Lakeland, TN—38002
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Lakeland, TN
As of Oct '25, the median home price in Lakeland, TN is $409,000, with a year-over-year change of -1.0%. This indicates that home prices in Lakeland, TN are flat. According to Zillow, the 1-year price projection is 0.0%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $409,000 | -1.0% |
| Single Family | $409,000 | -1.0% |
| Condos | $413,000 | 0.7% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $181,000 | -1.6% |
3 Bed | $317,000 | -0.9% |
4 Bed | $440,000 | -1.1% |
| 5 Bed | $527,000 | -1.3% |
% of Housing Stock
Rental Trends — Lakeland, TN
As of July '25, Rentcast reports the average rent in Lakeland, TN is $2,190, with a year-over-year rent change of -0.9%. Per bedroom, the median rent as of July '25 in Lakeland, TN is studios: $2,550, 1-bedrooms: $1,580, 2-bedrooms: $1,540, 3-bedrooms: $1,980, 4-bedrooms: $2,530. The most common rental property sizes in Lakeland, TN are 3-bedroom and 2-bedroom, accounting for 38.0% and 25.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,110 | $2,190 |
| Studio Rent | $2,550 | $2,550 |
| 1 Bed Rent | $1,380 | $1,580 |
| 2 Bed Rent | $1,380 | $1,540 |
| 3 Bed Rent | $1,920 | $1,980 |
| 4 Bed Rent | $2,440 | $2,530 |
% of Rental Stock
Property Listings — Lakeland, TN
As of Oct '25, Realtor.com reports that the median days on market for a home in Lakeland, TN is 70. This is a increase of 7.0% 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 35.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $529,000 | 7.0% |
Listing Count | 237 | -6.0% |
| Listings as % of Homes | 1.3% | -6.0% |
Days on Market | 70 | 7.0% |
Demographics — Lakeland, TN
As of the latest ACS Survey released in 2023, Lakeland, TN has a population of 43,900, which has increased by 9.0% over the past 5 years. Lakeland, TN is a popular place for families, as children make up 28.0% of the population. The area has a highly educated workforce, with 47.0% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 13.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 43,900 | 9.0% |
% Under 18 | 28.0% | -6.0% |
% Seniors | 14.3% | 26.5% |
% WFH | 13.1% | 204.7% |
% w/ College Degree | 47.0% | 13.3% |
As of the latest ACS Survey released in 2023, Lakeland, TN is a predominantly white area, with 72.5% of the population identifying as white. The white population has grown by 2.5% in the last 5 years. The second most common race or ethnicity in Lakeland, TN is black, making up 19.0% of the population. Foreign-born residents account for 5.3% of the population in Lakeland, TN, and this percentage has increased by 51.4% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 72.5% | 2.5% |
% Black | 19.0% | -1.0% |
% Hispanic | 3.2% | -40.7% |
% Asian | 2.4% | -20.0% |
% Foreign Born | 5.3% | 51.4% |
Mortgage and Risk — Lakeland, TN
According to HUD data as of 2023, there were 410 mortgage originations in Lakeland, TN, of which 76.0% of loans were conventional mortgages. The average loan-to-value was 62.0%, with 24.0% above 90% LTV (very high). This implies large mortgage risk in Lakeland, TN. Investor activity is low, as 1.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 410 |
% Conventional Loans | 76.0% |
% Government Loans | 24.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Lakeland, TN
As of 2024, the percent of homes in Lakeland, TN under the Section 8 program is 1.4%. 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 Lakeland, TN, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 75 |
Total Units Section 8 | 33 |
% Rentals under Section 8 | 1.4% |
% Occupied Section 8 | 89.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $310 | $1,380 | $1,690 |
| 2 Bedroom | $520 | $1,380 | $1,900 |
| 3 Bedroom | $580 | $1,920 | $2,500 |
| 4 Bedroom | $490 | $2,440 | $2,930 |
Affordability — Lakeland, TN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.5 |
| Median Home Price | $409,000 |
| Median Household Income | $115,000 |