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Average Home Values and Ownership in Zip Code 37153: A Decade of Growth in Rockvale, Tennessee
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Rockvale, situated in zip code 37153 in Tennessee, has witnessed notable changes in homeownership rates and housing prices over the past decade. This area has generally experienced an upward trend in homeownership and increasing average home prices, with some fluctuations in recent years.
The homeownership percentage in Rockvale has shown an overall upward trend from 2013 to 2022. In 2013, the homeownership rate was 88%, which increased to a peak of 91% in 2019. However, there was a slight decline to 87% by 2022. This trend generally correlates with the average home prices in the area, which have seen substantial growth. The average home price in 2013 was $172,706, and it steadily increased to $429,951 by 2022, representing a remarkable 149% increase over this period.
Federal interest rates have influenced homeownership trends in Rockvale. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates increased from 88% to 86%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed some fluctuation but remained relatively high, suggesting other factors were also influencing homeownership in this area.
The renter percentage in Rockvale has fluctuated inversely to homeownership rates, dropping from 12% in 2013 to a low of 9% in 2019, before rising slightly to 13% in 2022. Average rent prices have shown a general upward trend, increasing from $1,056 in 2013 to $1,522 in 2022, a 44% increase. Notably, there was a significant jump in average rent from $1,039 in 2016 to $1,494 in 2017, coinciding with a population increase from 5,494 to 5,880 in the same period.
In 2023 and 2024, the average home prices in Rockvale continued to rise, reaching $441,598 in 2023 and $452,947 in 2024. This represents a 2.7% and 2.6% year-over-year increase respectively. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Based on historical trends and current economic conditions, it is predicted that average home prices in Rockvale will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also likely to increase, driven by population growth and housing demand in the area.
In summary, Rockvale has experienced strong growth in both homeownership rates and average home prices over the past decade. While there have been recent fluctuations, the overall trend suggests a robust housing market with increasing property values. The interplay between federal interest rates, population growth, and housing demand will continue to shape the real estate landscape in this Tennessee community.
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