Milan, TN—38358
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Milan, TN
As of Nov '25, the median home price in Milan, TN is $182,000, with a year-over-year change of 0.7%. This indicates that home prices in Milan, TN are flat. According to Zillow, the 1-year price projection is 2.3%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $182,000 | 0.7% |
| Single Family | $182,000 | 0.6% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | N/A | N/A |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Milan, TN
As of July '25, Rentcast reports the average rent in Milan, TN is $1,470, with a year-over-year rent change of 38.7%. Per bedroom, the median rent as of July '25 in Milan, TN is studios: $4,500, 1-bedrooms: $638, 2-bedrooms: $900, 3-bedrooms: $1,240, 4-bedrooms: $2,650. The most common rental property sizes in Milan, TN are 2-bedroom and 3-bedroom, accounting for 37.9% and 32.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,100 | $1,470 |
| Studio Rent | $4,500 | $4,500 |
| 1 Bed Rent | $625 | $638 |
| 2 Bed Rent | $925 | $900 |
| 3 Bed Rent | $1,100 | $1,240 |
| 4 Bed Rent | $1,500 | $2,650 |
% of Rental Stock
Property Listings — Milan, TN
As of Nov '25, Realtor.com reports that the median days on market for a home in Milan, TN is 64. This is a decrease of -9.0% 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 14.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $219,000 | 0.0% |
Listing Count | 57 | -4.0% |
| Listings as % of Homes | 0.7% | -4.0% |
Days on Market | 64 | -9.0% |
Demographics — Milan, TN
As of the latest ACS Survey released in 2023, Milan, TN has a population of 12,500, which has increased by 7.6% over the past 5 years. Milan, TN is a popular place for families, as children make up 32.0% of the population. The area has a poorly educated workforce, with 18.2% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 4.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 12,500 | 7.6% |
% Under 18 | 32.0% | 34.5% |
% Seniors | 14.1% | -20.3% |
% WFH | 4.9% | 1,533.3% |
% w/ College Degree | 18.2% | -14.2% |
As of the latest ACS Survey released in 2023, Milan, TN is a predominantly white area, with 74.3% of the population identifying as white. The white population has shrunk by 2.7% in the last 5 years. The second most common race or ethnicity in Milan, TN is black, making up 17.2% of the population. Foreign-born residents account for 1.7% of the population in Milan, TN, and this percentage has increased by 13.3% 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 | 74.3% | -2.7% |
% Black | 17.2% | 1.2% |
% Hispanic | 1.6% | -30.4% |
% Asian | 0.4% | -66.7% |
% Foreign Born | 1.7% | 13.3% |
Mortgage and Risk — Milan, TN
According to HUD data as of 2023, there were 251 mortgage originations in Milan, TN, of which 68.0% of loans were conventional mortgages. The average loan-to-value was 64.0%, with 29.0% above 90% LTV (very high). This implies large mortgage risk in Milan, TN. Investor activity is low, as 9.0% 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 | 251 |
% Conventional Loans | 68.0% |
% Government Loans | 32.0% |
% Investor Loans | 9.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 12.0% |
Rentals and Section 8 — Milan, TN
As of 2024, the percent of homes in Milan, TN under the Section 8 program is 4.3%. 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. 1-bedroom and 3-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Milan, TN, because HUD payments exceed market rent, while 2-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 174 |
Total Units Section 8 | 74 |
% Rentals under Section 8 | 4.3% |
% Occupied Section 8 | 90.5% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $75 | $625 | $700 |
| 2 Bedroom | -$25 | $925 | $900 |
| 3 Bedroom | $160 | $1,100 | $1,260 |
| 4 Bedroom | $10 | $1,500 | $1,510 |
Affordability — Milan, TN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.5 |
| Median Home Price | $182,000 |
| Median Household Income | $65,500 |