Renter percentages in Athens have fluctuated slightly, ranging from 31% to 34% between 2013 and 2022. Average rent prices have shown a general upward trend during this period, albeit with some volatility. In 2013, the average rent was $650, which increased to $745 by 2021, representing a 14.6% increase. However, there was a notable dip in 2022, with the average rent decreasing to $696. This decrease coincided with a slight population increase from 23,588 in 2021 to 23,879 in 2022, suggesting that supply may have temporarily outpaced demand.

In 2023 and 2024, Athens continued to see growth in average home prices. The average home price reached $238,586 in 2023 and further increased to $248,934 in 2024, representing a 9.5% increase from 2022 to 2024. This growth occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These high interest rates would typically be expected to cool the housing market, but the continued price growth suggests strong demand for homes in Athens.

Looking ahead, predictive models suggest that the upward trend in average home prices is likely to continue, albeit potentially at a slower pace due to high interest rates. Over the next five years, average home prices could potentially reach around $280,000 to $300,000, assuming a moderate annual growth rate of 2-4%. Average rent prices are also expected to rise, potentially reaching $800 to $850 per month in the next five years, reflecting a 2-3% annual increase.

In summary, Athens has demonstrated a resilient housing market with stable homeownership rates and consistently rising average home prices, even in the face of fluctuating interest rates. The rental market has shown more volatility, but with a general upward trend in prices. The city's ability to maintain growth in home values despite recent high interest rates suggests a strong local economy and continued demand for housing in this vibrant Tennessee community.