Loading Content...
Laurel HillBerryville: Rising Home Values and High Ownership Rates in Nashville
_tennessee%2Fen-zillow-median-rent-percent-owner-occupied-tennessee-nashville-davidson-metropolitan-government-(balance)-laurel-hillberryville.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
Laurel HillBerryville, a neighborhood in Nashville-Davidson metropolitan government, Tennessee, has experienced significant growth in home values and maintained high homeownership rates over the past decade. From 2010 to 2023, average home prices more than tripled, while homeownership rates consistently remained above 80%. This trend reflects the area's increasing desirability and strong housing market.
The relationship between homeownership rates and average home prices in Laurel HillBerryville demonstrates a generally positive correlation. In 2013, with an 83% homeownership rate, the average home price was $90,326. By 2017, as homeownership increased to 90%, average home prices rose to $166,588. This upward trend continued, and in 2022, with an 85% homeownership rate, the average home price reached $292,842. The substantial increase in home values likely contributed to the neighborhood's high rate of owner-occupied housing.
Federal interest rates have influenced homeownership trends in Laurel HillBerryville. From 2010 to 2015, historically low interest rates ranging from 0.09% to 0.18% coincided with consistently high homeownership rates above 80%. Despite rising interest rates from 2016 onwards, reaching 1.68% in 2022, homeownership rates in Laurel HillBerryville remained robust. This suggests that local market conditions and neighborhood desirability played significant roles in maintaining high ownership levels.
Renter percentages and average rent prices in Laurel HillBerryville have fluctuated over time. In 2013, with 17% of residents renting, the average rent was $958. As the renter population decreased to 10% in 2017, average rent increased to $1,182. By 2022, with renters comprising 14% of the population, the average rent was $1,103. These variations may be attributed to changes in housing supply, local economic conditions, and the overall desirability of the neighborhood.
In 2023 and 2024, Laurel HillBerryville experienced continued growth in average home prices, reaching $306,101 in 2023 and $312,028 in 2024. This upward trend occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. The resilience of the local housing market in the face of higher borrowing costs indicates strong underlying demand for homes in this neighborhood.
Predictive models suggest that average home prices in Laurel HillBerryville are likely to continue their upward trajectory over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are expected to follow a similar trend, with moderate increases reflecting the neighborhood's desirability and limited rental inventory.
In summary, Laurel HillBerryville has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing property values. The neighborhood has shown resilience to changes in interest rates, maintaining strong ownership levels even as borrowing costs have risen. The consistent growth in average home prices, coupled with relatively stable rent prices, suggests that Laurel HillBerryville remains an attractive area for both homeowners and investors.
_tennessee%2Fen-zillow-median-rent-percent-owner-occupied-tennessee-nashville-davidson-metropolitan-government-(balance)-williams-bend-townhomes.webp%3F&w=3840&q=75)
