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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Orlinda, Tennessee, is a small but growing community that has experienced significant changes in its housing market over the past decade. The city has seen a general trend of increasing homeownership rates, rising average home prices, and fluctuating average rent prices. These trends have been influenced by various factors, including population growth and economic conditions.
From 2013 to 2022, Orlinda's homeownership rate increased from 84% to 82%, with some fluctuations in between. During this same period, average home prices rose substantially. In 2013, the average home price was $145,012, and by 2022, it had increased to $339,928, representing a 134% increase over nine years. This trend suggests a strong correlation between rising home values and sustained high homeownership rates in the city.
The relationship between federal interest rates and homeownership rates in Orlinda follows a generally expected pattern. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 1.68%, homeownership rates stayed relatively high, between 75% and 84%. This aligns with the principle that lower interest rates tend to encourage homeownership by making mortgages more affordable.
Renter percentages in Orlinda fluctuated between 16% and 25% from 2013 to 2022. Average rent prices showed considerable variation during this period. In 2013, the average rent was $779, rising to a peak of $1,103 in 2014, before settling at $1,120 in 2022. The city's population grew from 2,228 in 2013 to 2,753 in 2022, which may have contributed to the overall increase in average rent prices despite some year-to-year fluctuations.
In 2023 and 2024, Orlinda continued to see growth in average home prices. The average home price reached $347,288 in 2023 and further increased to $360,726 in 2024. This represents a 6.1% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics.
Looking ahead, predictive models suggest that average home prices in Orlinda may continue to rise over the next five years, potentially reaching around $425,000 by 2029 if current trends persist. Average rent prices are also expected to increase, potentially surpassing $1,300 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Orlinda has experienced a robust housing market characterized by increasing homeownership rates and rising average home prices. The relationship between low interest rates and high homeownership rates has been evident, while rent prices have shown more variability. Recent increases in both home prices and interest rates suggest a changing landscape that may influence future housing market dynamics in the city.