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Mount Juliet's Housing Market: 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
Mount Juliet, a thriving city in Tennessee, has experienced significant growth and development over the past decade. Located in Wilson County, this suburban community has become increasingly attractive to both homeowners and renters. The city has seen a general trend of increasing homeownership rates, rising average home prices, and fluctuating average rent prices, reflecting its dynamic real estate market.
The homeownership rate in Mount Juliet has shown resilience and growth over the years. In 2013, the homeownership rate stood at 80%, and after a slight dip to 76% in 2019, it rebounded to 80% in 2022. This trend coincides with a substantial increase in average home prices. In 2013, the average home price was $235,230, which steadily rose to $354,114 in 2019, and then dramatically increased to $531,547 in 2022. This represents a remarkable 126% increase in average home prices over a nine-year period.
The relationship between federal interest rates and homeownership rates in Mount Juliet follows a general trend observed nationwide. As interest rates remained low from 2013 to 2016, hovering around 0.1% to 0.4%, the city maintained a high homeownership rate of 76-80%. The slight dip in homeownership to 76% in 2017-2019 coincided with a gradual increase in interest rates, which reached 2.16% in 2019. However, the subsequent drop in interest rates to 0.38% in 2020 and 0.08% in 2021 likely contributed to the rebound in homeownership rates to 79% in 2021 and 80% in 2022.
Renter percentages in Mount Juliet have shown slight fluctuations over the years, generally ranging from 17% to 21%. In 2013, the renter percentage was 17%, which increased to 21% by 2018, before settling at 20% in 2022. Average rent prices have shown a general upward trend, rising from $1,340 in 2013 to $1,571 in 2022, representing a 17.2% increase over nine years. It's worth noting that the city's population grew significantly during this period, from 35,911 in 2013 to 49,665 in 2022, potentially contributing to the increased demand for rental properties and the subsequent rise in average rent prices.
Looking at the most recent data, the average home price in Mount Juliet continued to rise, reaching $539,556 in 2023 and $546,158 in 2024. This represents a modest 1.5% increase from 2023 to 2024, indicating a potential slowdown in the rapid price appreciation seen in previous years. Interestingly, federal interest rates have also increased significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and housing affordability in the city.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Mount Juliet will continue to rise, albeit at a more moderate pace. Based on historical data and current market conditions, average home prices could potentially reach around $600,000 to $650,000 by 2029. Average rent prices are also expected to increase, potentially reaching $1,800 to $2,000 per month within the next five years, driven by population growth and housing demand.
In summary, Mount Juliet has demonstrated a strong housing market with increasing homeownership rates and rising property values. The city has maintained a high percentage of homeowners despite significant increases in average home prices. The rental market has also shown steady growth, with gradually increasing renter percentages and rising average rent prices. These trends, coupled with the city's population growth, suggest that Mount Juliet remains an attractive destination for both homeowners and renters, with a dynamic real estate market poised for continued growth in the coming years.
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