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Rising Home Values and Ownership Rates in Gilt Edge, Tennessee: A Decade of Housing Market Shifts
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
Gilt Edge, Tennessee: A Small City with Growing Homeownership Gilt Edge, located in Tennessee, is a small urban area with a population of 1,442 as of 2022. This city has experienced notable shifts in homeownership rates and housing market dynamics over the past decade. The trend of homeownership in Gilt Edge has shown a significant increase from 2013 to 2022. In 2013, the homeownership rate was 67%, which steadily rose to 79% by 2022. This upward trend coincided with fluctuations in average home prices. While specific home price data for earlier years is not available, we can see that the average home price in 2022 was $207,628, indicating a relatively affordable housing market compared to many other urban areas.
The relationship between federal interest rates and homeownership rates in Gilt Edge follows a generally inverse pattern. As interest rates remained low from 2013 to 2020 (ranging from 0.09% to 0.38%), homeownership rates increased from 67% to 76%. This trend aligns with the broader economic principle that lower interest rates tend to encourage homeownership by making mortgages more affordable.
Conversely, the percentage of renters in Gilt Edge has decreased over time, from 33% in 2013 to 21% in 2022. Interestingly, average rent prices have shown some volatility during this period. In 2013, the average rent was $810, which peaked at $885 in 2015 before gradually declining to $716 in 2022. This decrease in average rent prices, coupled with the declining renter population, suggests a shift towards homeownership in the city.
Looking at the most recent data, the average home price in Gilt Edge rose to $216,297 in 2023 and further increased to $226,761 in 2024. This represents a 9.2% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the housing market in Gilt Edge has continued to appreciate.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Gilt Edge will continue to rise, potentially reaching around $260,000 by 2029. This projection is based on the consistent growth observed in recent years. For rent prices, the trend is less clear due to recent fluctuations, but we might expect a moderate increase to approximately $800 per month by 2029, assuming economic conditions remain stable.
In summary, Gilt Edge has experienced a substantial increase in homeownership rates over the past decade, rising from 67% to 79%. This trend has occurred alongside fluctuating but generally increasing average home prices and decreasing average rent prices. The city's housing market has shown resilience, with home prices continuing to appreciate even in the face of rising interest rates. These trends suggest a strong preference for homeownership in Gilt Edge, potentially driven by its relatively affordable housing market compared to larger urban areas.
