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Zip Code 47448: Stable Homeownership Amidst Rising Home Values in Nashville, Indiana
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
Nashville, located in zip code 47448 in Indiana, is a charming community known for its scenic beauty and artistic atmosphere. This area has experienced notable fluctuations in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics.
The homeownership rate in zip code 47448 has remained relatively stable, with a slight increase from 77% in 2015 to 81% in 2022. This trend coincides with significant growth in average home prices, which rose from $163,875 in 2015 to $298,578 in 2022, representing an 82% increase over seven years. The stability in homeownership rates despite rising prices suggests a strong local housing market and sustained demand for property ownership in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in Nashville. The period from 2015 to 2020 saw historically low interest rates, ranging from 0.13% to 0.38%, which likely contributed to the maintenance of high homeownership rates. As interest rates began to rise in 2022 to 1.68%, the homeownership rate held steady at 81%, indicating resilience in the local housing market.
Renter percentages in zip code 47448 have shown minor fluctuations, ranging from 18% to 21% between 2013 and 2022. Interestingly, average rent prices have experienced a downward trend, decreasing from $1,045 in 2014 to $819 in 2022, a 22% reduction. This decline in rent prices, coupled with a slight increase in population from 7,907 in 2014 to 8,085 in 2022, suggests that the rental market in Nashville has become more affordable and competitive over time.
In 2023 and 2024, the housing market in zip code 47448 continued its upward trajectory. Average home prices reached $310,842 in 2023 and further increased to $323,929 in 2024, representing a 4.1% and 8.5% rise from 2022, respectively. This growth occurred despite significantly higher federal interest rates of 5.02% in 2023 and 5.33% in 2024, demonstrating the robust demand for housing in the area.
Looking ahead, predictive models suggest that average home prices in zip code 47448 are likely to continue their upward trend over the next five years, albeit at a potentially slower pace due to higher interest rates. Average home prices could reach approximately $375,000 by 2029, representing a 15.8% increase from 2024. Average rent prices, which have been decreasing, may stabilize or see a modest increase, potentially reaching around $900 per month by 2029, as the market adjusts to changing economic conditions and housing demand.
In summary, Nashville (zip code 47448) has maintained a strong homeownership rate despite significant increases in average home prices. The rental market has become more affordable over time, potentially attracting new residents. The area's housing market has shown resilience in the face of rising interest rates, suggesting continued growth and stability in the coming years. These trends reflect Nashville's enduring appeal as a desirable place to live and invest in property.
