Home Values and Ownership in Zip Code 37127: A Decade of Growth in Murfreesboro, Tennessee
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
DATA SOURCE
Zip code 37127, located in Murfreesboro, Tennessee, has experienced significant demographic and housing market changes over the past decade. This area has seen a steady increase in population, growing from 15,014 in 2010 to 19,464 in 2022, reflecting a vibrant and expanding community. The ownership percentage has remained relatively stable, while average home prices and average rent have shown notable upward trends.
The homeownership rate in zip code 37127 has fluctuated slightly but remained generally high, ranging from 74% to 78% between 2013 and 2022. Interestingly, as average home prices increased, the homeownership rate showed resilience. In 2013, when the average home price was $168,789, the ownership rate was 77%. By 2022, despite the average home price rising dramatically to $407,624, the ownership rate only slightly decreased to 74%. This suggests a strong desire for homeownership in the area, even in the face of rising prices.
Federal interest rates have played a role in homeownership trends. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, the homeownership rate in zip code 37127 remained high, between 74% and 77%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate showed some fluctuation but remained relatively stable, demonstrating the area's robust housing market.
Renter percentages in zip code 37127 have shown a slight increase over time, from 19% in 2013 to 26% in 2022. This trend coincides with rising average rent prices, which increased from $1,243 in 2013 to $1,353 in 2022. The population growth in the area, from 15,928 in 2013 to 19,464 in 2022, likely contributed to the increased demand for rental properties, supporting both the rise in renter percentages and average rent prices.
Looking at the most recent data, the average home price in zip code 37127 slightly decreased from $407,624 in 2022 to $406,603 in 2023, before showing a small uptick to $409,121 in 2024. This indicates a stabilization in the housing market after years of rapid growth. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying decisions in the area.
Applying predictive models to forecast 5-year trends, we anticipate a moderate increase in average home prices, potentially reaching around $450,000 by 2029. Average rent prices are expected to continue their upward trajectory, potentially surpassing $1,500 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, zip code 37127 has demonstrated a robust and growing housing market over the past decade. The area has maintained a high homeownership rate despite significant increases in average home prices, reflecting strong local demand for housing. The rental market has also shown growth, with increasing renter percentages and rising average rents. Recent stabilization in home prices and higher interest rates may lead to more moderate growth in the coming years, but the overall trend remains positive for both the ownership and rental markets in this Murfreesboro zip code.
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