Loading Content...
Camelot Village: Rising Home Values and Stable Ownership in Tempe's Resilient Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Camelot Village, located in Tempe, Arizona, is a vibrant neighborhood that has experienced notable shifts in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics. The ownership percentage in Camelot Village has remained relatively stable, hovering around 65-68% between 2013 and 2022. During this period, average home prices have shown a significant upward trend. In 2013, the average home price was $341,939, which steadily increased to $709,880 by 2022, representing a substantial 107.6% increase over nine years. This trend suggests a strong correlation between rising property values and sustained homeownership rates in the neighborhood.
Federal interest rates have played a crucial role in shaping homeownership trends. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), the homeownership rate in Camelot Village remained steady at around 65-67%. As interest rates began to rise more significantly from 2017 (1.00%) to 2019 (2.16%), there was a slight dip in homeownership to 64% in 2019. However, the neighborhood saw a rebound to 68% homeownership in 2020 and 2021, coinciding with a sharp drop in interest rates to 0.38% and 0.08% respectively, demonstrating the inverse relationship between interest rates and homeownership.
Renter percentages in Camelot Village have fluctuated between 32% and 37% from 2013 to 2022. Average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $1,514, which decreased slightly to $1,445 in 2015 before rising again. By 2021, the average rent reached $1,816, representing a 20% increase from 2013. The population of Camelot Village has varied over the years, peaking at 3,828 in 2019 before declining to 3,208 in 2022, which may have influenced rental demand and prices.
In 2023, the average home price in Camelot Village decreased slightly to $685,672 from the previous year's $709,880, possibly reflecting broader market cooling. However, 2024 has seen a rebound, with average home prices rising to $707,358. This increase comes despite the high federal interest rate of 5.33% in 2024, suggesting strong underlying demand in the neighborhood.
Looking ahead, predictive models suggest that average home prices in Camelot Village may continue to rise over the next five years, albeit at a more moderate pace than seen in the early 2020s. Average rent prices are also expected to increase, driven by ongoing demand for rental properties in this desirable area. However, these trends may be tempered by factors such as interest rates and overall economic conditions.
In summary, Camelot Village has demonstrated resilience in its housing market, with steady homeownership rates despite significant increases in average home prices. The interplay between federal interest rates, property values, and rental prices has shaped the neighborhood's housing landscape. As we move forward, the area is likely to remain an attractive location for both homeowners and renters, with continued growth in property values and rental rates expected in the coming years.
-cdp-86351.webp%3F&w=3840&q=75)
