Monterey, TN—38574
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Monterey, TN
As of Oct '25, the median home price in Monterey, TN is $272,000, with a year-over-year change of 3.5%. This indicates that home prices in Monterey, TN are increasing. According to Zillow, the 1-year price projection is 1.8%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $272,000 | 3.5% |
| Single Family | $272,000 | 4.2% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $228,000 | 2.2% |
3 Bed | $384,000 | 4.3% |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Monterey, TN
As of July '25, Rentcast reports the average rent in Monterey, TN is $1,050, with a year-over-year rent change of 68.0%. Per bedroom, the median rent as of July '25 in Monterey, TN is 1-bedrooms: $575, 3-bedrooms: $2,000. The most common rental property sizes in Monterey, TN are 2-bedroom and 3-bedroom, accounting for 46.1% and 41.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $575 | $1,050 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $575 | $575 |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $2,000 | $2,000 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Monterey, TN
As of Oct '25, Realtor.com reports that the median days on market for a home in Monterey, TN is 77. This is a increase of 66.0% 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 30.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $469,000 | 7.0% |
Listing Count | 60 | 33.0% |
| Listings as % of Homes | 0.8% | 33.0% |
Days on Market | 77 | 66.0% |
Demographics — Monterey, TN
As of the latest ACS Survey released in 2023, Monterey, TN has a population of 8,810, which has increased by 5.2% over the past 5 years. Monterey, TN is a popular place for families, as children make up 25.3% of the population. The area has a poorly educated workforce, with 12.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 3.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 8,810 | 5.2% |
% Under 18 | 25.3% | 7.2% |
% Seniors | 20.2% | -4.3% |
% WFH | 3.8% | 11.8% |
% w/ College Degree | 12.4% | 5.1% |
As of the latest ACS Survey released in 2023, Monterey, TN is a predominantly white area, with 88.6% of the population identifying as white. The white population has grown by 3.7% in the last 5 years. The second most common race or ethnicity in Monterey, TN is hispanic, making up 10.3% of the population. Foreign-born residents account for 3.4% of the population in Monterey, TN, and this percentage has decreased by 54.1% 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 | 88.6% | 3.7% |
% Black | 0.1% | -88.9% |
% Hispanic | 10.3% | -18.9% |
% Asian | 0.1% | -66.7% |
% Foreign Born | 3.4% | -54.1% |
Mortgage and Risk — Monterey, TN
According to HUD data as of 2023, there were 110 mortgage originations in Monterey, TN, of which 76.0% of loans were conventional mortgages. The average loan-to-value was 61.0%, with 27.0% above 90% LTV (very high). This implies large mortgage risk in Monterey, TN. Investor activity is low, as 0.0% 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 | 110 |
% Conventional Loans | 76.0% |
% Government Loans | 24.0% |
% Investor Loans | 0.0% |
% Second Loans | 5.0% |
% Cash Out Refinance | 15.0% |
Loan Activity
Rentals and Section 8 — Monterey, TN
Monterey, TN lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 108 |
Total Units Section 8 | 1 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $145 | $575 | $720 |
| 2 Bedroom | N/A | N/A | $910 |
| 3 Bedroom | -$760 | $2,000 | $1,240 |
| 4 Bedroom | N/A | N/A | $1,430 |
Affordability — Monterey, TN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.6 |
| Median Home Price | $272,000 |
| Median Household Income | $52,000 |