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Zip Code 37302: Rising Home Values and Ownership Rates in Apison, Tennessee
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 37302, located in Apison, Tennessee, has experienced significant changes in homeownership rates and property values over the past decade. This area has seen a general trend of increasing homeownership and rising average home prices, with some fluctuations in recent years. The ownership percentage in zip code 37302 has shown an overall upward trend from 2013 to 2022. In 2013, the homeownership rate was 71%, which steadily increased to a peak of 81% in 2020. However, there has been a slight decline in recent years, with the rate dropping to 74% in 2022. Concurrently, average home prices have experienced substantial growth. In 2013, the average home price was $230,734, which has more than doubled to $489,709 by 2022. This represents a remarkable 112% increase over nine years.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, interest rates remained below 0.5%, coinciding with a period of increasing homeownership in the area. As rates began to rise from 2017 to 2019, reaching 2.16% in 2019, homeownership rates stabilized and even increased slightly. The dramatic drop in interest rates to 0.08% in 2021 likely contributed to the sustained high homeownership rate of 75% that year.
Renter percentages in zip code 37302 have generally decreased as homeownership rates increased. In 2013, renters made up 29% of the population, which decreased to 19% by 2020. However, there has been a slight uptick in recent years, with the renter percentage rising to 26% in 2022. Average rent prices have shown an overall upward trend, increasing from $687 in 2013 to $792 in 2022, representing a 15% increase. It's worth noting that the population has grown from 3,780 in 2013 to 4,387 in 2022, which may have influenced rental market dynamics.
Looking at the most recent data, average home prices in zip code 37302 continued to rise in 2023 and 2024, reaching $507,166 and $528,367 respectively. This represents a 3.6% increase from 2022 to 2023 and a further 4.2% increase from 2023 to 2024. Interestingly, federal interest rates have also increased significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices have continued to appreciate, suggesting strong demand in the area.
Applying predictive models to forecast 5-year trends, we can expect average home prices in zip code 37302 to continue their upward trajectory, potentially reaching around $650,000 by 2029. Rent prices are also likely to increase, possibly surpassing $1,000 per month on average within the next five years if current trends persist.
In summary, zip code 37302 has experienced a significant increase in homeownership rates and average home prices over the past decade. While there has been a slight decline in homeownership rates in recent years, property values continue to appreciate. The interplay between federal interest rates, population growth, and local market conditions has shaped these trends, resulting in a dynamic real estate landscape in this Tennessee community.
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