Market Overview
Home Prices in Lakeland, TN
The median home value in Lakeland, TN is $456,048 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's down 1.5% compared to a year ago and down 0.5% from two years prior.
Compared to the U.S. national median of $410,000, homes in Lakeland are priced11% above average. Lakeland is part of the Memphis, TN-MS-AR metro area.
Over the past five years, Lakeland home values have risen by approximately20.6%, reflecting strong long-term appreciation in this market.
Price History
Lakeland Home Price Trend
City Comparison
Lakeland vs. National Median
At $456,048, homes in Lakeland cost 11% above the national median of $410,000. Buyers in Lakeland should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Lakeland?
20% Down Payment
$91,210
on $456,048
Monthly P&I
$2,378/mo
30-yr @ 6.8%
Total Monthly Est.
~$3,020/mo
incl. taxes & insurance
Income Needed
$120,800
gross annual (30% rule)
10% Down Option
$45,605
+ PMI applies
Loan Amount (20% dn)
$364,838
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Lakeland, TN?
The median home value in Lakeland is $456,048 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's down 1.5% year-over-year.
How much have home prices changed in Lakeland?
Over the past year, home values in Lakeland have decreased by 1.5%. Over five years, prices have risen approximately 20.6%.
How much do I need to earn to buy a home in Lakeland?
To comfortably afford the median home price of $456,048 with a 20% down payment ($91,210) at today's rates (6.8%), you'd need a gross annual income of approximately $120,800. This assumes keeping total housing costs at or below 30% of gross income.
How does Lakeland compare to the national average home price?
The national median home value is approximately $410,000. At $456,048, homes in Lakeland are 11% above the national average.
What metro area is Lakeland part of?
Lakeland is part of the Memphis, TN-MS-AR metropolitan area. Home prices and market conditions can vary across the broader metro region.