Park Duvalle, a neighborhood in Louisville, Kentucky, has experienced significant changes in its housing market over the past decade. From 2013 to 2022, homeownership rates decreased from 47% to 34%, indicating a substantial shift towards renting. Concurrently, average home prices increased from $45,112 in 2013 to $91,173 in 2022, despite the decline in homeownership. This inverse relationship suggests that factors beyond simple supply and demand were influencing the housing market in Park Duvalle. The most dramatic increase in average home prices occurred between 2020 and 2021, jumping from $71,437 to $85,793, a 20% increase in just one year.

Federal interest rates have played a significant role in shaping homeownership trends in Park Duvalle. From 2013 to 2020, interest rates remained exceptionally low, ranging from 0.09% to 0.38%. Despite these favorable borrowing conditions, homeownership in the neighborhood continued to decline. This suggests that other factors, such as local economic conditions or changes in housing preferences, may have had a stronger influence on homeownership rates than interest rates alone.

As homeownership declined, the percentage of renters in Park Duvalle increased from 53% in 2013 to 66% in 2022. Interestingly, average rent prices did not show a consistent upward trend during this period. In 2013, the average rent was $727, and it fluctuated over the years, reaching $735 in 2022. The highest average rent was recorded in 2021 at $847, coinciding with a slight increase in homeownership to 37% that year. The population of Park Duvalle has remained relatively stable, decreasing slightly from 4,201 in 2013 to 4,161 in 2022, which may have contributed to the moderate changes in average rent prices.