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Carillon's Soaring Home Values: Wright Brothers' Neighborhood Sees 217% Increase
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Carillon, a neighborhood in Dayton, Ohio, has experienced significant changes in its housing market over the past decade. The area has seen remarkable growth in both homeownership rates and property values, reflecting broader economic shifts in the region. This analysis examines the trends in home values, ownership rates, and rental market dynamics in Carillon from 2013 to 2024, with projections extending to 2029.
Homeownership in Carillon has shown a general upward trend, increasing from 42% in 2013 to 62% in 2022. This growth coincided with a substantial rise in average home prices, which more than tripled from $22,575 in 2013 to $71,629 in 2022. This correlation suggests an increasing attractiveness of the neighborhood for homebuyers, possibly due to perceived value or neighborhood improvements.
Federal interest rates have played a crucial role in shaping homeownership trends in Carillon. The period of historically low interest rates from 2013 to 2021, ranging from 0.08% to 0.14%, likely contributed to the increase in homeownership. For instance, as interest rates dropped to 0.08% in 2021, homeownership reached 78%. However, the recent rise in interest rates to 1.68% in 2022 coincided with a decrease in homeownership to 62%, illustrating the sensitive relationship between interest rates and homebuying decisions.
Renter percentages in Carillon have fluctuated considerably, with a notable increase from 1% in 2019 to 38% in 2022. This surge in renters occurred alongside a modest increase in average rent prices from $779 in 2019 to $825 in 2022. The significant population growth from 455 in 2020 to 582 in 2022 may have contributed to this shift, potentially indicating an influx of new residents preferring to rent.
In 2023, average home prices in Carillon slightly decreased to $68,910, with interest rates rising to 5.02%. Moving into 2024, home prices have rebounded to $71,585, while interest rates further increased to 5.33%. These figures indicate a resilient housing market despite higher borrowing costs.
Looking ahead, predictive models suggest a continued upward trend in both home prices and rent over the next five years. Average home prices are projected to reach approximately $85,000 by 2029, while average rent prices could increase to around $950 per month. These projections are based on historical trends and current economic indicators.
In summary, Carillon has demonstrated remarkable resilience and growth in its housing market. The neighborhood has seen a significant increase in homeownership rates and property values, despite recent challenges posed by rising interest rates. The influx of renters in recent years, coupled with steady rent prices, indicates a diversifying residential landscape. As Carillon continues to evolve, it presents an intriguing mix of opportunities for both homeowners and renters in the Dayton area.
