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Average Home Values and Ownership in Zip Code 37180: Unionville's Resilient Housing Market
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
Unionville, located in zip code 37180 in Tennessee, is a small community that has experienced notable changes in its housing market over the past decade. This analysis will explore the trends in homeownership rates, average home prices, and average rent prices in this area. The homeownership rate in Unionville has remained relatively stable, fluctuating between 81% and 85% from 2013 to 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $115,740, which steadily increased to $313,719 by 2022, representing a significant 171% growth over nine years. This substantial rise in home values did not significantly impact homeownership rates, suggesting a resilient local housing market and potentially strong local economy.
Federal interest rates have played a role in the housing market dynamics of Unionville. From 2013 to 2016, when interest rates were extremely low (ranging from 0.09% to 0.4%), homeownership rates remained high at 82-85%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed a slight decline but remained robust at 81%. This suggests that while interest rates influence the market, other local factors have helped maintain strong homeownership levels in this area.
Renter percentages in Unionville have mirrored the homeownership trends, ranging from 15% to 19% between 2013 and 2022. Interestingly, average rent prices have shown a different pattern compared to home prices. In 2013, the average rent was $811, which peaked at $859 in 2015 before gradually declining to $716 in 2022. This 12% decrease in average rent over the period contrasts sharply with the rising home prices, potentially making renting more attractive for some residents. The population growth from 2,359 in 2013 to 2,729 in 2022 may have influenced these trends, possibly indicating a mix of new homeowners and renters entering the market.
In 2023, the average home price in Unionville reached $323,284, showing continued growth from the previous year. This trend persisted into 2024, with average home prices rising to $342,198. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, marking a substantial shift from the low-interest environment of previous years. These higher interest rates could potentially impact future homeownership rates and housing affordability in the area.
Looking ahead, predictive models suggest that average home prices in Unionville will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices, which have been declining, may stabilize or see modest increases as the rental market adjusts to changing economic conditions and housing demand.
In summary, Unionville has demonstrated a robust housing market characterized by steadily increasing home values and consistently high homeownership rates. The divergence between rising home prices and declining rent prices presents an interesting dynamic in the local housing market. As interest rates continue to rise, it will be crucial to monitor how these factors interact to shape the future of homeownership and rental trends in this Tennessee community.
