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Cirby Ranch: A Decade of Rising Home Values and Stable Ownership
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Cirby Ranch, a vibrant neighborhood in Roseville, California, has experienced significant changes in its real estate landscape over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, providing insights into the dynamic relationship between these factors. The homeownership rate in Cirby Ranch has fluctuated over the years, with a general trend towards stability. In 2013, the homeownership rate stood at 84%, and by 2022, it had slightly decreased to 83%. During this period, average home prices in the neighborhood saw a substantial increase. In 2013, the average home price was $304,242, and by 2022, it had more than doubled to $654,080. This significant appreciation in home values did not lead to a proportional decrease in homeownership, suggesting a resilient local market and potentially strong economic conditions in the area.
Federal interest rates have played a crucial role in shaping homeownership trends. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership in Cirby Ranch remained relatively high, between 76% and 84%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates in the neighborhood actually increased slightly from 78% in 2017 to 83% in 2022. This trend suggests that other local factors, such as job market strength or desirability of the area, may have offset the potential negative impact of rising interest rates on homeownership.
The rental market in Cirby Ranch has also seen significant changes. In 2013, the average rent was $1,009, with renters comprising 16% of the population. By 2022, the average rent had increased to $2,301, while the renter population grew slightly to 17%. This substantial increase in average rent (128% over nine years) outpaced the growth in the renter population, indicating a strong demand for rental properties in the area. The population of Cirby Ranch peaked in 2015 at 3,206 residents and has since decreased to 2,659 in 2022, which may have contributed to the relative stability in the rental market share despite rising rents.
In 2023 and 2024, the real estate market in Cirby Ranch experienced some shifts. The average home price in 2023 was $620,187, representing a slight decrease from the 2022 peak of $654,080. However, in 2024, the average home price rebounded to $633,406. This recent trend coincides with higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be influencing buyer behavior and contributing to the more modest price growth compared to previous years.
Looking ahead, predictive models suggest that average home prices in Cirby Ranch may continue to experience moderate growth over the next five years, potentially reaching around $700,000 by 2029. This projection is based on historical trends and assumes relatively stable economic conditions. For average rent prices, the forecast indicates a potential increase to approximately $2,800 per month by 2029, continuing the upward trend observed in recent years.
In summary, Cirby Ranch has demonstrated a resilient real estate market characterized by relatively stable homeownership rates despite significant increases in average home prices. The rental market has seen substantial growth in average rents, outpacing the increase in the renter population. Recent data from 2023 and 2024 suggests a slight cooling in the housing market, possibly influenced by rising interest rates. Moving forward, both the housing and rental markets in Cirby Ranch are expected to continue their upward trajectories, albeit at a more moderate pace than seen in previous years.
