Rental trends in Spring City have shown some volatility. The percentage of renters fluctuated between 20% and 27% from 2013 to 2022. Average rent prices have also seen significant changes. In 2013, the average rent was $650, which increased to $829 in 2018, representing a 27.5% increase. However, by 2022, the average rent had decreased to $701, indicating a cooling in the rental market. These fluctuations in rent prices and renter percentages could be influenced by changes in the local economy, housing supply, and population dynamics.

In 2023 and 2024, Spring City's housing market showed interesting developments. The average home price in 2023 was $251,085, a slight decrease from 2022. However, in 2024, the average home price increased to $257,605, suggesting a rebound in the market. Notably, federal interest rates rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which are the highest rates seen in over a decade.

Looking ahead, based on the trends observed, we can forecast potential scenarios for the next five years. Average home prices in Spring City may continue to rise, albeit at a more moderate pace, potentially reaching around $290,000 to $300,000 by 2029. This projection takes into account the historical growth rate and the potential impact of higher interest rates. Average rent prices might stabilize or see modest increases, potentially reaching $750 to $800 by 2029, assuming economic conditions remain stable and housing supply keeps pace with demand.

In summary, Spring City has demonstrated a robust housing market with strong homeownership rates despite fluctuations in interest rates and home prices. The significant appreciation in home values over the past decade, coupled with recent stabilization, suggests a maturing market. The rental sector has shown more volatility, reflecting changing local dynamics. As the city moves forward, balancing affordability with market growth will likely be key to maintaining its attractive housing landscape.