Conversely, the percentage of renters in zip code 37865 has decreased from 27% in 2013 to 18% in 2022. Despite this decline in the renter population, average rent prices have shown an upward trend, increasing from $885 in 2013 to $916 in 2022. This suggests that while fewer people are renting, those who do are facing higher costs. The population growth from 21,968 in 2013 to 25,328 in 2022 may have contributed to maintaining demand for rental properties, even as more residents transitioned to homeownership.

In 2023 and 2024, the housing market in zip code 37865 continued its upward trajectory. The average home price reached $341,121 in 2023 and further increased to $355,233 in 2024. This represents a 8.1% increase from 2022 to 2024. Notably, federal interest rates also saw a significant rise, reaching 5.02% in 2023 and 5.33% in 2024, marking the highest rates in over a decade.

Looking ahead, predictive models suggest that the strong housing market in zip code 37865 is likely to continue its upward trend over the next five years. Average home prices are projected to increase by approximately 5-7% annually, potentially reaching around $470,000 by 2029. Rent prices are expected to follow a similar pattern, with an estimated annual growth of 3-4%, potentially reaching an average of $1,060 per month by 2029.

In summary, zip code 37865 has demonstrated a robust housing market characterized by increasing homeownership rates, rising home values, and steady growth in rent prices. The area has shown resilience in the face of rising interest rates, with continued population growth supporting both the ownership and rental markets. As the community continues to evolve, it is likely to see further appreciation in property values and rental costs, reflecting its desirability and economic strength.