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Rising Home Values and Ownership in Maryville, Tennessee: A Decade of Growth Near the Smokies
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
Maryville, Tennessee, nestled in the foothills of the Great Smoky Mountains, is a vibrant city known for its blend of small-town charm and progressive outlook. With a population of 53,409 as of 2022, Maryville has experienced steady growth over the past decade. The city has maintained a strong homeownership rate, hovering around 71-73% since 2013, while average home prices and average rent have shown notable increases, particularly in recent years.
The relationship between homeownership rates and average home prices in Maryville reveals an interesting trend. Despite rising average home prices, the percentage of homeowners has remained relatively stable, even showing a slight increase. In 2013, when the homeownership rate was 71%, the average home price was $158,151. By 2022, the homeownership rate had increased to 73%, while the average home price had risen dramatically to $327,099. This suggests a resilient local economy and a strong desire for homeownership among Maryville residents, even in the face of rising prices.
Federal interest rates have played a significant role in shaping homeownership trends in Maryville. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%. During this time, the homeownership rate in Maryville remained steady at 71-72%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), Maryville's homeownership rate actually increased slightly to 73% by 2022. This suggests that local factors, such as job market stability and community appeal, may have outweighed the impact of rising interest rates on homeownership decisions.
Renter percentages and average rent prices in Maryville have shown an inverse relationship. As the renter population decreased slightly from 29% in 2013 to 27% in 2022, average rent prices experienced overall growth. In 2013, the average rent was $924, which fluctuated over the years before reaching $959 in 2022. The most significant jump occurred between 2020 and 2021, when average rent increased from $993 to $1,092, coinciding with a period of rapid population growth from 51,624 to 52,682 residents.
Looking at the most recent data, the average home price in Maryville continued its upward trajectory, reaching $349,905 in 2023 and $367,872 in 2024. This represents a significant increase from the 2022 average of $327,099. Concurrently, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may pose challenges for potential homebuyers, potentially affecting future homeownership rates.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Maryville will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $450,000 to $500,000, assuming a continuation of current economic conditions. Average rent prices are also expected to increase, potentially reaching $1,200 to $1,300 per month by 2029, driven by ongoing population growth and housing demand.
In summary, Maryville has demonstrated a robust housing market characterized by stable homeownership rates despite rising home prices. The city's ability to maintain high homeownership levels in the face of increasing costs and fluctuating interest rates suggests a strong local economy and desirable living conditions. However, the recent sharp increases in both home prices and interest rates may present new challenges for the housing market in the coming years. The rental market, while smaller, has shown resilience with gradually increasing average rents. As Maryville continues to grow, balancing affordable housing options with the city's evident appeal will be crucial for sustaining its thriving community.
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