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Hillwood Estates: Rising Home Values and Strong Ownership in a Nashville 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
Hillwood Estates, a neighborhood in Nashville-Davidson metropolitan government, Tennessee, has experienced significant changes in average home and rent prices while maintaining high homeownership rates. This residential area has consistently shown owner-occupied status above 75% since 2013, demonstrating its appeal to homeowners.
Homeownership rates in Hillwood Estates have remained stable between 75% and 82% from 2013 to 2022. During this period, average home prices increased substantially from $409,621 in 2013 to $945,211 in 2022, representing a 130.8% increase over nine years. This trend indicates a strong correlation between rising property values and sustained high homeownership rates in the neighborhood.
The relationship between federal interest rates and homeownership rates in Hillwood Estates presents an interesting dynamic. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 2.16%), homeownership rates remained relatively stable. This stability in homeownership, even with favorable borrowing conditions, may suggest other factors influencing housing decisions in the neighborhood, such as local economic conditions or housing supply constraints.
Renter percentages in Hillwood Estates have fluctuated between 18% and 25% from 2013 to 2022. Average rent prices increased notably during this period, rising from $1,644 in 2013 to $2,070 in 2022, marking a 25.9% increase. The population of Hillwood Estates grew from 3,985 in 2013 to 4,203 in 2022, potentially contributing to upward pressure on rent prices due to increased demand for rental properties.
As of 2024, the average home price in Hillwood Estates is $975,843, continuing the upward trend from previous years. The federal interest rate in 2024 is 5.33%, significantly higher than rates observed in the past decade. This increase in interest rates may impact future homebuying decisions and potentially affect the neighborhood's homeownership rates.
Predictive models suggest that average home prices in Hillwood Estates are likely to continue their upward trajectory over the next five years, albeit potentially at a slower pace due to higher interest rates. Average rent prices are also expected to increase, driven by population growth and the overall appreciation of property values in the area.
In summary, Hillwood Estates has demonstrated a strong and stable homeownership market, with consistently high owner-occupancy rates despite significant increases in average home prices. The neighborhood has also experienced growth in average rent prices, reflecting its desirability and the overall trend of rising housing costs in the area. The interplay between federal interest rates, property values, and housing tenure choices will likely continue to shape the residential landscape of Hillwood Estates in the coming years.
