Market Overview
Home Prices in Prospect, TN
The median home value in Prospect, TN is $262,878 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 6% compared to a year ago and down 0.2% from two years prior.
Compared to the U.S. national median of $410,000, homes in Prospect are priced36% below average.
Over the past five years, Prospect home values have risen by approximately34.6%, reflecting strong long-term appreciation in this market.
Price History
Prospect Home Price Trend
2020
$167,429
$167K
—
2021
$195,241
$195K
+16.6%
2022
$236,333
$236K
+21.0%
2023
$237,129
$237K
+0.3%
2024
$248,283
$248K
+4.7%
2025
$247,901
$248K
-0.2%
2026
$262,878
$263K
+6.0%
City Comparison
Prospect vs. National Median
🏠 Prospect
$262,878
National Median
$410,000
At $262,878, homes in Prospect cost 36% below the national median of $410,000. This makes Prospect a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Prospect?
20% Down Payment
$52,576
on $262,878
Monthly P&I
$1,371/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,741/mo
incl. taxes & insurance
Income Needed
$69,640
gross annual (30% rule)
10% Down Option
$26,288
+ PMI applies
Loan Amount (20% dn)
$210,302
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 Prospect, TN?
The median home value in Prospect is $262,878 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 6% year-over-year.
How much have home prices changed in Prospect?
Over the past year, home values in Prospect have increased by 6%. Over five years, prices have risen approximately 34.6%.
How much do I need to earn to buy a home in Prospect?
To comfortably afford the median home price of $262,878 with a 20% down payment ($52,576) at today's rates (6.8%), you'd need a gross annual income of approximately $69,640. This assumes keeping total housing costs at or below 30% of gross income.
How does Prospect compare to the national average home price?
The national median home value is approximately $410,000. At $262,878, homes in Prospect are 36% below the national average.