Millington, TN—38053
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Millington, TN
As of Oct '25, the median home price in Millington, TN is $238,000, with a year-over-year change of -0.2%. This indicates that home prices in Millington, TN are flat. According to Zillow, the 1-year price projection is 0.4%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $238,000 | -0.2% |
| Single Family | $238,000 | 0.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $146,000 | -1.4% |
3 Bed | $215,000 | 0.0% |
4 Bed | $324,000 | -0.3% |
| 5 Bed | $434,000 | -0.2% |
% of Housing Stock
Rental Trends — Millington, TN
As of July '25, Rentcast reports the average rent in Millington, TN is $1,440, with a year-over-year rent change of -4.6%. Per bedroom, the median rent as of July '25 in Millington, TN is 1-bedrooms: $930, 2-bedrooms: $1,030, 3-bedrooms: $1,500, 4-bedrooms: $1,750. The most common rental property sizes in Millington, TN are 3-bedroom and 2-bedroom, accounting for 39.1% and 37.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,500 | $1,440 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $700 | $930 |
| 2 Bed Rent | $995 | $1,030 |
| 3 Bed Rent | $1,500 | $1,500 |
| 4 Bed Rent | $1,630 | $1,750 |
% of Rental Stock
Property Listings — Millington, TN
As of Oct '25, Realtor.com reports that the median days on market for a home in Millington, TN is 50. This is a decrease of -17.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 24.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $313,000 | 0.0% |
Listing Count | 109 | 20.0% |
| Listings as % of Homes | 0.6% | 20.0% |
Days on Market | 50 | -17.0% |
Demographics — Millington, TN
As of the latest ACS Survey released in 2023, Millington, TN has a population of 25,400, which has decreased by -4.5% over the past 5 years. Millington, TN is a moderately popular place for families, as children make up 24.9% of the population. The area has a poorly educated workforce, with 20.6% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 6.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 25,400 | -4.5% |
% Under 18 | 24.9% | 22.1% |
% Seniors | 16.4% | -8.4% |
% WFH | 6.2% | 59.0% |
% w/ College Degree | 20.6% | 12.6% |
As of the latest ACS Survey released in 2023, Millington, TN is a predominantly white area, with 57.2% of the population identifying as white. The white population has shrunk by 15.0% in the last 5 years. The second most common race or ethnicity in Millington, TN is black, making up 27.0% of the population. Foreign-born residents account for 4.2% of the population in Millington, TN, and this percentage has increased by 16.7% 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 | 57.2% | -15.0% |
% Black | 27.0% | 16.9% |
% Hispanic | 10.2% | 100.0% |
% Asian | 1.6% | -27.3% |
% Foreign Born | 4.2% | 16.7% |
Mortgage and Risk — Millington, TN
According to HUD data as of 2023, there were 307 mortgage originations in Millington, TN, of which 54.0% of loans were conventional mortgages. The average loan-to-value was 76.0%, with 42.0% above 90% LTV (very high). This implies large mortgage risk in Millington, TN. Investor activity is low, as 2.0% of loans were by investors. 15.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 307 |
% Conventional Loans | 54.0% |
% Government Loans | 46.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 15.0% |
Loan Activity
Rentals and Section 8 — Millington, TN
As of 2024, the percent of homes in Millington, TN under the Section 8 program is 1.5%. 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 Millington, 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 | 210 |
Total Units Section 8 | 41 |
% Rentals under Section 8 | 1.5% |
% Occupied Section 8 | 91.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $520 | $700 | $1,220 |
| 2 Bedroom | $375 | $995 | $1,370 |
| 3 Bedroom | $300 | $1,500 | $1,800 |
| 4 Bedroom | $480 | $1,630 | $2,110 |
Affordability — Millington, TN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.9 |
| Median Home Price | $238,000 |
| Median Household Income | $58,500 |