Millington, TN 38053 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Millington, TN—38053

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$238,000

0.0% YoY Growth

Household Income

$58,500

7.1% YoY Growth

Days on Market

2.0% Longer YoY

Home Price Forecast

1.1%

Median Rent

$1,500

4.6% YoY Growth

1-Bed Rent

$700

22.4% YoY Growth

2-Bed Rent

$995

13.4% YoY Growth

3-Bed Rent

$1,500

4.5% YoY Growth

Home Price Trends — Millington, TN

As of Dec '25, the median home price in Millington, TN is $238,000, with a year-over-year change of 0.0%. This indicates that home prices in Millington, TN are flat. According to Zillow, the 1-year price projection is 1.1%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$238,000	0.0%
Single Family	$238,000	0.0%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

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

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% of Rental Stock

Studio

0.3%

1 Bedroom

12.7%

2 Bedrooms

37.3%

3 Bedrooms

39.1%

4 Bedrooms

10.0%

5+ Bedrooms

0.6%

Property Listings — Millington, TN

As of Dec '25, Realtor.com reports that the median days on market for a home in Millington, TN is 68. This is a decrease of -16.0% 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 23.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$315,000	-3.0%
Listing Count	98	21.0%
Listings as % of Homes	0.6%	21.0%
Days on Market	65	2.0%

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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%

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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%

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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%

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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

Millington, TN—38053

Key Metrics at a Glance

Home Price Trends — Millington, TN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Millington, TN

% of Rental Stock

Property Listings — Millington, TN

Demographics — Millington, TN

Race and Ethnicity

Mortgage and Risk — Millington, TN

Mortgages

Rentals and Section 8 — Millington, TN

Section 8 Market Size

Section 8 Opportunity

Affordability — Millington, TN

Home Price to Income Ratio

Millington, TN — ZIP Code Boundary Map

Nearby ZIP Codes

Millington

Raleigh, Memphis, TN

Frayser, Memphis, TN

Drummonds, TN

Bartlett, TN

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	3.9
Median Home Price	$238,000
Median Household Income	$58,500

Millington, TN—38053

Key Metrics at a Glance

Home Price Trends — Millington, TN

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Millington, TN

% of Rental Stock

Property Listings — Millington, TN

Demographics — Millington, TN

Race and Ethnicity

Mortgage and Risk — Millington, TN

Mortgages

Rentals and Section 8 — Millington, TN

Section 8 Market Size

Section 8 Opportunity

Affordability — Millington, TN

Home Price to Income Ratio

Millington, TN — ZIP Code Boundary Map

Nearby ZIP Codes

Millington

Raleigh, Memphis, TN

Frayser, Memphis, TN

Drummonds, TN

Bartlett, TN

Frequently Asked Questions

What is the average home price in Millington, TN 38053?

How have home prices in Millington, TN 38053 changed over the past year?

What is the home price projection for Millington, TN 38053?

What are the demographics of Millington, TN 38053?

How long does it take homes to sell in Millington, TN 38053?

What is the average rent price in Millington, TN 38053?