Renter percentages and average rent prices in Eagle Ridge have shown notable trends. In 2013, when 76% of residents were renters, the average rent was $347. As the renter percentage decreased to 68% in 2015, average rent increased to $371. By 2019, with 74% of residents renting, average rent had risen to $422. A significant jump occurred in 2020, with average rent soaring to $1,189 while the renter percentage remained relatively stable at 71%. This substantial increase in rent prices continued through 2022, reaching $1,203, even as the renter percentage decreased to 58%, possibly indicating a shift towards homeownership in response to rising rent costs.

In 2023 and 2024, Eagle Ridge's average home prices continued to rise, reaching $451,201 in 2023 and $451,365 in 2024. This represents a slight slowdown in price growth compared to previous years. Concurrently, federal interest rates increased significantly 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 Eagle Ridge may continue to increase over the next five years, albeit at a more moderate pace due to higher interest rates. Average rent prices are also expected to rise, potentially at a slower rate than seen in recent years, as the market adjusts to the significant increases observed from 2020 to 2022.

In summary, Eagle Ridge has experienced notable shifts in homeownership rates and substantial increases in both average home prices and rent costs. The neighborhood has shown resilience in homeownership despite rising property values, with a significant increase in homeowners in 2022. The interplay between federal interest rates, home prices, and rent costs has shaped the housing landscape in this Nashville community, with recent trends suggesting a potential stabilization in the rapid growth of housing costs.