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Green Hill: Rising Home Values and Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Green Hill, located in Tennessee, is a small community spanning just 3.48 square miles. This charming area has experienced notable shifts in its housing market and demographic composition over the past decade, reflecting broader economic trends and local developments.
Homeownership rates in Green Hill have shown a gradual decline from 2013 to 2019, followed by a modest recovery. In 2013, the homeownership rate stood at an impressive 94%, but it decreased to 83% by 2019. However, this trend reversed in recent years, with ownership rates rising to 87% by 2022. This fluctuation coincides with changes in average home prices, which have seen a substantial increase over the same period. The average home price in Green Hill rose from $171,373 in 2010 to $409,876 in 2022, representing a significant 139% increase over 12 years.
The relationship between federal interest rates and homeownership rates in Green Hill shows an interesting pattern. As interest rates remained historically low from 2010 to 2016 (ranging from 0.1% to 0.4%), homeownership rates initially remained high but began to decline. This suggests that other factors, such as local economic conditions or housing supply, may have played a more significant role in homeownership trends during this period. However, as interest rates began to rise more significantly from 2017 onwards, we observe a stabilization and slight increase in homeownership rates, possibly indicating improved economic conditions or changing local preferences.
Renter percentages in Green Hill have followed an inverse trend to homeownership rates, increasing from 6% in 2013 to a peak of 17% in 2019, before declining to 13% in 2022. Average rent prices have shown volatility over this period, with significant fluctuations. In 2013, the average rent was $1,138, which decreased to $979 in 2015 before rising sharply to $1,475 in 2017. By 2022, the average rent stood at $1,412. These fluctuations in rent prices and renter percentages may be influenced by changes in the local job market, housing supply, and overall population growth, which increased from 6,555 in 2013 to 7,160 in 2022.
As of 2024, the average home price in Green Hill has reached $427,656, continuing the upward trend observed in previous years. This represents a 4.3% increase from the 2023 average of $419,020. Concurrently, the federal interest rate has risen to 5.33% in 2024, up from 5.02% in 2023, potentially impacting homebuying decisions and affordability in the area.
Looking ahead, based on historical trends and current market conditions, we can forecast potential 5-year trends for Green Hill. Average home prices are likely to continue their upward trajectory, albeit at a potentially slower rate due to higher interest rates. A conservative estimate might place average home prices around $500,000 by 2029. Average rent prices may also continue to rise, potentially reaching the $1,700-$1,800 range, assuming steady population growth and demand for rental properties.
In summary, Green Hill has experienced a complex interplay of homeownership rates, home prices, and rental market dynamics over the past decade. The community has seen a recent resurgence in homeownership rates despite rising home prices, suggesting strong local demand and potentially improving economic conditions. The rental market has shown volatility but remains a significant component of the local housing landscape. As the community continues to evolve, balancing affordability with growth will likely be a key challenge for local policymakers and residents alike.
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