menu
Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Carthage, TN Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Carthage, TN Housing Market Trends

With 2,304 people, 970 houses or apartments, and a median cost of homes of $329,682, Carthage real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Carthage, accounting for 75.84% of the town's housing units. Other types of housing that are prevalent in Carthage include large apartment complexes or high rise apartments ( 14.16%), duplexes, homes converted to apartments or other small apartment buildings ( 8.22%), and a few row houses and other attached homes ( 1.78%).

The most prevalent building size and type in Carthage are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 53.92% owning and 46.08% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Carthage's housing was primarily built during this period, from the '40s through the '60s. A full 53.37% of the town's housing hails from this era. Other housing ages represented in Carthage include homes built between 1970-1999 ( 30.00%) and housing constructed before 1939 ( 12.97%). There's also some housing in Carthage built between 2000 and later ( 3.66%).

Carthage Home Appreciation Rates

In the last 10 years, Carthage has experienced some of the highest home appreciation rates of any community in the nation. Carthage real estate appreciated 157.56% over the last ten years, which is an average annual home appreciation rate of 9.92%, putting Carthage in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Carthage definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Carthage that despite a nationwide downturn in the housing market, Carthage real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Carthage appreciation rates continue to be some of the highest in America, at 9.01%, which is higher than appreciation rates in 80.89% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Carthage. Carthage appreciation rates in the latest quarter were at 1.16%, which equates to an annual appreciation rate of 4.72%.

Relative to Tennessee, our data show that Carthage's latest annual appreciation rate is higher than 80% of the other cities and towns in Tennessee.

Average Home Values

Median Home Value

$329,682

Carthage, TN Home Prices
> $1,591,000
$1,192,001 - $1,591,000
$795,001 - $1,192,000
$636,001 - $795,000
$477,001 - $636,000
$318,001 - $477,000
$159,001 - $318,000
$79,001 - $159,000
$0 - $79,000
0.5%
0.5%
1.2%
1.2%
3.7%
3.7%
8.1%
8.1%
10.8%
10.8%
27.3%
27.3%
34.4%
34.4%
9.3%
9.3%
4.7%
4.7%
0% 100.0%
% of Homes
High

for Tennessee

High

for nation

Number of Homes And Apartments:

970

Carthage Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,492 / per month

Homeownership Rate

Owners
Renters
53.9%
53.9%
46.1%
46.1%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
4.0%
4.0%
96.0%
96.0%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
3.7%
3.7%
30.0%
30.0%
53.4%
53.4%
13.0%
13.0%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
75.8%
75.8%
1.8%
1.8%
8.2%
8.2%
14.2%
14.2%
0.0%
0.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.0%
0.0%
6.7%
6.7%
32.9%
32.9%
41.2%
41.2%
16.4%
16.4%
2.8%
2.8%
0% 100.0%
% of Homes

Popular Neighborhoods in Carthage

Zip Codes in Carthage, TN