As homeownership rates increased, the percentage of renters in Dickson decreased from 36% in 2015 to 25% in 2022. Despite this decline in the renter population, average rent prices showed an overall upward trend. The average rent rose from $927 in 2015 to $945 in 2022, with some fluctuations in between. The highest average rent was recorded in 2021 at $988, which may have been influenced by the city's growing population and the overall increase in property values.

The most recent data for 2023 and 2024 shows a continuation of the upward trend in average home prices. In 2023, the average home price in Dickson reached $317,262, and it further increased to $324,229 in 2024. These figures represent a 1.8% and 2.2% year-over-year increase, respectively. Interestingly, this growth occurred despite a significant rise in federal interest rates, which climbed to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for new homebuyers.

Looking ahead, based on the historical trends and recent data, we can project continued growth in both average home prices and rent costs over the next five years. Average home prices are expected to maintain their upward trajectory, potentially reaching around $375,000 by 2029. Rent prices are also likely to increase, albeit at a more moderate pace, potentially averaging around $1,050 per month by 2029. However, these projections may be influenced by various factors, including economic conditions, local development, and changes in interest rates.

In summary, Dickson has experienced a significant shift towards homeownership, with property values more than doubling over the past decade. This trend has been supported by historically low interest rates until recent years. Despite a decreasing renter population, rent prices have generally increased, reflecting the overall growth and desirability of the city. The most recent data shows continued growth in home values, even in the face of rising interest rates, suggesting a robust and resilient housing market in Dickson.