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Rising Home Values and Ownership Trends in Dukedom, Tennessee: A Decade of Real Estate Dynamics
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Dukedom, a small community in Tennessee, has experienced notable fluctuations in its demographic and housing landscape over the past decade. This analysis will explore the trends in homeownership, average home prices, and average rent prices, providing insights into the local real estate market dynamics.
Homeownership in Dukedom has shown a general upward trend from 2013 to 2021, with the percentage of owner-occupied homes increasing from 84% to 90%. This trend indicates a growing preference for homeownership in the community. However, in 2022, there was a slight decrease to 83%, suggesting a potential shift in the market.
The relationship between homeownership rates and average home prices in Dukedom is complex. While detailed home price data is limited for earlier years, we can observe that in 2022, the average home price was $168,088. This figure provides a baseline for understanding the local housing market value.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2021, interest rates remained relatively low, ranging from 0.11% to 1.68%. These low rates likely contributed to the increase in homeownership during this period, as they made mortgages more affordable for potential buyers. The slight dip in homeownership in 2022 coincided with an increase in interest rates to 1.68%, potentially making home purchases less attainable for some residents.
Renter percentages in Dukedom have generally decreased from 16% in 2013 to 10% in 2021, mirroring the increase in homeownership. However, there was an uptick to 17% in 2022. Average rent prices have shown a significant increase over time, rising from $472 in 2013 to $860 in 2022, representing an 82% increase over nine years. This substantial rise in rent prices may have influenced some residents to consider homeownership as a more economical long-term option.
In 2023 and 2024, we observe some interesting developments in the housing market. The average home price in Dukedom slightly decreased to $166,448 in 2023 but is projected to rise to $169,679 in 2024. This represents a modest 1.9% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly to 5.02% in 2023 and 5.33% in 2024, which may impact affordability and homeownership rates in the near future.
Looking ahead, based on the observed trends and current economic conditions, we can project that average home prices in Dukedom may continue to rise moderately over the next five years, potentially reaching around $180,000 by 2029. Average rent prices, if following the current trajectory, could approach $1,000 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Dukedom has experienced a general trend of increasing homeownership and rising rent prices over the past decade. The recent uptick in interest rates and the slight decrease in homeownership in 2022 may signal a shifting market dynamic. The interplay between home prices, rent costs, and interest rates will likely continue to shape the local real estate landscape in the coming years.
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