $57,500 |