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Chisholm Ridge: Rising Home Values and Ownership Rates in Fort Worth's Dynamic Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Chisholm Ridge, a neighborhood in Fort Worth, Texas, has experienced significant growth and changes in its housing market over the past decade. This analysis explores the trends in homeownership, average home prices, and average rent prices in the area.
The homeownership rate in Chisholm Ridge has shown a remarkable increase, rising from 73% in 2015 to 95% in 2022. This substantial growth has been accompanied by a significant increase in average home prices. In 2010, the average home price was $128,230, which steadily climbed to $344,061 by 2022, representing a 168% increase over 12 years.
The relationship between federal interest rates and homeownership rates in Chisholm Ridge presents an interesting case. Despite fluctuations in federal interest rates, the neighborhood has maintained a strong trend towards homeownership. For instance, when interest rates were at 0.14% in 2012, the homeownership rate was not available in the data. However, by 2020, when interest rates were at 0.38%, the homeownership rate had reached 95%. This suggests that factors beyond interest rates, such as local economic conditions and housing market dynamics, have played a significant role in driving homeownership in the area.
The percentage of renters in Chisholm Ridge has decreased significantly over time, dropping from 19% in 2014 to just 5% in 2022. Despite this decline in the renter population, average rent prices have continued to rise. In 2013, the average rent was $1,629, which increased to $1,819 by 2022, representing an 11.7% increase over nine years. This upward trend in rent prices, even as the renter population decreased, could be attributed to the overall increase in property values and the limited supply of rental properties in the area.
Looking at the most recent data, the average home price in Chisholm Ridge was $334,024 in 2023 and $332,677 in 2024, showing a slight decrease of 0.4% from 2023 to 2024. This minor dip comes after a period of substantial growth in home values. The federal interest rate in 2024 is 5.33%, which is significantly higher than in previous years and could potentially impact future homebuying trends in the neighborhood.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Chisholm Ridge will continue to rise, albeit at a more moderate pace than seen in recent years. The high homeownership rate and limited housing supply suggest that demand will remain strong, potentially pushing prices upward. Average rent prices are also expected to increase gradually, reflecting the overall appreciation of property values in the area.
In summary, Chisholm Ridge has experienced a remarkable transformation in its housing market, characterized by a substantial increase in homeownership rates and average home prices. The neighborhood has maintained high homeownership rates despite fluctuating interest rates. While the renter population has decreased, average rent prices have continued to rise, reflecting the overall desirability of the area. As Chisholm Ridge continues to evolve, it will be interesting to observe how these trends develop and shape the future of this dynamic Fort Worth neighborhood.
