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Rising Home Values and Stable Ownership in Rosebank, Nashville: A Decade of Housing Market Trends
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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
Rosebank, a neighborhood in Nashville-Davidson metropolitan government, Tennessee, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Rosebank has shown some variability, ranging from 64% to 73% between 2013 and 2022. Interestingly, this trend has coincided with a substantial increase in average home prices. In 2013, the average home price was $189,169, which steadily rose to $572,964 by 2022, marking a remarkable 203% increase over nine years. This upward trajectory in home prices appears to have had a complex relationship with homeownership rates, as the percentage of owner-occupied homes remained relatively stable despite the significant price appreciation.
Federal interest rates have played a crucial role in shaping homeownership trends in Rosebank. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the neighborhood saw an increase in homeownership from 65% to 73%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate slightly decreased to 66%, suggesting that higher borrowing costs may have impacted some residents' ability to purchase homes.
The rental market in Rosebank has also experienced notable changes. The percentage of renters fluctuated between 27% and 35% from 2013 to 2022. Average rent prices showed a general upward trend, increasing from $905 in 2013 to $1,606 in 2022, representing a 77% rise. This increase in rent prices occurred alongside population fluctuations, with the neighborhood's population dropping from 1,769 in 2013 to a low of 1,439 in 2017, before rebounding to 1,835 in 2022. The rise in rent prices, despite these population changes, suggests a strong demand for rental properties in the area.
As of 2024, the average home price in Rosebank has reached $607,714, continuing the upward trend observed in previous years. This represents a 6.1% increase from the 2022 average. Notably, the federal interest rate in 2024 stands at 5.33%, significantly higher than the rates seen in the early 2020s. This elevated interest rate environment may impact future homebuying decisions and could potentially slow the rate of home price appreciation.
Looking ahead, predictive models suggest that both average home prices and rent prices in Rosebank are likely to continue their upward trajectory over the next five years, albeit potentially at a more moderate pace. Home prices are projected to increase by approximately 3-5% annually, reaching around $700,000 by 2029. Average rent prices are expected to rise by 2-4% per year, potentially surpassing $1,800 by 2029.
In summary, Rosebank has experienced significant growth in both home values and rent prices over the past decade. The neighborhood has maintained a relatively stable homeownership rate despite substantial increases in home prices, suggesting a resilient local housing market. The interplay between federal interest rates, home prices, and rental rates has shaped the housing landscape in Rosebank, with recent trends pointing towards continued, though possibly moderated, growth in both the ownership and rental sectors.
