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Bear Creek, Irving: Rising Home Values and Shifting Ownership Trends
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
Bear Creek, located in Irving, Texas, is a neighborhood that has experienced significant changes in its housing market over the past decade. The area has seen fluctuations in homeownership rates, with a general trend towards increased renting. Average home prices have shown consistent growth, while average rent prices have also risen, albeit at a more moderate pace.
Homeownership rates in Bear Creek have fluctuated between 27% and 32% from 2013 to 2022. During this period, average home prices have shown a remarkable upward trend. In 2013, the average home price was $148,341, which steadily increased to $353,731 by 2022, representing a 138% increase over nine years. Despite this substantial rise in home values, the homeownership rate remained relatively stable, only decreasing slightly from 30% in 2013 to 29% in 2022. This suggests that while property values have appreciated significantly, it hasn't necessarily translated into increased homeownership in the neighborhood.
Federal interest rates play a crucial role in homeownership trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), the homeownership rate in Bear Creek actually decreased from 30% to 27%. However, as interest rates began to rise more significantly from 2017 to 2019 (1% to 2.16%), the homeownership rate increased slightly, reaching 31% by 2019. This counterintuitive trend suggests that other local factors may have a stronger influence on homeownership in Bear Creek than national interest rates.
The renter population in Bear Creek has generally been on the rise, increasing from 70% in 2013 to 71% in 2022. During this period, average rent prices have also increased, though not as dramatically as home prices. In 2013, the average rent was $973, which rose to $1,092 by 2022, an increase of about 12%. The population of Bear Creek has grown from 15,098 in 2013 to 16,837 in 2022, potentially contributing to the increased demand for rental properties and the subsequent rise in rent prices.
Looking at more recent data, the average home price in Bear Creek continued to rise, reaching $366,884 in 2023 and $378,575 in 2024. This represents a further increase of 7% from 2022 to 2024. Concurrently, federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and housing market dynamics in the neighborhood.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Bear Creek will continue to rise, potentially reaching around $450,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,300 per month in the same timeframe. These projections assume a continuation of current trends and stable economic conditions.
In summary, Bear Creek has experienced a significant appreciation in property values over the past decade, with average home prices more than doubling. Despite this, homeownership rates have remained relatively stable, hovering around 30%. The renter population has slightly increased, accompanied by moderate growth in average rent prices. The neighborhood's population growth and the substantial increase in property values suggest a strong demand for housing in the area, which is likely to continue driving both the ownership and rental markets in the coming years.
