5 Bedroom Homes for Sale in Mc Minnville, TN

5 Bedroom Homes for Sale in Mc Minnville, TN June 12, 2024
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11 Properties

Overview of McMinnville Real Estate Market in 2024

The real estate market in McMinnville, TN, has seen a dynamic shift in 2024. Currently, it's a buyer's market, with homes often selling below the asking price. The median home value in McMinnville is approximately $237,000, which reflects a slight decrease from the previous year. This trend has made it an attractive time for buyers, especially those looking for larger homes.

Mc Minnville 5 bedrooms Home

Market Trends and Statistics

The average price per square foot in McMinnville is around $114, which is quite competitive compared to nearby cities. Homes stay on the market for an average of 60 days, giving buyers ample time to make informed decisions. The sale-to-list price ratio stands at 98%, indicating that most homes sell very close to their listed prices. In 2024, the market has seen a 3% increase in inventory, offering more options for potential buyers.

Price Range and Affordability

When it comes to 5-bedroom homes, the price range in McMinnville varies significantly. On average, these homes are listed between $350,000 and $600,000, depending on their location, size, and amenities. The median listing price for a 5-bedroom home is approximately $475,000. This range offers a variety of choices, from modest family homes to more luxurious properties.

Breakdown of Prices

In more affordable neighborhoods, you can find 5-bedroom homes starting at $350,000, offering around 2,500 square feet of living space. These homes typically feature traditional designs with spacious yards and basic amenities. On the higher end, homes priced around $600,000 often come with modern upgrades, larger lots, and additional amenities such as swimming pools and smart home technology.

Affordability Factors

McMinnville offers a relatively low cost of living compared to larger Tennessee cities. Property taxes in Warren County are quite reasonable, with an average rate of $1,200 per year for a typical 5-bedroom home. Additionally, mortgage rates remain favorable, making it easier for buyers to finance their homes. For instance, a $450,000 home with a 20% down payment would result in a monthly mortgage payment of approximately $2,000, assuming a 30-year fixed-rate mortgage at 3.5% interest.

Square Footage and Property Sizes

5-bedroom homes in McMinnville, TN, typically offer a generous amount of space. The average square footage ranges from 2,500 to 4,000 square feet, providing ample room for families. Properties in the lower price range often feature around 2,500 to 3,000 square feet, while more upscale homes can exceed 4,000 square feet.

Mc Minnville 5 bedrooms Homes

Lot Sizes and Acreage

Lot sizes for these homes vary, with many properties sitting on 0.5 to 1.5 acres. Larger estates can offer up to 5 acres or more, ideal for those seeking privacy and space. For example, a home listed at $500,000 may include a 3,500 square foot house on a 1-acre lot, while higher-end properties might feature 4,500 square feet on several acres.

Types of Construction and Architectural Styles

The construction of 5-bedroom homes in McMinnville includes a mix of traditional and modern designs. Many homes built in the last 20 years feature contemporary styles with open floor plans and energy-efficient materials. Older homes, often over 50 years old, might exhibit classic Southern architecture with large porches and intricate woodwork.

Common Architectural Styles

Popular styles in the area include Colonial, Ranch, and Craftsman. Colonial homes, typically two-story with brick exteriors, are known for their symmetrical design and formal layouts. Ranch-style homes are single-story, making them accessible and practical for all ages. Craftsman homes are prized for their attention to detail and use of natural materials, often featuring large front porches and handcrafted woodwork.

Age of Homes

Homes in McMinnville range from newly constructed to over a century old. Newer homes, built within the last 10 years, offer modern amenities and updated construction standards. In contrast, older homes, which can be 50 to 100 years old, provide historic charm and unique architectural features. These older homes often require more maintenance but are valued for their character and craftsmanship.

Upgrades and Amenities

Many 5-bedroom homes in McMinnville come with a variety of upgrades and amenities that enhance their appeal. Common upgrades include modern kitchens with granite countertops, stainless steel appliances, and custom cabinetry. Bathrooms are often updated with luxury fixtures, double vanities, and walk-in showers. Additionally, homes frequently feature hardwood floors, energy-efficient windows, and new HVAC systems.

Mc Minnville TN 5 bedrooms Homes

Indoor Amenities

Inside, you can find amenities such as home theaters, game rooms, and spacious master suites with walk-in closets. Some homes also offer additional living spaces like finished basements or bonus rooms, providing extra flexibility for families. Smart home technology is becoming increasingly popular, with features like smart thermostats, security systems, and automated lighting.

Outdoor Amenities

Outdoor spaces are equally impressive, with many homes boasting large decks, covered patios, and landscaped yards. Pools and hot tubs are common in higher-end properties, along with outdoor kitchens and fire pits. For those who enjoy gardening, many homes come with ample yard space and sometimes even greenhouses.

