Renter percentages in Castalian Springs have generally decreased as homeownership rates increased. In 2013, renters made up 17% of the population, which decreased to 13% by 2022. Average rent prices have shown some volatility but have generally increased. In 2014, the average rent was $850, and after some fluctuations, it returned to $848 in 2022. This relative stability in rent prices, combined with the decreasing percentage of renters, suggests a shift towards homeownership in the community.

Looking at the most recent data, the average home price in Castalian Springs reached $368,627 in 2023 and further increased to $383,398 in 2024. This continued upward trend in home prices occurs despite the federal interest rate rising to 5.02% in 2023 and 5.33% in 2024, which typically would be expected to slow housing market growth.

Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices, albeit potentially at a slower rate due to higher interest rates. Average rent prices may see moderate increases as well, influenced by the overall housing market trends and local economic factors.

In summary, Castalian Springs has experienced a significant increase in homeownership rates and average home prices over the past decade. The community has shown resilience in its housing market, with home values continuing to rise even in the face of increasing interest rates. The trend towards homeownership appears strong, with a corresponding decrease in the renter population. These patterns suggest a growing preference for homeownership in this Tennessee community, potentially driven by local economic factors and the long-term investment potential of property ownership.