Renter percentages in zip code 37075 have inversely mirrored the homeownership trend, decreasing slightly from 28% in 2013 to 26% in 2022. During this period, average rent prices have shown consistent growth. In 2013, the average rent was $1,175, and by 2022, it had increased to $1,401, representing a 19.2% rise. This increase in rent prices, while significant, has been less dramatic than the surge in home prices. The relatively stable renter percentage despite rising rents suggests a continued demand for rental properties, possibly driven by the area's growing population, which increased from 59,187 in 2013 to 70,921 in 2022.

Looking at the most recent data, the average home price in zip code 37075 slightly decreased from $498,676 in 2022 to $495,985 in 2023, showing a minor correction in the housing market. However, in 2024, there's a small uptick to $496,680, indicating a stabilization in home values. Interestingly, this occurs against a backdrop of rising interest rates, which increased from 5.02% in 2023 to 5.33% in 2024, potentially impacting affordability and market dynamics.

Applying predictive models to forecast 5-year trends, we anticipate continued growth in both average home and rent prices, albeit at a more moderate pace compared to the rapid increases seen in the past decade. Average home prices are projected to reach approximately $550,000 by 2029, while average rent prices could approach $1,600. These projections assume continued population growth and economic stability in the area.

In summary, zip code 37075 has demonstrated robust growth in both homeownership rates and property values over the past decade. The area has maintained a strong preference for homeownership, even in the face of dramatically increasing home prices and fluctuating interest rates. While rental prices have also increased, they've done so at a slower rate, potentially making renting an attractive option for some residents. The recent stabilization in home prices, coupled with rising interest rates, suggests a potential shift in market dynamics that will be important to monitor in the coming years.