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Arbor Greene: Rising Home Values and Shifting Ownership Patterns in Tampa's Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Arbor Greene, a neighborhood in Tampa, Florida, has experienced significant changes in home values and ownership rates over the past decade. This analysis examines the trends in homeownership, property values, and rental market dynamics from 2013 to 2024, offering insights into the neighborhood's real estate landscape. Homeownership in Arbor Greene has remained consistently high, ranging from 77% to 84% between 2013 and 2022. This stability has been accompanied by a substantial increase in average home prices. In 2012, the average home price was $243,783, which more than doubled to $562,938 by 2022, demonstrating significant property value appreciation over ten years.
The relationship between federal interest rates and homeownership rates in Arbor Greene shows some correlation. In 2013, when interest rates were low at 0.11%, homeownership stood at 83%. Despite rising interest rates, reaching 1.83% in 2018, homeownership remained stable at 84%. However, by 2022, with interest rates at 1.68%, homeownership slightly decreased to 78%, suggesting that factors beyond interest rates influenced homeownership decisions in the neighborhood.
Renter percentages in Arbor Greene have fluctuated between 16% and 23% from 2013 to 2022. Average rent prices have shown an overall upward trend during this period. In 2013, the average rent was $1,669, which increased to $2,322 by 2022, representing a 39% increase over nine years. Notably, the highest average rent of $2,363 was recorded in 2016 when the renter percentage was 20%, indicating that rental demand and pricing do not always move in tandem.
As of 2023 and 2024, average home prices in Arbor Greene have continued to rise, reaching $578,461 in 2023 and $592,260 in 2024. This represents a 2.7% increase from 2022 to 2023 and a further 2.4% increase from 2023 to 2024. Concurrently, federal interest rates have increased significantly, standing at 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the neighborhood.
Based on historical trends and current market conditions, projections suggest that average home prices in Arbor Greene may continue to appreciate, albeit at a more moderate pace. Over the next five years, average home prices could potentially reach around $650,000 to $700,000, assuming a conservative annual growth rate of 2-3%. Average rent prices may also continue to increase, potentially reaching $2,600 to $2,800 per month within the same timeframe, reflecting ongoing demand for rental properties in the area.
In conclusion, Arbor Greene has demonstrated resilience in maintaining high homeownership rates despite significant increases in property values. The neighborhood has seen substantial appreciation in home prices and a general upward trend in rental costs. While recent interest rate hikes may pose challenges to homeownership affordability, the continued desirability of the area suggests that both the ownership and rental markets in Arbor Greene are likely to remain robust in the coming years.
