Renter percentages in Lyles have shown an inverse relationship to homeownership rates, decreasing from 26% in 2013 to 16% in 2019. Despite this decline in the renter population, average rent prices have remained relatively stable with some fluctuations. In 2013, the average rent was $664, which rose slightly to $683 by 2019, an increase of only 2.9% over six years. This stability in rent prices, despite the decreasing renter population, suggests a balanced rental market in the area.

In 2023, the average home price in Lyles reached $216,949, showing a slight decrease from the 2022 value of $218,010. However, the 2024 data indicates a rebound, with average home prices rising to $224,324. This recent uptick occurs despite the federal interest rate increasing to 5.33% in 2024, suggesting strong local demand for housing in Lyles.

Looking ahead, based on the historical data and recent trends, we can project that average home prices in Lyles will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. We estimate that by 2029, average home prices could reach approximately $260,000 to $280,000. For rent prices, the forecast suggests a moderate increase, potentially reaching an average of $700 to $750 per month by 2029, assuming continued population growth and economic stability in the area.

In summary, Lyles has demonstrated a strong trend towards homeownership, with rates increasing from 74% to 81% between 2013 and 2022. This shift has been accompanied by substantial growth in average home prices, which more than doubled from $91,560 in 2013 to $218,010 in 2022. Despite recent interest rate increases, the housing market in Lyles appears resilient, with prices continuing to rise. The rental market, while shrinking in terms of occupancy, has maintained relatively stable prices, indicating a balanced housing ecosystem in this Tennessee community.