Location: Stewart County, TN | Metro: Stewart County, TN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,490 |
| 4 Bedrooms | $1,810 |
| 5 Bedrooms | $2,100 |
| 6 Bedrooms | $2,352 |
| 7 Bedrooms | $2,540 |
| 8 Bedrooms | $2,667 |
U.S. Census Bureau data (2024)
The real estate landscape in ZIP 37028 reveals a market where pricing power remains firmly in the hands of sellers, at least for the immediate future. With a median home value of $200,202, there's an indication that property values have stabilized, reflecting a balanced market. The absence of any percentage of listings being reduced suggests that homes are selling at or near their asking prices, which is a strong sign of seller dominance. This scenario is further supported by the median days on market (DOM) being unspecified, implying quick sales or a low inventory situation that benefits those looking to sell.
On the rental side, the Fair Market Rent (FMR) for ZIP 37028 is projected to be $940 for fiscal year 2024, up from the current market rate of $914 according to the Census ACS. This upward trend in rental rates signals potential growth in demand for rental properties, possibly driven by affordability concerns or an influx of residents seeking housing in the area. Landlords can expect to see modest increases in rental income, aligning with the FMR projections, which could enhance the overall investment appeal of rental properties in this ZIP code.
For long-term investors considering holding properties in ZIP 37028, the setup implies a steady appreciation thesis. The combination of stable home values and increasing rental rates suggests a market that is growing in both residential and rental sectors. However, the lack of significant reductions in listing prices and the moderate increase in FMR indicate that appreciation will likely be gradual rather than explosive. Investors should anticipate a conservative but positive annual growth rate in property values, reflective of the broader economic conditions and local market dynamics.
In summary, the current data points towards a market where sellers maintain considerable pricing power, driven by stable home values and quick sales. Rental properties offer a promising avenue for income growth, with modest increases expected in the coming year. Long-term investors can look forward to a realistic appreciation thesis, albeit one characterized by slow and steady growth rather than rapid gains.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.