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Dellrose, Tennessee: Home Values and Ownership Trends in a Dynamic Small Community
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
Dellrose, located in Tennessee, is a small community that has experienced notable fluctuations in its demographics and housing market over the past decade. The city has seen varying trends in homeownership rates, average home prices, and average rent prices, reflecting the dynamic nature of its real estate landscape.
The homeownership rate in Dellrose has shown considerable variation from 2013 to 2022. In 2013, the homeownership rate stood at 85%. It reached its peak in 2018 at 92%, before declining to 79% in 2022. This fluctuation in homeownership rates appears to be inversely related to the limited available data on average home prices. In 2022, the average home price in Dellrose was $321,242, indicating a relatively affordable housing market compared to many urban areas.
Federal interest rates have played a significant role in shaping homeownership trends in Dellrose. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which likely contributed to the high homeownership rates observed during this time. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a corresponding decline in homeownership rates, dropping from 92% in 2018 to 79% in 2022.
The rental market in Dellrose has also experienced significant changes. The percentage of renters increased from 15% in 2013 to 21% in 2022. Interestingly, the average rent prices have shown considerable volatility. In 2013, the average rent was $499, which increased to a peak of $1,250 in 2018 before decreasing to $613 in 2022. This fluctuation in rent prices could be attributed to changes in local economic conditions and housing supply.
In 2023 and 2024, Dellrose's housing market continued to evolve. The average home price decreased slightly to $309,542 in 2023 and then increased marginally to $310,578 in 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and further to 5.33% in 2024, potentially impacting homebuying decisions in the community.
Looking ahead, predictive models suggest that average home prices in Dellrose may continue to rise moderately over the next five years, potentially reaching around $330,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $700 per month within the same timeframe, assuming current economic conditions and population trends persist.
In summary, Dellrose has experienced significant fluctuations in its housing market over the past decade. The community has seen a general trend of decreasing homeownership rates since 2018, coinciding with rising interest rates. The rental market has grown, with varying rent prices reflecting local economic conditions. As the city moves forward, it is likely to see continued modest growth in both home values and rental prices, shaped by broader economic factors and local demographic shifts.
