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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Calabasas Hills, a neighborhood in Calabasas, California, is known for its luxurious homes and celebrity residents. This affluent area has maintained a consistently high rate of homeownership over the years, with average home prices showing a significant upward trend. The rental market, while smaller, has also experienced notable changes in average rent prices.
The homeownership rate in Calabasas Hills has remained relatively stable, fluctuating between 83% and 88% from 2013 to 2022. During this period, average home prices have shown a substantial increase. In 2013, the average home price was $853,389, and by 2022, it had more than doubled to $1,725,798. This represents a remarkable 102% increase over nine years. The most significant year-over-year jump occurred between 2021 and 2022, with average home prices rising from $1,392,114 to $1,725,798, a 24% increase in just one year.
Federal interest rates have played a role in homeownership trends in Calabasas Hills. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.09% to 0.4%), homeownership rates remained steady at 86%. As interest rates began to rise in 2017 (1%) and 2018 (1.83%), there was a slight increase in homeownership to 87%. This trend suggests that even with rising interest rates, the desirability of owning property in Calabasas Hills remained strong.
The rental market in Calabasas Hills, while smaller, has seen significant changes in average rent prices. In 2013, the average rent was $1,515, and by 2022, it had increased to $3,444, a 127% rise over nine years. The most substantial increase occurred between 2019 and 2020, with average rent jumping from $2,521 to $3,405, a 35% increase in one year. The percentage of renters has remained relatively stable, ranging from 12% to 17% of the population during this period.
In 2023, the average home price in Calabasas Hills reached $1,726,669, showing a slight increase from 2022. As of 2024, the average home price has further risen to $1,788,317, indicating a continued upward trend in property values. Concurrently, federal interest rates have increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the housing market in Calabasas Hills appears to remain robust.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in Calabasas Hills will continue to rise over the next five years, albeit potentially at a more moderate pace due to higher interest rates. A conservative estimate would suggest an annual increase of 3-5%, which could bring the average home price to around $2.1-$2.3 million by 2029. Average rent prices are also likely to continue their upward trajectory, potentially reaching $4,000-$4,500 per month in the same timeframe, assuming a similar growth rate to recent years.
In summary, Calabasas Hills has demonstrated a strong and growing real estate market characterized by high homeownership rates and steadily increasing property values. The rental market, while smaller, has also shown significant growth in average rent prices. Despite rising interest rates, the desirability of this affluent neighborhood continues to drive both the ownership and rental markets upward, a trend that is likely to persist in the coming years.
