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Bartlett: Rising Home Values Amidst Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Bartlett, located in Illinois, is a suburban community known for its robust housing market and evolving demographic landscape. Over the past decade, the city has experienced notable shifts in homeownership rates and property values, reflecting broader economic trends and local market dynamics.
The homeownership rate in Bartlett has shown a gradual decline from 91% in 2013 to 88% in 2022. This trend coincides with significant changes in average home prices. In 2013, the average home price was $235,590, which steadily increased to $371,442 by 2022, representing a 57.7% growth over nine years. The most substantial year-over-year increase occurred between 2020 and 2021, with average home prices jumping from $307,002 to $337,597, a 10% rise in a single year.
Federal interest rates have played a crucial role in shaping homeownership trends in Bartlett. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which likely contributed to the high homeownership rates observed during this time. As interest rates began to climb from 2017 onwards, reaching 1.83% in 2018 and 2.16% in 2019, a corresponding decline in homeownership percentages became apparent, dropping from 91% in 2015 to 85% by 2019.
The rental market in Bartlett has experienced its own set of trends. The percentage of renters increased from 8% in 2013 to 12% in 2022, indicating a growing demand for rental properties. Average rent prices have fluctuated over this period, starting at $1,626 in 2013, peaking at $1,812 in 2014, and settling at $1,733 in 2022. The population growth from 44,438 in 2013 to 45,005 in 2022 likely contributed to the increased demand for rental properties and the overall stability of rent prices.
In 2023, the average home price in Bartlett reached $382,012, marking a 2.8% increase from 2022. This trend continued into 2024, with average home prices rising to $402,068, representing a further 5.2% increase. Notably, federal interest rates also saw significant changes, rising to 5.02% in 2023 and 5.33% in 2024, levels not seen since the early 2000s.
Looking ahead, predictive models suggest that average home prices in Bartlett are likely to continue their upward trajectory over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices are expected to remain relatively stable with modest increases, reflecting the ongoing demand for rental properties in the area.
In summary, Bartlett has experienced a gradual shift from a predominantly owner-occupied market to one with a growing rental sector. The significant appreciation in average home prices, coupled with fluctuating interest rates, has influenced homeownership trends. Meanwhile, the rental market has shown resilience, with steady growth in the renter population and relatively stable average rent prices. These trends reflect the dynamic nature of Bartlett's housing market and its responsiveness to broader economic factors.
