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Blountville: Rising Home Values and Ownership Rates Defy Interest Rate Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Blountville, a community in Tennessee, has experienced significant changes in its housing market over the past decade. This analysis explores trends in homeownership, average home prices, and average rent prices, revealing patterns in this evolving real estate landscape.
Homeownership in Blountville has shown an upward trend since 2013. The percentage of owner-occupied homes increased from 77% in 2013 to 82% in 2022, with a peak of 85% in 2021. This rise in homeownership coincided with a significant increase in average home prices. In 2013, the average home price was $135,944, which steadily climbed to $244,774 by 2022, representing an 80% increase over this period.
The relationship between federal interest rates and homeownership rates in Blountville demonstrates interesting patterns. Despite fluctuations in interest rates, homeownership rates generally increased. For instance, when interest rates were at historic lows of 0.08% in 2021, homeownership reached its peak at 85%. However, even as interest rates rose to 1.68% in 2022, homeownership remained strong at 82%, suggesting that factors beyond interest rates influenced homeownership decisions in this community.
The percentage of renters in Blountville has decreased over time, from 23% in 2013 to 18% in 2022. Average rent prices have shown considerable volatility during this period. In 2013, the average rent was $580, which fluctuated significantly over the years, reaching a high of $838 in 2016 before dropping to $773 in 2022. This volatility in rent prices, coupled with the decreasing renter population, suggests a complex rental market dynamic in Blountville.
Recent data shows that the average home price in Blountville continued its upward trajectory, reaching $261,947 in 2023 and further increasing to $282,232 in 2024. This represents a 15.3% increase from 2022 to 2024. Concurrently, federal interest rates have risen substantially, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership trends.
Predictive models forecast that average home prices in Blountville will continue to rise, potentially reaching around $350,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For average rent prices, given their historical volatility, a precise prediction is challenging. However, if recent trends continue, average rents might stabilize around $800-$850 per month by 2029.
In summary, Blountville has experienced a significant increase in homeownership rates and average home prices over the past decade, despite fluctuations in interest rates. The rental market has shown more volatility, with decreasing renter percentages and fluctuating rent prices. The continued rise in home prices, coupled with increasing interest rates, may present both opportunities and challenges for potential homebuyers in the coming years.
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