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Housing Market Trends in Allardt, Tennessee: Stable Ownership Amid Rising Home Values
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Allardt, Tennessee: A Study in Housing Stability and Growth Allardt, a small city in Tennessee spanning 3.77 square miles, has demonstrated remarkable stability in its housing market over the past decade. With a population of 2,609 in 2022, this compact community has maintained high homeownership rates while experiencing moderate growth in home values. This analysis explores the demographic and housing trends in Allardt from 2013 to 2024, with projections extending to 2029.
Homeownership in Allardt has remained consistently high, with only minor fluctuations between 2013 and 2022. The homeownership rate increased slightly from 81% in 2013 to 84% in 2022, indicating a strong preference for property ownership among residents. This stability persisted despite variations in average home prices, which saw a notable increase from $246,104 in 2022 to $253,984 in 2024, representing a 3.2% growth over this two-year period.
The impact of federal interest rates on Allardt's homeownership trends has been intriguing. Between 2013 and 2021, interest rates remained low, ranging from 0.08% to 0.40%, coinciding with consistently high homeownership rates above 78%. However, when interest rates rose sharply to 1.68% in 2022 and 5.33% in 2024, homeownership rates unexpectedly increased to 84% in 2022. This suggests that local factors may have a more significant influence on homeownership decisions in Allardt than national interest rate trends.
Renter percentages in Allardt have fluctuated over the years, ranging from a low of 14% in 2014 to a high of 22% in 2019. Interestingly, average rent prices have not always correlated directly with renter percentages. For example, while the renter percentage decreased from 22% in 2019 to 16% in 2022, the average rent increased from $582 to $622 during the same period. This disconnect suggests that factors beyond simple supply and demand, such as local economic conditions or improvements in housing quality, may be influencing rent prices in Allardt.
The years 2023 and 2024 showed signs of growth and resilience in Allardt's housing market. The average home price rose from $240,672 in 2023 to $253,984 in 2024, marking a significant 5.5% year-over-year increase. This growth occurred despite the federal interest rate climbing to 5.33% in 2024, indicating strong local demand for housing in Allardt.
Looking to the future, predictive models suggest that Allardt's housing market will continue to experience moderate growth over the next five years. Average home prices are projected to increase by approximately 2-3% annually, potentially reaching around $290,000 by 2029. Average rent prices are expected to follow a similar trend, with projected annual increases of 1-2%, potentially reaching about $685 per month by 2029.
In conclusion, Allardt has maintained a high homeownership rate despite fluctuations in the housing market and interest rates. The city's housing prices have demonstrated resilience and growth, even in the face of rising interest rates. While renter percentages have varied, they have generally remained low, reflecting the community's preference for homeownership. As Allardt moves forward, it appears positioned for continued steady growth in both home values and rental prices, making it an interesting market for both homeowners and investors.
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