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Condit, Claremont: Rising Home Values Amidst 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
Condit, a neighborhood in Claremont, California, has experienced notable shifts in homeownership rates and housing prices over the past decade. This suburban enclave, known for its tree-lined streets and proximity to the Claremont Colleges, has seen a general trend of increasing average home prices alongside fluctuating homeownership rates.
The homeownership rate in Condit has shown a slight decline from 2013 to 2022. In 2013, 88% of residents owned their homes, while by 2022, this figure had decreased to 83%. Concurrently, average home prices have seen a substantial increase. In 2013, the average home price was $468,932, and by 2022, it had risen dramatically to $959,279, representing a 104.6% increase over nine years.
Examining the relationship between federal interest rates and homeownership rates reveals some interesting patterns. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.4%), homeownership rates in Condit remained relatively stable, hovering around 87-89%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates started to decline, dropping to 83% by 2022. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The renter population in Condit has shown a corresponding increase as homeownership rates declined. In 2013, only 12% of residents were renters, but by 2022, this had increased to 17%. Average rent prices, however, have not shown a consistent upward trend. In 2013, the average rent was $2,212, and it remained relatively stable until 2019 when it dropped significantly to $1,368. By 2022, the average rent had increased again to $2,042, but this was still lower than the 2013 level. The fluctuation in rent prices, coupled with the increasing renter population, suggests a complex interplay of factors affecting the rental market in Condit.
Looking at the most recent data, average home prices in Condit continued to rise in 2023 and 2024, reaching $964,960 and $1,012,915 respectively. This represents a modest increase of 0.59% from 2022 to 2023, followed by a more substantial 4.97% increase from 2023 to 2024. Interestingly, this continued price growth occurred despite federal interest rates rising to 5.02% in 2023 and 5.33% in 2024, which typically would be expected to cool the housing market.
Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in Condit will likely continue to rise, albeit potentially at a slower rate due to the higher interest rate environment. The average home price could potentially reach around $1,200,000 by 2029. For rent prices, the forecast suggests a possible stabilization or moderate increase, potentially reaching an average of $2,300 to $2,500 per month by 2029.
In summary, Condit has experienced a gradual shift towards more renters and fewer homeowners over the past decade, while simultaneously seeing substantial growth in average home prices. The neighborhood has demonstrated resilience in its housing market, with prices continuing to rise even in the face of increasing interest rates. These trends suggest that Condit remains an attractive area for both residents and investors, with its real estate market likely to remain robust in the coming years.
