Loading Content...
Dunlap, Tennessee: Rising Home Values Amidst Stable Ownership Rates
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Dunlap, Tennessee, nestled in the scenic Sequatchie Valley, has experienced notable shifts in its housing landscape over the past decade. This small but growing community has seen fluctuations in homeownership rates and significant changes in average home and rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Dunlap has remained relatively stable, hovering around 70% from 2013 to 2022. However, there have been slight variations, with the rate peaking at 71% in 2014 and 2018, and dipping to 68% in 2015, 2016, and 2022. Concurrently, average home prices have shown a steady upward trajectory. In 2010, the average home price was $104,068, which more than doubled to $218,439 by 2022. This substantial increase in home values didn't significantly impact homeownership rates, suggesting a resilient local economy and continued affordability for residents.
Federal interest rates have played a role in shaping homeownership trends in Dunlap. The period from 2010 to 2015 saw historically low interest rates, ranging from 0.09% to 0.18%. During this time, homeownership rates remained relatively high, between 68% and 71%. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates showed slight fluctuations but remained within a similar range, demonstrating the market's resilience to moderate interest rate increases.
Rental trends in Dunlap have shown interesting patterns. The percentage of renters has fluctuated between 29% and 32% from 2013 to 2022. Average rent prices have generally increased over this period, albeit with some volatility. In 2013, the average rent was $686, which rose to $787 by 2019, representing a 14.7% increase. However, there was a slight dip to $735 in 2022. This trend suggests that while renting has become more expensive overall, the market has seen some recent moderation in rental costs.
Looking at the most recent data, average home prices in Dunlap continued to rise, reaching $229,108 in 2023 and $232,710 in 2024. This represents a 4.9% increase from 2022 to 2023 and a further 1.6% increase from 2023 to 2024, indicating a slowing but still upward trend in home values. Interestingly, federal interest rates have also increased significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying decisions.
Applying predictive models to forecast the next five years, we anticipate a continued but moderate increase in average home prices. Based on historical trends and current economic indicators, average home prices in Dunlap could potentially reach around $260,000 to $275,000 by 2029. For rent prices, the forecast suggests a more gradual increase, potentially reaching an average of $800 to $850 per month by 2029, assuming consistent economic conditions and population growth.
In summary, Dunlap has demonstrated a robust housing market characterized by steadily increasing home values and relatively stable homeownership rates. The rental market has shown more variability but with an overall upward trend in prices. The recent sharp increase in interest rates, coupled with the continued rise in home prices, may present new challenges for potential homebuyers in the coming years. However, the city's consistent population growth and historical resilience suggest that Dunlap's housing market will likely continue to adapt and evolve in response to these changing economic conditions.
_tennessee%2Fen-median-income-race-distribution-tennessee-nashville-davidson-metropolitan-government-(balance)-burchwood-gardens.webp%3F&w=3840&q=75)
_tennessee%2Fen-zillow-median-rent-percent-owner-occupied-tennessee-nashville-davidson-metropolitan-government-(balance)-donelson-hills.webp%3F&w=3840&q=75)
