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Zip Code 37212: Home Values Double as Ownership Declines Near Vanderbilt University
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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
Zip code 37212, located in Nashville, Tennessee, has experienced significant changes in its real estate landscape over the past decade. This area, known for its proximity to Vanderbilt University and vibrant urban amenities, has seen a notable shift in homeownership rates and property values.
The ownership percentage in zip code 37212 has shown a gradual decline from 2013 to 2022. In 2013, homeowners represented 42% of the population, but by 2022, this figure had decreased to 39%. This trend coincides with a substantial increase in average home prices. In 2013, the average home price was $341,957, which rose dramatically to $787,895 by 2022, representing a 130% increase over nine years.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, interest rates remained historically low, hovering around 0.1% to 0.4%. During this period, homeownership in the zip code decreased from 42% to 36%, despite the favorable borrowing conditions. This suggests that other factors, such as rapidly rising home prices, may have outweighed the benefits of low interest rates for potential buyers in this area.
The renter population in zip code 37212 has grown correspondingly with the decline in homeownership. In 2013, renters made up 58% of the population, increasing to 61% by 2022. Average rent prices have also risen, though not as dramatically as home prices. In 2013, the average rent was $1,092, which increased to $1,247 by 2022, a 14% rise over the same period. The population growth from 17,967 in 2013 to 19,428 in 2022 likely contributed to the increased demand for rental properties.
Looking at the most recent data, the average home price in zip code 37212 reached $793,604 in 2023 and further increased to $802,062 in 2024. This represents a modest year-over-year growth of 1.07% from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying activity in the area.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in both average home prices and rent prices in zip code 37212. Based on historical data and current market conditions, average home prices could potentially reach $900,000 to $950,000 by 2029. Average rent prices may increase to around $1,500 to $1,600 per month over the same period, assuming the current trends persist.
In summary, zip code 37212 has experienced a significant shift towards a renter-majority population, with homeownership rates declining as property values have soared. The area has seen substantial appreciation in real estate values, making homeownership increasingly challenging for many residents. Despite rising interest rates, the desirability of the location continues to drive property values upward, suggesting a continued trend of high demand and increasing prices in both the sales and rental markets for the foreseeable future.
