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Campus Farm's Rising Home Values and Shifting Ownership: A Decade of Real Estate Trends
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
Campus Farm, a neighborhood in Tucson, Arizona, has experienced significant changes in its housing market over the past decade. This area is characterized by a diverse mix of housing options and a dynamic real estate landscape. From 2013 to 2022, Campus Farm witnessed a gradual increase in homeownership rates, rising average home values, and fluctuating rent prices, reflecting broader economic trends and local market conditions. The homeownership rate in Campus Farm has shown a steady upward trend, increasing from 31% in 2013 to 40% in 2022. This rise in homeownership coincides with a significant increase in average home prices. In 2013, the average home price was $141,879, which rose to $290,129 by 2022, representing a substantial 104% increase over nine years. This trend suggests a growing desire for homeownership in the area, despite rising prices. The relationship between federal interest rates and homeownership rates in Campus Farm follows a generally inverse pattern. For instance, as interest rates remained low between 2013 and 2016 (ranging from 0.11% to 0.40%), homeownership rates increased from 31% to 36%. The continued low interest rates through 2020 (dropping to 0.38%) corresponded with a further increase in homeownership to 38%. However, as interest rates began to rise more sharply in 2022 (1.68%), the homeownership rate stabilized at 40%.
Renter percentages in Campus Farm have inversely mirrored the homeownership trends, decreasing from 69% in 2013 to 60% in 2022. Average rent prices, however, have not followed a consistent pattern. In 2013, the average rent was $780, which decreased to $587 in 2015 before rising again to $1,129 in 2022. This represents a 44.7% increase in average rent from 2013 to 2022, despite fluctuations. The population of Campus Farm has remained relatively stable during this period, suggesting that rent price changes are more likely influenced by market factors than population shifts.
In 2023 and 2024, the average home prices in Campus Farm continued to rise, reaching $291,073 in 2023 and $298,372 in 2024. This represents a modest increase of 2.85% from 2022 to 2024, indicating a slowdown in the rate of price appreciation compared to previous years. Concurrently, federal interest rates have increased significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the neighborhood.
Looking ahead, based on historical trends and current market conditions, we can forecast potential 5-year trends for average home and rent prices in Campus Farm. Average home prices are likely to continue increasing, but at a more moderate pace, potentially reaching around $340,000 by 2029. Average rent prices may also continue to rise, potentially reaching approximately $1,400 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Campus Farm has experienced a notable increase in homeownership rates and average home prices over the past decade, with a corresponding decrease in the percentage of renters. Average rent prices have shown volatility but have ultimately increased. The neighborhood's real estate market has demonstrated resilience and growth, with recent trends suggesting a potential stabilization in price appreciation rates. The interplay between interest rates, homeownership, and rental markets will likely continue to shape the neighborhood's housing landscape in the coming years.
