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Is Elmwood, TN 38560 a buyer’s or seller’s market?

Buyer’s market 3 months ending August 31, 2026 · Source: Redfin

Elmwood is a buyer’s market. With about 12.8 months of supply, buyers usually have more time and more room to negotiate on price and terms.

Months of supply12.8Under 4 months = seller’s market
Sold above original list0%Share of sales, last 3 months
Median sale-to-list93.6%Sold price ÷ list price
Median days on market75Listing to accepted offer
Median price per sq ft$249▲ +12.6% vs. last year

The Elmwood housing market right now

In the three months ending August 31, 2026, 0% of homes in Elmwood, TN 38560 sold above their list price, the typical home went under contract in 75 days and there were 12.8 months of supply. More than six months of supply favors buyers, who usually have more time and more room to negotiate. With only 2 sales, these figures can swing a lot from month to month.

Compared with the same period a year earlier, the share selling over asking was about the same (0% then), homes sold more slowly (72 days then) and the median sale price rose 10% to $380,585. Overall, Elmwood is about as competitive as it was a year ago.

Within Smith County, homes here sell more slowly than in 57% of the county’s ZIP codes, and sell less often over asking than in any other ZIP code in the county.

Nearby, Brush Creek 38547 (25% sold over asking) and Carthage 37030 (12% sold over asking) are even more competitive.

Run the numbers for 38560

Prefilled for 38560Can I win this house?Multiple-offer likelihood for a listing Prefilled for 38560Over-asking calculatorTypical range over list ToolOffer strength scoreHow your offer looks to a seller ToolAppraisal gapCash needed if it appraises low

Nearby markets

Brush Creek 38547Seller’s market $221 /sq ftCarthage 37030Balanced $157 /sq ftChestnut Mound 38552Buyer’s market $55 /sq ftGordonsville 38563Buyer’s market $338 /sq ft Browse all markets →

Towns like Elmwood nearby

Find towns like Elmwood in other states →
Readyville, TN37149 · 36 miles away68% similarpricier homes ($162K more) · larger Alexandria, TN37012 · 14 miles away64% similarlower income ($29K less) · more apartments and townhomes Woodbury, TN37190 · 31 miles away60% similarpricier homes ($33K more) · larger Bloomington Springs, TN38545 · 12 miles away58% similarcheaper homes ($123K less) · older residents

Where Elmwood is

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Questions about Elmwood real estate

Is Elmwood a buyer’s or seller’s market?

A buyer’s market: there were 12.8 months of supply in Elmwood, TN 38560 in the three months ending August 31, 2026. Under four months usually favors sellers, and more than six favors buyers.

How fast do homes sell in Elmwood?

The typical home went under contract in 75 days in the latest three months.

Do homes in Elmwood sell over asking?

0% of homes sold above their original list price, and the typical sale closed at 93.6% of the list price.

What are property taxes in Elmwood?

About 0.47% of a home’s value a year in Smith County, or roughly $1,880 on a $400,000 home.

What is the median home price in Elmwood?

The median sale price was $380,585 in the three months ending August 31, 2026, about $249 per square foot.

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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology