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Chamblee, Georgia: Housing Market Resilience Amid Rising Home Values
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
Chamblee, Georgia, is a vibrant city located in DeKalb County, known for its diverse community and proximity to Atlanta. Over the past decade, Chamblee has experienced significant changes in its housing market, with fluctuations in homeownership rates, average home prices, and average rent prices. The city has seen a general trend of increasing average home and rent prices, while homeownership rates have shown some variability.
The homeownership rate in Chamblee has fluctuated over the years, with a notable decrease followed by a recent uptick. In 2013, the homeownership rate stood at 39%, gradually declining to 36% by 2018. However, there has been a reversal in this trend, with the rate increasing to 41% in 2022. This change coincides with a substantial rise in average home prices. In 2013, the average home price in Chamblee was $198,809, which has more than doubled to $440,042 by 2022. This significant increase in home values may have influenced some residents to invest in homeownership, despite the higher entry costs.
Federal interest rates have played a crucial role in shaping homeownership trends in Chamblee. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, the homeownership rate remained relatively stable, ranging from 37% to 39%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight increase in homeownership, possibly due to residents locking in mortgage rates before further increases.
The rental market in Chamblee has also experienced significant changes. The percentage of renters increased from 61% in 2013 to a peak of 63% in 2017 and 2018, before decreasing to 59% in 2022. This trend has been accompanied by a steady rise in average rent prices. In 2013, the average rent was $1,095, which increased to $1,348 by 2022, representing a 23% increase over nine years. The rise in rent prices may be attributed to the growing population, which increased from 25,521 in 2013 to 28,473 in 2022, creating higher demand for rental properties.
In 2023 and 2024, Chamblee's housing market continued to evolve. The average home price in 2023 reached $454,964, a 3.4% increase from 2022. In 2024, the average home price further rose to $477,496, representing a 5% increase from the previous year. Concurrently, federal interest rates have seen a significant increase, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in Chamblee.
Looking ahead, based on historical trends and current market conditions, we can forecast potential 5-year trends for average home and rent prices in Chamblee. Assuming a continuation of the current growth rate, average home prices could potentially reach around $600,000 by 2029. For average rent prices, if the current trend persists, they could approach $1,700 per month in the same timeframe. However, these projections are subject to various economic factors and market conditions.
In summary, Chamblee has experienced significant changes in its housing market over the past decade. The city has seen a substantial increase in average home prices, rising from $198,809 in 2013 to $477,496 in 2024. Average rent prices have also increased, though at a slower rate. The homeownership rate, after an initial decline, has shown signs of recovery in recent years. These trends reflect Chamblee's growing attractiveness as a residential area and its evolving demographic landscape. The interplay between federal interest rates, housing prices, and rental market dynamics will continue to shape Chamblee's housing market in the coming years.
