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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Hickory Woods, a vibrant neighborhood in Nashville-Davidson metropolitan government, Tennessee, has experienced significant changes in its housing landscape over the past decade. This area has seen notable shifts in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics. The homeownership rate in Hickory Woods has shown a general decline from 2013 to 2022. In 2013, 76% of residents owned their homes, but by 2022, this figure had dropped to 64%. Conversely, the average home prices in the neighborhood have risen substantially. In 2013, the average home price was $144,978, and by 2022, it had increased to $376,319, representing a remarkable 159.5% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may be making homeownership less accessible for some residents.
Federal interest rates have played a significant role in shaping homeownership trends in Hickory Woods. From 2013 to 2016, interest rates remained low, hovering around 0.1% to 0.4%. During this period, homeownership rates remained relatively stable, ranging from 73% to 76%. However, as interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates started to decline more rapidly, dropping from 73% in 2017 to 66% in 2019. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
The renter population in Hickory Woods has grown as homeownership rates have declined. In 2013, 24% of residents were renters, and by 2022, this had increased to 36%. Average rent prices have also shown an upward trend, albeit with some fluctuations. In 2013, the average rent was $980, rising to $1,209 by 2022, a 23.4% increase. The population of Hickory Woods has also grown during this period, from 4,912 in 2013 to 6,028 in 2022, potentially contributing to increased demand for rental properties and higher rent prices.
As of 2024, the average home price in Hickory Woods stands at $392,333, showing continued growth from the 2022 figure of $376,319. This represents a 4.3% increase over two years. The current federal interest rate in 2024 is 5.33%, significantly higher than the 1.68% rate in 2022. This higher interest rate environment may continue to impact homeownership trends in the neighborhood.
Looking ahead, predictive models suggest that average home prices in Hickory Woods may continue to rise over the next five years, potentially reaching around $450,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,400 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Hickory Woods has experienced a significant shift in its housing landscape, characterized by declining homeownership rates, rapidly increasing average home prices, and rising average rent prices. The interplay between these factors, coupled with population growth and changing interest rates, has reshaped the neighborhood's housing market. As Hickory Woods continues to evolve, these trends will likely play a crucial role in determining the future affordability and accessibility of housing in this Nashville neighborhood.