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Eagleville's Housing Market: Soaring Home Values and Ownership Rates
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
Eagleville, Tennessee, is a small city located in Rutherford County, covering an area of 2.89 square miles. This community has experienced significant growth and changes in its housing market over the past decade. The city has seen a notable increase in homeownership rates, accompanied by substantial rises in average home prices and fluctuating average rent prices.
The trend of homeownership in Eagleville has shown a steady increase from 2013 to 2022. In 2013, the homeownership rate was 80%, which gradually rose to 91% by 2022. This impressive 11 percentage point increase coincided with a substantial rise in average home prices. In 2013, the average home price in Eagleville was $172,896, which more than doubled to $465,082 by 2022. This trend suggests a strong correlation between rising home values and increasing homeownership rates in the city.
The relationship between federal interest rates and homeownership rates in Eagleville presents an interesting dynamic. Despite the general trend of lower interest rates encouraging homeownership, Eagleville's homeownership rate continued to climb even as interest rates rose. For instance, from 2016 to 2019, when federal interest rates increased from 0.4% to 2.16%, Eagleville's homeownership rate still grew from 82% to 83%. This suggests that other factors, such as local economic conditions or housing market dynamics, may have played a more significant role in driving homeownership in the city.
As homeownership rates increased, the percentage of renters in Eagleville decreased from 20% in 2013 to 9% in 2022. Interestingly, average rent prices showed considerable fluctuation during this period. In 2013, the average rent was $1,160, which dropped to $886 in 2015 before rising to a peak of $1,389 in 2021. By 2022, the average rent had decreased slightly to $1,149. These fluctuations in rent prices, coupled with the declining renter population, suggest a complex rental market influenced by factors such as housing supply, local economic conditions, and the growing preference for homeownership in the city.
Looking at the most recent data, the average home price in Eagleville continued to rise, reaching $476,358 in 2023 and $492,605 in 2024. This represents a 5.9% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the continued rise in home prices suggests ongoing demand in the Eagleville housing market.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Eagleville to continue their upward trajectory, potentially reaching around $550,000 to $600,000 by 2029. Average rent prices may stabilize or show moderate increases, possibly ranging between $1,300 and $1,500 per month. However, these predictions are subject to various factors including economic conditions, population growth, and housing supply.
In summary, Eagleville has experienced a remarkable increase in homeownership rates over the past decade, accompanied by substantial growth in average home prices. The rental market has shown more volatility, with fluctuating rent prices and a decreasing renter population. Despite rising interest rates, the housing market in Eagleville remains robust, with continued growth in home values. These trends reflect a community undergoing significant changes in its housing landscape, likely driven by a combination of local economic factors, population growth, and shifting preferences towards homeownership.
