Renter percentages in zip code 37803 have remained relatively low, complementing the high homeownership rates. The renter-occupied percentage was 21% in 2013 and decreased slightly to 19% by 2022. Average rent prices have shown some volatility over this period. In 2013, the average rent was $892, rising to a peak of $1,088 in 2021 before decreasing to $965 in 2022. This represents an overall increase of 8.2% from 2013 to 2022, despite the recent decline. The population growth from 31,884 in 2013 to 32,785 in 2022 may have contributed to the overall increase in rent prices during this period.

In 2023 and 2024, the housing market in zip code 37803 continued to evolve. The average home price rose to $370,164 in 2023 and further increased to $388,298 in 2024, representing a 12% growth over these two years. This growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially indicating strong local demand for housing in this area.

Looking ahead, based on historical trends and current market conditions, we can expect the average home prices in zip code 37803 to continue their upward trajectory, albeit at a potentially slower pace due to higher interest rates. A 5-year forecast suggests average home prices could reach approximately $450,000 to $500,000 by 2029. Rent prices may also continue to rise, potentially reaching an average of $1,200 to $1,300 per month in the same timeframe, assuming steady population growth and continued demand for rental properties.

In summary, zip code 37803 has maintained a high and stable homeownership rate despite significant increases in average home prices. The area has experienced substantial property value appreciation, particularly in recent years, while rent prices have shown more moderate growth. The resilience of the housing market in the face of rising interest rates suggests a strong local economy and continued demand for housing in this Maryville zip code.