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Conservatory Neighborhood in Aurora, CO: Rising Home Values and Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
The Conservatory neighborhood in Aurora, Colorado, has experienced significant changes in its housing market over the past decade while maintaining a predominantly owner-occupied status. This analysis explores the trends in homeownership rates, average home prices, and rent prices, providing insights into the neighborhood's real estate dynamics. Homeownership in the Conservatory has remained consistently high, with owner-occupied units accounting for over 88% of housing throughout the observed period. The neighborhood saw a peak in homeownership in 2019, with 96% of units being owner-occupied. Average home prices in the area have shown a strong upward trend, rising from $256,942 in 2010 to $635,969 in 2022, representing a remarkable 147% increase over 12 years.
The relationship between homeownership rates and average home prices in the Conservatory reveals an interesting pattern. Despite the substantial increase in home prices, the percentage of owner-occupied units remained relatively stable, only decreasing slightly from 93% in 2013 to 88% in 2022. This suggests a strong desire for homeownership in the neighborhood, even as prices climbed. The stability in homeownership rates may be attributed to long-term residents and the area's desirability.
Federal interest rates have played a role in shaping homeownership trends in the Conservatory. The period from 2010 to 2021 was characterized by historically low interest rates, ranging from 0.08% to 2.16%. These low rates likely contributed to maintaining high homeownership levels despite rising home prices, as they made mortgages more affordable for buyers. The slight decrease in homeownership from 2019 to 2022 (from 96% to 88%) coincided with a rise in interest rates from 2.16% in 2019 to 1.68% in 2022, which may have impacted affordability for some potential buyers.
Renter percentages in the Conservatory have remained low but showed a slight increase in recent years, rising from 3% in 2019 to 12% in 2022. This trend coincides with changes in average rent prices, which fluctuated between $1,998 and $2,250 from 2013 to 2022. The increase in renter-occupied units may be attributed to the rising home prices, which could have priced out some potential buyers, leading them to rent instead. The population growth from 3,872 in 2019 to 3,891 in 2022 may have also contributed to the increased demand for rental properties.
Looking at the most recent data, the average home price in the Conservatory stood at $610,582 in 2023 and increased slightly to $613,739 in 2024. This represents a moderate 0.5% increase year-over-year, indicating a potential stabilization in the housing market. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, which could impact future homeownership trends and affordability in the neighborhood.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in the Conservatory will continue to rise, albeit at a more moderate pace than seen in previous years. The rate of increase may slow due to higher interest rates, potentially reaching around $700,000 by 2029. Average rent prices are expected to follow a similar trend, potentially increasing to approximately $2,500 per month over the next five years, driven by ongoing demand for rental properties in the area.
In summary, the Conservatory neighborhood has maintained a strong preference for homeownership despite significant increases in average home prices. The area has seen substantial property value appreciation, with home prices more than doubling since 2010. While renter percentages have slightly increased in recent years, the neighborhood remains predominantly owner-occupied. The interplay between rising home prices, fluctuating rent costs, and changing interest rates will likely continue to shape the housing market dynamics in this Aurora community in the coming years.
