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Zip Code 37763: Rising Home Values and High Ownership Rates in Kingston, Tennessee
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 37763, located in Kingston, Tennessee, has seen notable shifts in its housing market over the past decade. This area, spanning 103.58 square miles, has experienced fluctuations in population density and significant changes in homeownership rates and property values.
The homeownership rate in zip code 37763 has shown a general upward trend, increasing from 77% in 2013 to 81% in 2022. This rise in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $148,320, which steadily climbed to $291,748 by 2022, representing a remarkable 96.7% increase over nine years. This trend suggests a strong correlation between rising property values and homeownership rates in the area.
The relationship between federal interest rates and homeownership rates in this zip code follows a generally inverse pattern. For instance, as interest rates remained low between 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership rates held steady at 77%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we paradoxically saw an increase in homeownership from 78% to 80%. This could indicate that other local factors were offsetting the potential negative impact of rising interest rates on homeownership.
Renter percentages in zip code 37763 have conversely decreased from 23% in 2013 to 19% in 2022. Despite this decline, average rent prices have shown an overall upward trend. In 2013, the average rent was $749, which increased to $869 by 2022, a 16% rise. Interestingly, there were fluctuations within this period, with rent peaking at $887 in 2018 before slightly declining. The population has also fluctuated, reaching a low of 14,827 in 2014 before growing to 16,328 in 2022, which may have influenced rental market dynamics.
Looking at more recent data, the average home price in zip code 37763 continued its upward trajectory, reaching $306,669 in 2023 and further increasing to $319,872 in 2024. This represents a 9.6% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, from 1.68% in 2022 to 5.02% in 2023, and slightly further to 5.33% in 2024. These higher interest rates could potentially impact future homeownership trends and property values.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 37763 will continue to rise, albeit potentially at a slower rate due to higher interest rates. We project average home prices could reach approximately $350,000 to $375,000 by 2029. Average rent prices are also expected to increase, potentially reaching $950 to $1,000 per month in the same timeframe, assuming continued population growth and economic stability in the area.
In summary, zip code 37763 has experienced a significant increase in homeownership rates and property values over the past decade, despite fluctuations in population and federal interest rates. The area has shown resilience in its housing market, with both ownership and rental sectors seeing growth. The coming years may present new challenges with higher interest rates, but the strong historical performance suggests continued, though possibly moderated, growth in both home values and rental prices.
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