The renter percentage in Ravencrest has inversely mirrored the homeownership trend, decreasing from 37% in 2013 to 21% in 2022. Interestingly, average rent prices have shown significant volatility during this period. In 2013, the average rent was $620, which remained relatively stable until 2020 when it sharply increased to $1,418. By 2022, the average rent had further risen to $1,693, representing a 173% increase from 2013. This substantial rise in rent prices, coupled with the decreasing renter population, suggests that while fewer people are renting, those who do are paying significantly more.

In 2023 and 2024, average home prices in Ravencrest continued to rise, albeit at a slower pace. The average home price reached $394,965 in 2023 and $395,716 in 2024, showing a marginal increase. Concurrently, federal interest rates climbed to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the neighborhood.

Looking ahead, predictive models suggest that average home prices in Ravencrest may continue to increase over the next five years, but at a more moderate pace compared to the rapid growth seen in the past decade. Average rent prices are also expected to rise, potentially at a rate similar to or slightly higher than home prices, driven by increased demand for rental properties as homeownership becomes more challenging due to higher interest rates and home prices.

In summary, Ravencrest has experienced a significant shift towards homeownership, accompanied by substantial increases in both average home prices and rent prices. The interplay between federal interest rates, housing affordability, and demographic changes has shaped these trends, creating a dynamic and evolving housing market in this Tennessee neighborhood.