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Clarksburg, Tennessee: Rising Home Values and Strong Ownership in a Growing Town
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
Clarksburg, located in Tennessee, has experienced significant demographic changes and housing market shifts over the past decade. This small community has seen a notable increase in population and homeownership rates, alongside fluctuations in average rent prices. The town's housing market has shown resilience and growth, particularly in recent years.
The homeownership rate in Clarksburg has generally remained high, with some fluctuations over time. In 2013, the homeownership rate stood at 78%, and by 2022, it had increased to 81%. This upward trend in homeownership coincides with a rise in average home prices. The average home price in 2022 was $151,761, indicating a relatively affordable housing market compared to many other areas.
Federal interest rates have played a significant role in shaping homeownership trends in Clarksburg. The period from 2010 to 2021 saw historically low interest rates, ranging from 0.08% to 2.16%. These low rates likely contributed to the maintenance of high homeownership levels in Clarksburg, as they made mortgage financing more accessible and affordable for potential buyers. The sharp increase in interest rates to 5.02% in 2023 and 5.33% in 2024 may pose challenges to homeownership growth in the near future.
Renter percentages in Clarksburg have shown some variability but generally remained low. In 2013, renters made up 22% of the population, and this figure increased slightly to 24% by 2021 before dropping to 19% in 2022. Average rent prices have shown an upward trend, rising from $535 in 2013 to $727 in 2022, representing a 36% increase over this period. This rise in rent prices, coupled with the town's population growth from 958 in 2013 to 1,479 in 2022, suggests increasing demand for rental properties despite the strong preference for homeownership.
In 2023 and 2024, Clarksburg's housing market continued to show strength. The average home price increased to $159,074 in 2023 and further to $163,011 in 2024, representing a 7.4% increase from 2022 to 2024. This growth occurred despite the higher interest rates of 5.02% in 2023 and 5.33% in 2024, demonstrating the resilience of the local housing market.
Looking ahead, we can expect the average home prices in Clarksburg to continue their upward trajectory. Based on the recent growth rate, we might anticipate average home prices to reach approximately $175,000 to $180,000 by 2029. Rent prices are also likely to continue rising, potentially reaching an average of $800 to $850 per month in the next five years, assuming the current growth rate persists.
In summary, Clarksburg has maintained a strong homeownership culture while experiencing steady growth in both home values and rent prices. The community has shown remarkable population growth and resilience in its housing market, even in the face of rising interest rates. The trend towards increased homeownership, coupled with rising property values, suggests a positive outlook for Clarksburg's real estate market in the coming years.
