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Berkeley Square and Parkside: Rising Home Values and Changing Ownership Patterns Near Historic Cadwalader Park
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
Berkeley Square & Parkside, a historic neighborhood in Trenton, New Jersey, has experienced significant changes in homeownership rates and housing prices over the past decade. This area, known for its vibrant community, reflects broader economic trends and local market dynamics in its housing market evolution. From 2013 to 2022, homeownership rates in Berkeley Square & Parkside fluctuated notably. The rate started at 34% in 2013, reached a peak of 46% in 2018, and then declined to 32% by 2022. During this same period, average home prices in the neighborhood demonstrated a substantial upward trend, increasing from $74,686 in 2013 to $168,990 in 2022, marking a 126% growth. The interplay between federal interest rates and homeownership rates in the neighborhood is particularly interesting. As interest rates remained low (below 0.5%) from 2013 to 2016, homeownership rates increased from 34% to 43%. However, when interest rates began rising from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined to 32%. This trend aligns with the general expectation that lower interest rates encourage homeownership due to more affordable financing options.
Renter percentages and average rent prices in Berkeley Square & Parkside have also shown notable trends. The percentage of renters increased slightly from 66% in 2013 to 68% in 2022. During this time, average rent rose from $1,047 to $1,185, representing a 13.2% increase. The population growth from 2,111 in 2013 to 3,626 in 2022 may have contributed to increased demand for rental properties, potentially driving up rent prices.
In 2023 and 2024, the neighborhood experienced a continued surge in average home prices. The average home price reached $189,706 in 2023 and further increased to $205,125 in 2024, representing a 21.4% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing market dynamics.
Predictive models suggest that average home prices in Berkeley Square & Parkside may continue to rise over the next five years, potentially reaching around $250,000 by 2029. Average rent prices are also expected to increase, albeit at a slower rate, potentially approaching $1,400 per month by 2029. These projections are based on historical trends and current market conditions.
In summary, Berkeley Square & Parkside has undergone significant changes in its housing market over the past decade. The neighborhood has experienced a general trend of increasing home prices and rents, with fluctuations in homeownership rates influenced by federal interest rates. The recent sharp increase in home prices and interest rates indicates a dynamic and evolving housing market in this Trenton neighborhood.
