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Carriage Parc Estates: Rising Home Values Amidst Ownership Fluctuations in Gilbert, Arizona
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Carriage Parc Estates, a residential neighborhood in Gilbert, Arizona, has demonstrated remarkable resilience in homeownership rates and substantial growth in property values over the past decade. This family-friendly community has navigated economic fluctuations while maintaining its appeal to both homeowners and investors.
From 2013 to 2022, Carriage Parc Estates experienced significant changes in its housing market. The homeownership rate, initially at 85% in 2013, saw a slight decline to 76% in 2019 before rebounding to 87% by 2022. Concurrently, average home prices in the neighborhood surged from $373,997 in 2013 to $875,467 in 2022, marking an impressive 134% increase over nine years.
The neighborhood's homeownership trends appeared to have an inverse relationship with federal interest rates. Between 2013 and 2021, as interest rates remained low (ranging from 0.08% to 1.83%), homeownership rates stayed relatively high, fluctuating between 76% and 85%. This pattern aligns with the economic principle that lower interest rates generally encourage homeownership by making mortgage financing more accessible.
Renter percentages in Carriage Parc Estates have shown inverse fluctuations to homeownership rates, ranging from 13% in 2022 to 23% in 2019. Average rent prices consistently increased from $1,127 in 2013 to $1,865 in 2022, representing a 65% rise. Notably, the highest average rent of $1,865 was recorded in both 2020 and 2022, despite different renter percentages (21% and 13% respectively), indicating that rent prices in the area are influenced by factors beyond just renter demand.
The years 2023 and 2024 brought a slight cooling to the Carriage Parc Estates housing market. Average home prices decreased by 2% from $875,467 in 2022 to $857,172 in 2023. However, the market showed signs of recovery in 2024, with average home prices rebounding to $903,227. This recovery occurred despite a significant increase in federal interest rates, which rose from 1.68% in 2022 to 5.02% in 2023 and further to 5.33% in 2024.
Predictive models suggest a continued upward trend in both home prices and rent for Carriage Parc Estates over the next five years. Average home prices are projected to exceed $1 million by 2027, potentially reaching approximately $1.1 million by 2029. Average rent prices are expected to follow a similar trajectory, potentially approaching $2,200 per month by 2029. These projections assume continued economic growth and sustained demand for housing in the Gilbert area.
In conclusion, Carriage Parc Estates has exhibited strong homeownership rates and significant appreciation in property values over the past decade. The neighborhood has demonstrated resilience in the face of economic fluctuations, with a recent rebound in home prices despite rising interest rates. The projected upward trajectory of both home prices and rents indicates that Carriage Parc Estates remains an attractive location for homeowners and investors, reflecting the overall desirability of the Gilbert area.
