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Rising Home Values and Ownership: Burlison, Tennessee's Evolving Housing Market
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
Burlison, a small town in Tennessee, has experienced significant changes in its housing market over the past decade. The city has seen a notable shift towards homeownership, with average home prices rising steadily in recent years. Meanwhile, the rental market has undergone fluctuations in both occupancy rates and average rent prices.
The trend in homeownership in Burlison has been on an upward trajectory since 2013. The percentage of owner-occupied homes increased from 76% in 2013 to 84% in 2022, representing a substantial 8 percentage point increase over nine years. This rise in homeownership coincided with an increase in average home prices. The average home price in 2022 was $196,940, indicating a robust housing market.
The relationship between federal interest rates and homeownership rates in Burlison aligns with well-established trends. As interest rates remained low throughout the 2010s, ranging from 0.08% to 2.16%, homeownership in the town increased. This correlation supports the notion that lower interest rates generally encourage homeownership by making mortgage financing more affordable.
Conversely, the percentage of renters in Burlison has decreased over time, dropping from 24% in 2013 to 16% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend. In 2013, the average rent was $703, which decreased to $538 in 2017 but then rose steadily to reach $832 in 2022. This 18.3% increase in average rent from 2013 to 2022 occurred despite a shrinking renter population, suggesting other factors such as housing quality improvements or broader economic conditions may have influenced rent prices.
In 2023 and 2024, Burlison's housing market continued to show growth. The average home price increased to $205,348 in 2023 and further to $214,825 in 2024, representing a 9.1% increase over two years. This growth occurred despite rising federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand for housing.
Looking ahead, based on recent trends, we can forecast that average home prices in Burlison may continue to rise over the next five years, potentially reaching around $250,000 by 2029 if the current growth rate persists. Average rent prices might also continue their upward trajectory, possibly surpassing $1,000 per month within the same timeframe. However, these projections assume stable economic conditions and continued demand for housing in the area.
In summary, Burlison has experienced a significant shift towards homeownership, with rising home prices and increasing owner-occupancy rates. The rental market, while shrinking in terms of occupancy, has seen an overall increase in average rent prices. These trends, coupled with the recent home price increases and higher interest rates, suggest a robust and dynamic housing market in this Tennessee town.
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