Renter percentages and average rent prices in zip code 37073 have also shown interesting trends. The percentage of renters increased from 17% in 2013 to 21% in 2019, before decreasing back to 18% in 2022. Average rent prices have generally increased over this period, rising from $964 in 2013 to $1,033 in 2022, an increase of 7.2%. However, it's worth noting that rent prices peaked at $1,132 in 2021 before slightly decreasing in 2022.

Looking at the most recent data, the average home price in zip code 37073 reached $375,846 in 2023 and further increased to $387,794 in 2024. This represents a 4.6% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates rose from 5.02% in 2023 to 5.33% in 2024, potentially impacting homebuying decisions in the area.

Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 37073 to continue their upward trajectory, albeit potentially at a slower rate due to higher interest rates. If the current trend persists, average home prices could potentially reach around $450,000 to $500,000 by 2029. Average rent prices are also likely to increase, possibly reaching $1,200 to $1,300 per month in the same timeframe, assuming steady population growth and demand for rental properties.

In summary, zip code 37073 has demonstrated strong homeownership rates and significant appreciation in property values over the past decade. The area has maintained a high percentage of owner-occupied homes despite rising property values, suggesting a robust local housing market. While rent prices have increased, they have done so at a slower rate than home prices. The interplay between interest rates, home prices, and rental markets will continue to shape the housing landscape in this Tennessee town in the coming years.