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Jonesborough, Tennessee: Rising Home Values and Shifting Ownership in the Oldest 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
Jonesborough, Tennessee, known as the oldest town in the state, offers a blend of historical charm and modern living. This small town has experienced notable shifts in homeownership rates and housing prices over the past decade. From 2013 to 2022, Jonesborough saw a slight decrease in homeownership, while average home prices and average rent prices generally trended upward.
The homeownership rate in Jonesborough decreased from 82% in 2015 to 76% in 2022. During this same period, average home prices rose significantly, from $160,436 in 2015 to $280,592 in 2022, representing a 75% increase. This inverse relationship suggests that rising home prices may have made homeownership less attainable for some residents. For instance, in 2016, when the homeownership rate was at its peak of 82%, the average home price was $167,406. By 2022, as the homeownership rate dropped to 76%, the average home price had climbed to $280,592.
Federal interest rates appear to have influenced homeownership trends in Jonesborough. From 2013 to 2016, when interest rates were consistently low (ranging from 0.11% to 0.40%), homeownership rates increased from 78% to 82%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates started to decline, reaching 79% by 2019. This trend suggests that higher interest rates may have made mortgages less affordable, potentially contributing to the decrease in homeownership.
As homeownership rates declined, the percentage of renters in Jonesborough increased from 18% in 2015 to 24% in 2022. Correspondingly, average rent prices rose from $844 in 2015 to $937 in 2022, an 11% increase. The population growth from 14,941 in 2015 to 16,509 in 2022 likely contributed to increased demand for rental properties, pushing up average rent prices. Notably, there was a significant jump in average rent from $844 in 2015 to $903 in 2016, coinciding with a population increase from 14,941 to 15,429.
In 2023, the average home price in Jonesborough reached $297,857, with federal interest rates at 5.02%. By 2024, the average home price further increased to $312,855, while interest rates rose slightly to 5.33%. These figures represent a continuation of the upward trend in home prices, despite relatively high interest rates compared to the previous decade.
Looking ahead, if current trends continue, we can expect average home prices in Jonesborough to continue rising, potentially reaching around $350,000 by 2029. Average rent prices may also continue to increase, possibly surpassing $1,100 per month within the next five years. However, the rate of increase for both home prices and rents may slow down if interest rates remain high or if the local economy experiences any significant changes.
In summary, Jonesborough has experienced a gradual shift towards more renters and fewer homeowners over the past decade, likely driven by rising home prices and fluctuating interest rates. The town's growing population has contributed to increased demand for housing, reflected in rising home prices and rents. As Jonesborough continues to evolve, these housing trends will play a crucial role in shaping the town's demographic and economic landscape.
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