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Averill Woods: Rising Home Values and Stable Ownership in a Resilient Lansing Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Averill Woods, a vibrant neighborhood in Lansing, Michigan, has experienced notable shifts in its housing landscape over the past decade. This analysis explores the intricate relationship between homeownership rates, average home prices, and average rent prices, revealing interesting trends that have shaped the area's real estate market. The homeownership rate in Averill Woods has remained relatively stable, fluctuating between 52% and 60% from 2013 to 2022. Concurrently, average home prices have shown a consistent upward trend. In 2010, the average home price was $81,206, which steadily increased to $181,456 by 2022, representing a remarkable 123% increase over 12 years. This trend suggests a growing demand for homes in the area, potentially driven by the neighborhood's desirability and broader economic factors. The relationship between federal interest rates and homeownership rates in Averill Woods presents an interesting dynamic. Despite historically low interest rates between 2010 and 2021 (ranging from 0.08% to 2.16%), homeownership rates remained relatively stable. This suggests that other factors, such as local economic conditions or housing supply, may have played a more significant role in determining homeownership rates in this neighborhood.
Renter percentages in Averill Woods have fluctuated between 40% and 48% from 2013 to 2022. Average rent prices have shown an overall increasing trend, albeit with some fluctuations. In 2013, the average rent was $773, which rose to $924 by 2022, representing a 19.5% increase. Notably, there was a significant jump in average rent from $700 in 2017 to $865 in 2018, a 23.6% increase in just one year. This spike coincided with a slight increase in the renter population, suggesting a potential correlation between demand and price.
Looking at the most recent data, the average home price in Averill Woods reached $188,802 in 2023 and further increased to $196,054 in 2024. This represents a 4.1% and 3.8% year-over-year increase respectively, indicating a continued upward trend in property values. Interestingly, this growth occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. This suggests a strong local housing market that has remained resilient in the face of higher borrowing costs.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Averill Woods will continue to rise, potentially reaching around $230,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and the recent resilience in the face of higher interest rates. For average rent prices, we expect a more moderate increase, potentially reaching around $1,050 by 2029, assuming the trend of the past few years continues.
In summary, Averill Woods has demonstrated a robust and growing housing market over the past decade. The steady increase in average home prices, coupled with relatively stable homeownership rates, suggests a balanced and desirable neighborhood. The recent resilience of home prices in the face of rising interest rates further underscores the strength of the local real estate market. As we look to the future, both homeowners and renters in Averill Woods can expect to see continued appreciation in property values and rent prices, reflecting the neighborhood's enduring appeal.
