Renter percentages in zip code 37072 have remained consistent, hovering around 32-33% from 2013 to 2022. During this same period, average rent prices increased significantly. In 2013, the average rent was $931, which rose to $1,091 by 2022, an increase of about 17%. Notably, there was a sharp jump in average rent to $1,242 in 2021, before returning to $1,091 in 2022. This trend in rent prices occurred while the population grew from 31,092 in 2013 to 33,258 in 2022, suggesting that increased demand may have contributed to rising rent prices.

Looking at more recent data, the average home price in zip code 37072 continued to rise, reaching $398,180 in 2023 and $403,239 in 2024. This represents a modest increase of about 2.2% from 2022 to 2024, indicating a potential slowdown in the rapid price growth seen in previous years. Simultaneously, federal interest rates have increased significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could impact future homebuying activity in the area.

Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 37072 will continue to increase, albeit at a slower rate than observed in the past decade. Average rent prices are also expected to rise, potentially at a rate slightly above inflation, driven by population growth and housing demand in the Nashville metropolitan area.

In summary, zip code 37072 has demonstrated resilience in homeownership rates despite significant increases in average home prices. The area has experienced substantial growth in property values and rent prices, likely influenced by its location within the expanding Nashville metropolitan area. While recent years show signs of moderation in price growth, the overall trend suggests continued appreciation in both home values and rental costs, albeit at a potentially slower pace than in previous years.