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Home Values and Ownership Trends in Green Hills Neighbors: Nashville's Upscale Residential Evolution
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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
Green Hills Neighbors, a vibrant neighborhood in Nashville-Davidson metropolitan government, Tennessee, has experienced significant changes in homeownership rates and property values over the past decade. In 2022, the neighborhood had a population of 3,955 and an ownership rate of 64%. The average home prices and average rent prices have shown an overall upward trend, with some fluctuations over the years.
The relationship between homeownership rates and average home prices in Green Hills Neighbors has been dynamic. In 2013, the ownership rate was 56%, with an average home price of $540,038. As average home prices steadily increased, reaching $707,497 in 2017, the ownership rate rose significantly to 71%. This trend continued until 2018, with the ownership rate at 70% and average home prices at $741,491. However, from 2019 to 2022, there was a slight decline in homeownership, dropping to 64%, despite average home prices continuing to rise, reaching $1,209,773 in 2022. This suggests that while increasing home values initially corresponded with higher ownership rates, extremely high prices may have eventually priced out some potential buyers.
Federal interest rates have played a role in homeownership trends in Green Hills Neighbors. From 2013 to 2016, when interest rates were historically low (ranging from 0.09% to 0.40%), homeownership rates increased from 56% to 64%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates in the neighborhood remained relatively stable, hovering around 65-71%.
Renter percentages and average rent prices in Green Hills Neighbors have shown an inverse relationship to homeownership trends. In 2013, the renter percentage was 44%, with an average rent of $1,136. As homeownership increased, the renter percentage decreased to 29% in 2017, while average rent rose to $1,329. From 2018 to 2022, there was a slight increase in renters, reaching 36% in 2022, with average rent peaking at $2,075 in 2021 before decreasing to $1,422 in 2022. The fluctuations in renter percentages and rent prices may be attributed to changes in population, which grew from 2,683 in 2013 to 3,955 in 2022, potentially increasing demand for rental properties.
In 2023 and 2024, average home prices in Green Hills Neighbors have stabilized, with values of $1,202,995 and $1,210,505 respectively. This represents a slight decrease from the 2022 peak of $1,209,773, followed by a minor increase. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the neighborhood.
Looking ahead, based on historical trends and current market conditions, we can expect average home prices in Green Hills Neighbors to continue a moderate upward trajectory over the next five years. However, the rate of increase may slow down compared to the rapid growth seen between 2020 and 2022. Average rent prices are likely to follow a similar pattern, with potential for more volatility due to shorter-term lease agreements and changing demand.
In summary, Green Hills Neighbors has experienced a complex interplay between homeownership rates, average home prices, and average rent prices. The neighborhood has seen an overall increase in property values and a general trend towards higher homeownership rates, despite some recent fluctuations. The impact of federal interest rates on these trends has been evident, with lower rates generally corresponding to higher homeownership. As the area continues to develop, it will be crucial to monitor how these factors evolve and influence the neighborhood's housing market dynamics.
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