Renter percentages in zip code 37919 have correspondingly decreased from 46% in 2013 to 44% in 2022, inversely mirroring the rise in homeownership. During this period, average rent prices increased from $943 in 2013 to $1,098 in 2022, a 16.4% increase. However, this increase in rent was not as steep as the rise in home prices, potentially explaining why the shift from renting to owning was gradual. The population of the zip code also grew from 27,774 in 2013 to 29,683 in 2022, which may have contributed to the overall demand for both rental and owned properties.

Looking at the most recent data, average home prices in zip code 37919 continued their upward trajectory, reaching $482,567 in 2023 and $517,819 in 2024. This represents a significant 18.4% increase from 2022 to 2024. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for new homebuyers.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 37919 will continue to rise, potentially reaching around $650,000 by 2029. This projection is based on the historical growth rate and assumes continued economic stability and demand in the area. For rent prices, the forecast suggests a more moderate increase, potentially reaching an average of $1,400 per month by 2029, reflecting a slower growth rate compared to home prices.

In summary, zip code 37919 has demonstrated a robust housing market with increasing homeownership rates and rising property values. The area has shown resilience in maintaining this trend despite fluctuations in interest rates. The continued growth in population and home prices suggests sustained demand for housing in this Knoxville suburb. However, the recent sharp increases in both home prices and interest rates may present challenges for future homebuyers, potentially slowing the rate of homeownership growth in the coming years.