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Martin, Tennessee: Rising Home Values and Stable Ownership in a Small Urban Area
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
Martin, Tennessee, a small urban community in the southern United States, has experienced notable changes in its real estate landscape over the past decade. From 2013 to 2022, the city witnessed a slight increase in homeownership rates, significant growth in average home values, and moderate fluctuations in average rent prices. These trends reflect the dynamic nature of Martin's housing market and its response to broader economic factors.
Between 2013 and 2022, Martin's homeownership rate increased from 52% to 54%. During this period, average home prices rose substantially, from $104,000 in 2013 to $180,515 in 2022, representing a 73.6% increase. This trend suggests a growing preference for homeownership in the area, despite rising property values.
The relationship between federal interest rates and homeownership rates in Martin shows some correlation. As interest rates remained low from 2013 to 2016, hovering around 0.1-0.4%, homeownership increased from 52% to 57%. However, when interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates stabilized around 54-56%. This pattern aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in Martin have shown a slight decline, from 48% in 2013 to 46% in 2022. Average rent prices have been volatile during this period, starting at $594 in 2013, dropping to $538 in 2016, then rising to $659 in 2022. This represents an overall increase of 10.9% in average rent prices from 2013 to 2022. The fluctuations in rent prices and renter percentages may be influenced by changes in the city's population, which decreased from 15,346 in 2013 to 14,640 in 2022.
In 2023 and 2024, Martin continued to see growth in average home prices. The average home price reached $192,126 in 2023 and further increased to $199,406 in 2024, representing a 10.5% rise from 2022 to 2024. Concurrently, federal interest rates climbed to 5.02% in 2023 and 5.33% in 2024, potentially impacting homeownership affordability.
Looking ahead, predictive models suggest that average home prices in Martin may continue to rise over the next five years, potentially reaching around $230,000 by 2029. Average rent prices are also expected to increase, albeit at a slower rate, potentially reaching approximately $725 per month by 2029. These projections are based on historical trends and current market conditions.
In summary, Martin has experienced a slight increase in homeownership rates despite significant growth in average home prices. The rental market has seen moderate changes in both renter percentages and average rent prices. The city's real estate market appears to be dynamic, with continued growth in property values expected in the coming years, potentially influenced by broader economic factors such as interest rates and population changes.
