Loading Content...
Beersheba Springs: Stable Home Ownership Amidst Market Fluctuations
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Beersheba Springs, a charming town in Tennessee, offers a unique blend of rural tranquility and community spirit. This small locality, spanning just 4.8 square miles, has experienced interesting shifts in its housing landscape over recent years. The town has maintained a strong preference for homeownership, with fluctuating average home prices and a relatively stable rental market.
Homeownership in Beersheba Springs has shown resilience, with the percentage of owner-occupied homes consistently remaining above 70% from 2013 to 2022. In 2013, the homeownership rate stood at 84%, and despite some fluctuations, it reached 83% by 2022. This high rate of homeownership suggests a strong community attachment and long-term investment in the area. The average home prices in Beersheba Springs have shown a slight upward trend in recent years. In 2022, the average home price was $167,237, indicating a growing real estate market in this small Tennessee town.
The relationship between federal interest rates and homeownership rates in Beersheba Springs follows the general trend observed nationally. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 1.83%, the town maintained its high homeownership rates. This correlation suggests that the low-interest environment likely contributed to making homeownership more accessible for residents. The slight dip in homeownership to 73% in 2018 coincided with a rise in interest rates to 1.83%, further supporting this relationship.
Renter occupancy in Beersheba Springs has remained relatively low, fluctuating between 13% and 27% from 2013 to 2022. The average rent price has been consistent at $624 per month since data became available in 2017. This stability in rent prices, coupled with the low percentage of renters, suggests a limited but steady rental market in the town. The population has fluctuated between 530 and 635 residents during this period, which may have influenced the rental market's stability.
In 2023, the average home price in Beersheba Springs slightly decreased to $166,425, while in 2024, it increased to $168,297. This recent uptick in home prices occurred despite the federal interest rate rising to 5.33% in 2024, indicating a resilient local housing market. The continued high interest rates may impact future homeownership trends and affordability in the town.
Looking ahead, based on current trends and economic factors, we can anticipate a modest increase in average home prices in Beersheba Springs over the next five years. If the current trajectory continues, average home prices could potentially reach around $175,000 by 2029. Rent prices, which have remained stable for several years, may see a gradual increase to keep pace with inflation, potentially reaching about $700 per month in the same timeframe.
In summary, Beersheba Springs demonstrates a strong preference for homeownership, with consistently high rates despite fluctuations in the broader economic environment. The town's housing market has shown resilience, with recent increases in average home prices even in the face of rising interest rates. The rental market remains a smaller but stable segment of the housing landscape. As Beersheba Springs moves forward, it is likely to maintain its character as a predominantly owner-occupied community, with gradual growth in both home values and rental prices.
