Conversely, the percentage of renters in zip code 37938 has decreased from 14% in 2013 to 10% in 2022. Despite this decline, average rent prices have shown fluctuations over the years. In 2013, the average rent was $1,079, which peaked at $1,196 in 2018 before settling at $1,045 in 2022. The population growth from 17,101 in 2013 to 18,259 in 2022 may have contributed to maintaining relatively stable rent prices despite the decreasing percentage of renters.

In 2023 and 2024, the housing market in zip code 37938 continued its upward trajectory. The average home price reached $355,675 in 2023 and further increased to $377,368 in 2024, representing a 15.7% increase over two years. This growth occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, the highest levels since 2007.

Looking ahead, based on historical trends and current market conditions, we can predict continued growth in average home prices for zip code 37938. Applying a conservative linear regression model, we forecast the average home price could reach approximately $450,000 by 2029. For rent prices, considering the historical fluctuations and the area's increasing homeownership rate, we predict a modest increase, potentially reaching an average of $1,200 per month by 2029.

In summary, zip code 37938 has demonstrated a strong trend towards increased homeownership and rising property values over the past decade. The area has shown resilience in its housing market, with home prices continuing to appreciate even in the face of rising interest rates. The decreasing percentage of renters, coupled with a growing population, has resulted in relatively stable rent prices. These trends suggest a robust and desirable housing market in this Tennessee community, with potential for continued growth in both homeownership rates and property values in the coming years.