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Carrollton, Texas: Home Values Soar Amid Shifting Ownership 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
Carrollton, a vibrant city in Texas, has experienced significant changes in its housing market over the past decade. Known for its diverse community and strong economic growth, Carrollton has seen fluctuations in homeownership rates, average home prices, and average rent prices. The overall trend shows a slight decrease in homeownership, coupled with substantial increases in both average home prices and average rent prices.
The homeownership rate in Carrollton has shown some variability over the years, with a general downward trend. In 2013, the homeownership rate was 60%, which remained relatively stable until 2019 when it peaked at 61%. However, by 2022, it had decreased to 59%. During this same period, average home prices in Carrollton experienced a significant upward trend. In 2013, the average home price was $173,435, and by 2022, it had risen dramatically to $404,304, representing a 133% increase over nine years.
Federal interest rates have played a role in homeownership trends in Carrollton. From 2013 to 2016, interest rates remained low, hovering around 0.1% to 0.4%. During this period, homeownership rates in Carrollton remained relatively stable, ranging from 58% to 60%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates in Carrollton actually increased slightly, reaching 61% in 2019. This suggests that other local factors may have influenced homeownership rates more strongly than federal interest rates during this period.
The percentage of renters in Carrollton has shown a slight increase over time, from 40% in 2013 to 41% in 2022. This trend corresponds with a significant rise in average rent prices. In 2013, the average rent was $1,017, which steadily increased to $1,571 by 2022, representing a 54% increase over nine years. The rise in rent prices outpaced population growth, as Carrollton's population only increased by about 5% from 2013 to 2022, suggesting that factors beyond population growth influenced rent prices.
In 2023 and 2024, Carrollton's housing market continued to evolve. The average home price in 2023 reached $417,572, a further increase from 2022. In 2024, the average home price rose to $427,932, indicating a continued upward trend. Notably, federal interest rates increased significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing affordability in Carrollton.
Looking ahead, predictive models suggest that both average home prices and average rent prices in Carrollton are likely to continue their upward trajectory over the next five years. Average home prices could potentially reach or exceed $500,000 by 2029, while average rent prices might approach or surpass $2,000 per month. However, these projections are subject to various economic factors and market conditions.
In summary, Carrollton has experienced a slight decrease in homeownership rates, coupled with substantial increases in both average home prices and average rent prices over the past decade. The relationship between federal interest rates and homeownership rates has been complex, with local factors possibly playing a significant role. The continued rise in housing costs, both for buyers and renters, suggests that affordability may become an increasingly important issue for Carrollton residents in the coming years.