Property Taxes and Cost of Living

The property tax rate in McMinnville is relatively low compared to national averages, making it an attractive option for homeowners. The average property tax rate in Warren County is approximately $0.77 per $100 of assessed value. For a $450,000 home, this translates to an annual property tax of about $3,465.

Cost of Living

McMinnville offers a cost of living that is lower than many other parts of Tennessee. Utilities, groceries, and healthcare costs are all below the national average. The overall cost of living index for McMinnville is around 85, compared to the national average of 100. This affordability extends to housing, with mortgage rates and home prices being more reasonable than in larger cities.

Homeowner Expenses

In addition to property taxes, homeowners in McMinnville should budget for insurance, which averages around $1,000 annually. Utilities, including electricity, water, and gas, typically cost around $200 per month. Maintenance costs will vary, especially for older homes, but it's wise to set aside a budget for repairs and upgrades.

Specific Neighborhoods and Communities

McMinnville, TN, features a variety of neighborhoods that offer 5-bedroom homes, each with its own unique charm. Popular areas include Rivermont, Westwood, and Woodland Heights. Rivermont is known for its spacious lots and family-friendly environment, with homes averaging around $400,000 for 3,000 square feet. Westwood offers a mix of older and newer homes, with prices ranging from $350,000 to $550,000, and features large yards and quiet streets. Woodland Heights is a newer development with modern amenities and homes priced between $450,000 and $600,000.

Community Amenities

These neighborhoods provide a range of community amenities such as parks, playgrounds, and walking trails. Rivermont Park, located in the Rivermont neighborhood, offers a large playground, sports fields, and picnic areas. Westwood boasts proximity to schools and shopping centers, making it convenient for families. Woodland Heights includes a community pool, clubhouse, and easy access to local hiking trails.

Schools and Education

McMinnville is served by the Warren County School District, which includes several highly-rated schools. Hickory Creek Elementary, for example, is known for its excellent academic programs and active parent-teacher association. Warren County High School offers a range of extracurricular activities and advanced placement courses, making it a popular choice for families.

School Ratings and Enrollment

Hickory Creek Elementary has an enrollment of approximately 600 students and boasts a student-teacher ratio of 15:1. Warren County High School serves around 1,200 students, with a graduation rate of 90%. These schools have received positive reviews for their dedicated staff and comprehensive curriculum.

Impact on Property Values

The presence of top-rated schools in McMinnville positively impacts property values. Homes located in desirable school districts tend to sell faster and at higher prices. For instance, a 5-bedroom home near Hickory Creek Elementary can command a premium price of around $500,000 due to the school's reputation.

Nearby Attractions and Recreation

McMinnville offers a variety of attractions and recreational activities for residents to enjoy. Local parks like Riverfront Park provide walking trails, picnic areas, and scenic views along the Barren Fork River. For outdoor enthusiasts, the nearby Cumberland Caverns offers guided tours through some of Tennessee's most beautiful underground passages.

Local Attractions

The historic downtown area features charming shops, restaurants, and the Park Theatre, which hosts live performances and movies. Falcon Rest Mansion and Gardens, a local historical site, offers tours and event space. Additionally, the Collins River is a popular spot for kayaking and fishing.

Recreational Activities

Sports enthusiasts can enjoy facilities like the McMinnville Civic Center, which includes basketball courts, a fitness center, and an indoor pool. The Warren County Sports Complex offers soccer fields, baseball diamonds, and tennis courts. For golf lovers, the McMinnville Country Club provides an 18-hole golf course and clubhouse amenities.

Future Development and Real Estate Trends

McMinnville is poised for growth with several planned developments and infrastructure projects on the horizon. New residential communities are being built to accommodate the increasing demand for housing. These developments often feature modern amenities, energy-efficient homes, and community spaces.

Planned Developments

Upcoming projects include a new mixed-use development near downtown, which will offer retail spaces, restaurants, and modern apartments. Additionally, several new subdivisions are in the works, providing more options for families seeking spacious homes in a friendly community.

Real Estate Market Predictions

Experts predict steady growth in McMinnville's real estate market over the next few years. Home values are expected to rise moderately, making now a great time to invest in property. The influx of new businesses and residents will likely contribute to a vibrant and thriving community.

In summary, McMinnville, TN, offers a variety of attractive options for those seeking 5-bedroom homes. With a range of prices, styles, and amenities, there is something to suit every family's needs. The low cost of living, excellent schools, and abundance of recreational activities make McMinnville a great place to call home. Future developments and a strong real estate market outlook further enhance the appeal of this charming Tennessee town.