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Candlewood's Housing Market: Rising Home Values and Stable Ownership in Gilbert, Arizona
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
Candlewood, a neighborhood in Gilbert, Arizona, demonstrates a stable housing market despite significant changes in home values. From 2013 to 2022, homeownership rates remained relatively constant, fluctuating between 70% and 76%. This stability occurred alongside a substantial increase in average home prices, which rose from $338,141 in 2020 to $507,320 in 2022, marking a 50% growth over two years. The relationship between federal interest rates and homeownership rates in Candlewood presents an interesting scenario. Despite historically low interest rates in 2020 and 2021 (0.38% and 0.08% respectively), the homeownership rate held steady at 73%. This suggests that local market conditions or demographic shifts may have had a more significant impact on homeownership decisions than interest rates in this neighborhood. Renter percentages in Candlewood mirrored homeownership trends, ranging from 24% to 29% between 2013 and 2022. Average rent prices fluctuated during this period, starting at $1,750 in 2013, rising to $1,787 by 2015, then decreasing to $1,620 in 2019 before rebounding to $1,791 in 2022. Despite a population decrease from 474 in 2015 to 415 in 2022, rent prices generally maintained an upward trajectory, indicating sustained demand for rental properties in the area.
Recent data shows that the average home price in Candlewood slightly decreased to $489,589 in 2023 but is projected to rise to $512,365 in 2024. This recovery occurs despite significant increases in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. This trend suggests a resilient housing market in Candlewood, capable of maintaining growth even in a higher interest rate environment.
Predictive models forecast that average home prices in Candlewood will continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. Projections suggest the average home price could reach approximately $550,000 to $600,000 by 2029. For rent prices, the forecast indicates a continued upward trend, potentially reaching an average of $2,000 to $2,200 per month by 2029, assuming consistent demand and economic stability.
In conclusion, Candlewood has maintained a stable homeownership rate despite significant increases in average home prices. The neighborhood's housing market has shown resilience, with home prices rebounding and projected to grow even in the face of rising interest rates. Rent prices have generally trended upward, reflecting sustained demand for rental properties. These trends indicate a desirable neighborhood with a robust real estate market, poised for continued growth in both home values and rental rates in the coming years.
