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Rising Home Values and Ownership Trends in Bartlett's Bluffs of Winding Oaks
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Bluffs of Winding Oaks, a neighborhood in Bartlett, Tennessee, has experienced significant changes in homeownership rates and property values over the past decade. This community has maintained a high percentage of owner-occupied homes while seeing substantial increases in average home prices and rent.
The homeownership rate in Bluffs of Winding Oaks has fluctuated, with an overall trend towards increased ownership. In 2013, the rate was 92%, which declined to 77% by 2017 but rebounded to 90% in 2022. Concurrently, average home prices showed steady growth. The average home price in 2013 was $202,468, rising to $236,297 in 2017, and reaching $393,250 in 2022. This represents a 94% increase in average home prices over nine years, despite variations in homeownership rates.
Federal interest rates and homeownership rates in the neighborhood show some correlation. When interest rates were at historic lows of 0.08% in 2021, homeownership reached 90%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, homeownership remained high at 90% in 2022, even as interest rates rose to 1.68%, suggesting other factors also influence homeownership in this community.
Renter percentages and average rent prices in Bluffs of Winding Oaks have shown interesting trends. The percentage of renters peaked at 22% in 2017 and 2019, coinciding with average rent prices of $1,750 and $1,840 respectively. As the renter population decreased to 10% in 2022, average rent prices increased to $2,014. This inverse relationship suggests that as rental properties became scarcer, their average prices increased. The neighborhood's population growth from 823 in 2017 to 902 in 2022 may have contributed to the increased demand for housing, potentially driving up both home prices and rents.
Recent data shows that average home prices in Bluffs of Winding Oaks continued to rise, reaching $396,693 in 2023 and $399,729 in 2024. This represents a modest increase of 1.6% from 2022 to 2024, indicating a potential slowdown in the rapid price growth seen in previous years. Federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, which could impact future homeownership rates and property values in the neighborhood.
Predictive models forecast that average home prices in Bluffs of Winding Oaks will continue rising, albeit at a more moderate pace. By 2029, average home prices could reach approximately $450,000 to $475,000, representing a 12-19% increase from 2024 levels. Average rent prices are also expected to increase, potentially reaching $2,400 to $2,600 per month by 2029, reflecting a 19-29% increase from 2022 levels.
In summary, Bluffs of Winding Oaks has demonstrated resilience in maintaining high homeownership rates despite fluctuations over the years. The neighborhood has experienced significant appreciation in average home values and a steady increase in average rent prices. The community's ability to attract and retain homeowners, even in the face of rising interest rates, suggests a strong appeal to residents. As the neighborhood continues to evolve, balancing housing affordability with property value appreciation will likely be a key factor in sustaining its desirability and growth.
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