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Creekside, Nashville: Rising Home Values and Shifting Ownership Trends in a Dynamic Neighborhood
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CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Creekside, a neighborhood in Nashville-Davidson metropolitan government, Tennessee, has experienced significant changes in its housing market over the past decade. This small community has seen fluctuations in its population, homeownership rates, and housing prices, reflecting broader economic trends and local market dynamics. The relationship between homeownership rates and average home prices in Creekside reveals an interesting trend. In 2013, the homeownership rate was 47%, with an average home price of $199,486. As home prices steadily increased, reaching $335,759 by 2019, the homeownership rate declined to 40%. This inverse relationship continued, with average home prices surging to $492,652 in 2022, while homeownership dropped to 38%. This trend suggests that rising home prices may have made homeownership less accessible for many residents.
Federal interest rates appear to have influenced homeownership rates in Creekside. From 2013 to 2016, when interest rates were relatively low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable, fluctuating between 47% and 51%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates declined from 45% to 40%. This trend aligns with the general economic principle that lower interest rates tend to encourage homeownership by making mortgages more affordable.
The rental market in Creekside has shown a clear upward trend in both renter percentages and average rent prices. In 2013, 53% of residents were renters, with an average rent of $742. By 2022, the renter percentage had increased to 61%, while the average rent had risen to $1,085. This trend was particularly pronounced between 2019 and 2021, when the renter percentage jumped from 60% to 72%, and average rent increased from $1,044 to $1,165. The population fluctuations during this period, from 266 in 2019 to 234 in 2021, and then to 320 in 2022, likely contributed to these changes in the rental market.
In 2023 and 2024, Creekside's housing market showed signs of stabilization. The average home price in 2023 was $490,441, a slight decrease from 2022. In 2024, the average home price further decreased to $487,810. Interestingly, this occurred despite federal interest rates rising to 5.02% in 2023 and 5.33% in 2024, suggesting other local factors may be influencing the housing market.
Looking ahead, predictive models suggest a potential cooling of the housing market in Creekside over the next five years. Average home prices are forecasted to stabilize or slightly decrease, potentially reaching around $480,000 by 2029. Rent prices, however, are expected to continue their upward trend, albeit at a slower pace, potentially reaching an average of $1,300 per month by 2029.
In summary, Creekside has experienced a shift towards a renter-majority community, with rising home prices and declining homeownership rates. The rental market has seen consistent growth in both occupancy and prices. Recent data indicates a potential stabilization in home prices, which could impact future homeownership trends. These patterns reflect the dynamic nature of Creekside's housing market and its responsiveness to broader economic factors and local conditions.
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