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Campbell: Silicon Valley's Suburban Gem Sees Home Values Soar Amid Stable Ownership Rates
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Campbell, located in California, is a vibrant community nestled in the heart of Silicon Valley. Known for its mix of suburban charm and tech industry influence, Campbell has experienced significant changes in its housing market over the past decade. The city has maintained a relatively stable homeownership rate, hovering around 52-54%, while average home prices and average rent prices have shown substantial increases.
The relationship between homeownership percentages and average home prices in Campbell has been complex. In 2013, the homeownership rate was 53% with an average home price of $729,181. Despite a sharp rise in average home prices to $1,041,253 by 2016, the homeownership rate remained stable at 52%. This trend continued through 2022, where the homeownership rate was 53% with average home prices reaching $1,776,261. This suggests that while home prices have more than doubled, the proportion of homeowners has remained relatively constant, indicating a resilient homeownership market in Campbell.
Federal interest rates have played a role in homeownership trends in Campbell. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which coincided with the stability in homeownership rates despite rising home prices. As interest rates began to climb from 2017 (1%) to 2019 (2.16%), homeownership rates fluctuated slightly but remained within the 52-54% range, demonstrating the market's resilience to moderate interest rate changes.
Renter percentages and average rent prices in Campbell have shown a correlation over the years. In 2013, 47% of residents were renters, with an average rent of $1,627. By 2022, the renter percentage was still at 47%, but the average rent had increased significantly to $2,363. This 45% increase in average rent over nine years occurred despite minimal changes in the renter population percentage, suggesting strong demand for rental properties in the area. The city's population grew from 66,854 in 2013 to 68,608 in 2022, potentially contributing to the upward pressure on rent prices.
In 2023, the average home price in Campbell was $1,713,754, showing a slight decrease from the previous year. However, 2024 has seen a rebound, with average home prices reaching $1,845,613. This increase comes despite the federal interest rate rising to 5.33% in 2024, indicating the continued strength and desirability of the Campbell housing market.
Looking ahead, predictive models suggest that Campbell's housing market will continue its upward trajectory. Over the next five years, average home prices are projected to increase by approximately 3-5% annually, potentially reaching around $2.2 million by 2029. Average rent prices are expected to follow a similar trend, with an estimated annual increase of 2-4%, potentially surpassing $2,700 per month by 2029.
In summary, Campbell's housing market has demonstrated remarkable resilience and growth. Despite significant increases in both average home prices and average rent prices, homeownership rates have remained stable. The city's desirable location in Silicon Valley, coupled with its limited housing supply, continues to drive demand and prices upward. As Campbell moves forward, it is likely to maintain its status as a sought-after residential area, with both homeowners and renters contributing to its dynamic housing landscape.
