The renter population in zip code 35613 has consistently represented about 15% of the total households from 2013 to 2022. Average rent prices, however, have shown considerable volatility. In 2013, the average rent was $835, which decreased to $737 in 2016, before rising again to $948 in 2021, and then settling at $824 in 2022. This fluctuation in rent prices, despite a stable renter percentage, may be attributed to factors such as changing housing supply, local economic conditions, and the overall increase in population, which grew by 25% from 2013 to 2022.

Looking at the most recent data, the average home price in zip code 35613 slightly decreased from $342,825 in 2022 to $342,130 in 2023, before increasing to $346,369 in 2024. This represents a modest 1% growth from 2023 to 2024. Concurrently, federal interest rates rose significantly from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024, potentially impacting home affordability and buyer behavior in the area.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 35613 will continue to rise, albeit at a more moderate pace compared to the rapid growth observed between 2016 and 2022. We project average home prices to reach approximately $380,000 by 2029. For average rent prices, the forecast suggests a gradual increase, potentially reaching around $1,000 per month by 2029, assuming continued population growth and economic stability in the area.

In summary, zip code 35613 in Athens, Alabama, demonstrates a robust and stable housing market with consistently high homeownership rates. The area has experienced significant appreciation in home values and fluctuating rent prices amidst steady population growth. Despite rising interest rates, the local real estate market has shown resilience, with a slight cooling in price growth recently. The forecast suggests continued, though more moderate, growth in both home prices and rents over the next five years.