Knowing your options is critical when purchasing a home in Tennessee. Here’s a guide to tell you the differences between the various types of homes.
Many people live in the suburbs due to excellent schools and security. But you should also consider your finances, hobbies, and interests. Of course, there are rural villages for those seeking a more sedate pace of life, but many cultural enthusiasts like the bustling pace of cities like Murfreesboro, Tennessee.
There are several cities in Tennessee including Memphis, Nashville, Knoxville, and others. Today we will discuss one of the fastest-growing major cities: Murfreesboro.
Murfreesboro, TN: A Snapshot
Murfreesboro, Tennessee’s former capital, is Nashville’s biggest suburb and the state’s sixth-largest city, home to 163,274 people (US Census estimates). And it is simple to understand why: it is one of the nation’s fastest-growing cities.
Murfreesboro, which is 34 miles south of Nashville’s downtown, is also in the center of the metropolitan area.
The Median Price of Homes in Murfreesboro
In Murfreesboro, TN, there are 1052 active real estate listings and 129 new construction houses. Murfreesboro houses sold for a median price of $457,495 in February 2022.
On average, Murfreesboro homes sold in 18 days on the market, down from 620 days the previous year. Murfreesboro sold 166 houses in February 2022.
In February 2022, Murfreesboro, TN’s median price for condos/townhomes was $379,900.
The Rutherford County R-1 School District has 19 high schools, 21 middle schools, and 31 elementary schools in Murfreesboro.
Neighborhoods in Murfreesboro
West Murfreesboro, Blackman, and Downtown Murfreesboro are just a few of the nicest neighborhoods surrounding Murfreesboro. You can consider purchasing or renting a property in one of these attractive areas.
Murfreesboro is divided into seven neighborhoods. Blackman is the most expensive neighborhood in the city, with a median listing price of $449.9K. With a median listing price of $255K, Bottoms is the cheapest neighborhood.
Now that we have discussed the current property market of Murfreesboro, let us explore the types of homes available.
Types of Homes in Murfreesboro
When you pull up any house listings, you may feel overwhelmed. While a single-family house can be within your budget, you may prefer the amenities of a neighboring condo complex or consider starting over with a newly constructed home.
Different houses fit different types of home buyers and selecting the correct one may be just as critical as selecting the ideal location.
1. Single-Family Homes
A single-family residence is a self-contained unit that does not share walls, a roof, doors, or land with another unit. It is custom-made for a single-family or individual.
While some single-family houses are part of a homeowners association (HOA), the owner is still responsible for maintenance. Not to mention the median monthly HOA fee in Tennessee of $150.
A single-family house is constructed on its own plot of land, which provides you with some detachment from your neighbors. Hence, more privacy.
These houses often have an attic, basement, and spare closets. Single-family homeowners can alter their home structure and the surrounding property.
In February 2022, the median list price of single-family houses in Murfreesboro was $483,450.
2. Multi-Family Homes
A multi-family dwelling is a single structure that contains many independent homes. A duplex or a modest apartment building are examples of this. While each apartment has its kitchen and bathroom, inhabitants often share walls, a roof, a laundry area, and the adjacent yard.
Typically, these buildings are owned by a single individual who lives in one apartment and leases out the rest. If you own the property, rental revenue may be sufficient to cover the cost of your mortgage. This is an excellent choice if you want to be close to family members while maintaining privacy.
In February 2022, the median list price of multi-family houses in Murfreesboro, TN, was $488,500.
A townhome is a single apartment contained inside a multi-unit structure. These are often multi-story structures that feature a garage and a small yard.
Residents often share walls and a roof and common spaces like pools, dog parks, and fitness centers. You will pay a monthly maintenance charge to the homeowner’s organization.
Residents in townhomes may have access to facilities such as swimming pools, gyms, and dog parks. If the townhome has a yard, you will own the land. Also, the HOA may provide landscaping and pest management as part of its services.
In February 2022, the median list price of townhomes in Murfreesboro, TN, was $379,900.
A condominium, or condominium unit, is a single dwelling unit contained inside a multi-unit structure or property. If you buy a home and buy a property in Condos you will get facilities, including a laundry facility, a pool, a dog park, and a fitness center.
Residents pay a monthly fee to the condo association, which is used to maintain the property and common spaces.
Condos are often less expensive than single-family homes. Specific condominium organizations provide amenities and social opportunities for residents to gather. Condo associations can also employ security officers to monitor the grounds, contributing to the neighborhood’s safety.
In February 2022, the median list price of condos in Murfreesboro was the same as that of the townhomes – $379,900.
5. Newly Constructed Homes
According to the most current building standards, a new construction house is precisely what it sounds like: a brand-new home. You can acquire land and contract with a builder to create your house or choose a move-in-ready home built by the builder.
Depending on the builder, you may be able to personalize anything from the size of the house to its location, layout, and construction materials.
You will not be required to offer and compete with other homebuyers, which is particularly advantageous in a market with low availability.
Generally, newer houses are more energy-efficient and constructed to current construction requirements. Additionally, since everything is brand new, you will not be required to do as many repairs or replacements as you would with a fixer-upper.
In February 2022, a new construction house in Murfreesboro, TN, had a typical list price of $262,000.
When you purchase a co-op, you are not purchasing real estate. Rather, you invest in a business that owns a multi-unit building. The shares provide you with the right to lease one of the apartments.
Co-ops are popular in metropolitan places like Washington, DC, Tennessee, and New York City. However, we need to mention that they need a monthly maintenance cost.
This type of home provides a more inexpensive alternative to condominiums and townhomes in certain big cities. As a shareholder of a company, you will have a say in how the building or complex is administered, even if you are not a member of the board of directors. Co-ops is a best place to buy a home and buy a property for your invenstment.
While Franklin, Nashville, and Knoxville are some of the most popular areas in Tennessee to buy a home and buy a property , the ideal location is determined by your specific objectives and requirements.
For example, if you are looking for a suburban house, Murfreesboro, Farragut, and Brentwood are some excellent options. So, we suggest you buy a home and buy a property that perfectly matches all your requirements. You can start HashMicro’s Real Estate Management Software demo for free now. Happy house hunting!