Loading Content...
Brookline's Shifting Landscape: A Decade of Rising Home Values and Declining Ownership
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Brookline, a vibrant neighborhood in Pittsburgh, Pennsylvania, has experienced notable shifts in its housing market over the past decade. This area, known for its strong sense of community and local amenities, has seen fluctuations in homeownership rates and significant changes in average home and rent prices.
The homeownership rate in Brookline has shown a gradual decline from 75% in 2013 to 69% in 2022. This trend coincides with a substantial increase in average home prices, rising from $89,655 in 2013 to $188,881 in 2022, representing a 110% increase over this period. The most dramatic rise occurred between 2020 and 2021, with average home prices jumping from $155,848 to $180,397, a 15.8% increase in just one year.
Federal interest rates have played a role in shaping homeownership trends in Brookline. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1%, which likely contributed to the relatively stable homeownership rates during this time. As interest rates began to rise from 2017 onwards, reaching 1.83% in 2018 and 2.16% in 2019, a corresponding decline in homeownership rates became apparent, dropping from 74% in 2017 to 73% in 2020.
The rental market in Brookline has shown an inverse relationship to homeownership trends. The percentage of renters increased from 24% in 2013 to 31% in 2022. Average rent prices have fluctuated over this period, starting at $971 in 2013, peaking at $1,115 in 2021, and then decreasing to $950 in 2022. This trend suggests a complex interplay between housing affordability, population changes, and economic factors influencing rental demand.
Looking at the most recent data, average home prices in Brookline slightly decreased from $188,881 in 2022 to $188,529 in 2023, marking a marginal 0.19% decline. However, the trend reversed in 2024, with average home prices rising to $195,952, a 3.94% increase from 2023. This upward movement occurs despite high federal interest rates, which stood at 5.02% in 2023 and further increased to 5.33% in 2024.
Applying predictive models to forecast 5-year trends, we anticipate a continued moderate increase in average home prices in Brookline. Based on historical data and current economic indicators, average home prices could potentially reach around $220,000 to $230,000 by 2029. For rent prices, the model suggests a more stable trajectory with potential fluctuations, possibly settling in the range of $1,000 to $1,200 per month by 2029.
In summary, Brookline has experienced a clear trend of declining homeownership rates coupled with rising average home prices over the past decade. The rental market has grown, with rent prices showing volatility. Recent data indicates a resilient housing market despite high interest rates, suggesting continued demand for housing in this Pittsburgh neighborhood. These trends reflect the dynamic nature of Brookline's real estate market and its ability to adapt to changing economic conditions.
