Loading Content...
Croley Wood: Rising Home Values and Ownership Rates in Nashville's Resilient Neighborhood
_tennessee%2Fen-zillow-median-rent-percent-owner-occupied-tennessee-nashville-davidson-metropolitan-government-(balance)-croley-wood.webp%3F&w=3840&q=75)
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Croley Wood, a small neighborhood in Nashville-Davidson metropolitan government, Tennessee, has undergone significant changes in homeownership rates and property values over the past decade. The area has experienced a general trend of increasing homeownership, rising average home prices, and fluctuating average rent prices.
The relationship between homeownership percentages and average home prices in Croley Wood shows a positive correlation. In 2013, the homeownership rate was 59% with an average home price of $168,110. As average home prices steadily increased, reaching $297,122 in 2016, the homeownership rate remained relatively stable at 58%. However, by 2022, the homeownership rate surged to 76%, coinciding with a dramatic rise in average home prices to $600,090. This suggests that despite the significant increase in property values, more residents were able to become homeowners.
Federal interest rates appear to have influenced homeownership rates in Croley Wood. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a notable increase in homeownership, reaching 64% in 2019. This trend continued even as interest rates fluctuated, with homeownership peaking at 76% in 2022 when the interest rate was 1.68%.
The percentage of renters in Croley Wood has generally decreased as average rent prices increased. In 2013, 41% of residents were renters with an average rent of $889. By 2016, the renter percentage remained at 41%, but average rent had increased to $1,055. However, by 2022, the renter percentage had dropped significantly to 24%, while average rent reached $1,384. This suggests that as rent became more expensive, fewer residents opted to rent, possibly transitioning to homeownership or moving to more affordable areas.
In 2023 and 2024, average home prices in Croley Wood continued to rise, albeit at a slower rate. The average home price in 2023 was $606,057, increasing slightly to $607,011 in 2024. This represents a marginal growth of less than 1% year-over-year. Notably, federal interest rates during this period were significantly higher than in previous years, at 5.02% in 2023 and 5.33% in 2024.
Looking ahead, predictive models suggest that average home prices in Croley Wood may continue to increase over the next five years, but at a more moderate pace compared to the rapid growth seen in recent years. Average rent prices are also expected to rise, potentially at a rate slightly above inflation. However, the rate of increase for both home prices and rents may be tempered by higher interest rates and economic factors.
In summary, Croley Wood has experienced a significant shift towards homeownership, with property values rising substantially over the past decade. The neighborhood has shown resilience in maintaining high homeownership rates despite increasing home prices. The inverse relationship between rising rent prices and decreasing renter percentages suggests a preference for homeownership in the area. Future trends indicate continued growth in property values and rents, albeit at a more modest pace.
_tennessee%2Fen-population-population-density-tennessee-nashville-davidson-metropolitan-government-(balance)-nashboro-village.webp%3F&w=3840&q=75)
