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Creek Valley: Rising Home Values and Shifting Ownership in Garland, Texas
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
Creek Valley, a neighborhood in Garland, Texas, has experienced significant changes in homeownership and housing prices over the past decade. The area has seen a general trend of increasing homeownership rates, rising average home prices, and fluctuating average rent prices. From 2013 to 2022, Creek Valley's homeownership rate increased steadily from 68% to 78%. This 10 percentage point rise coincided with a substantial increase in average home prices. In 2013, the average home price was $194,693, and by 2022, it had risen to $407,286, representing a 109% increase over this period. The most significant annual increase occurred between 2020 and 2021, when average home prices surged from $287,613 to $334,469, a 16.3% increase in just one year.
Federal interest rates have influenced homeownership trends in Creek Valley. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates coincided with the increase in homeownership rates from 68% to 75%. As interest rates began to rise more sharply in 2022 (1.68%) and 2023 (5.02%), the rate of increase in homeownership slowed, though it still reached 78% in 2022.
As the homeownership rate increased, the renter population in Creek Valley decreased. In 2013, 32% of residents were renters, and this proportion decreased to 22% by 2022. Despite this decline in the renter population, average rent prices showed an overall upward trend. In 2013, the average rent was $1,214, and it increased to $1,584 by 2022, a 30.5% rise. However, rent prices did not follow a smooth upward trajectory, with some years showing decreases. For example, average rent dropped from $1,306 in 2016 to $1,297 in 2017, and again from $1,243 in 2020 to $1,218 in 2021.
The years 2023 and 2024 have seen a stabilization in average home prices in Creek Valley. In 2023, the average home price reached $409,578, a slight increase from 2022. However, in 2024, there was a marginal decrease to $408,682. This leveling off coincides with higher interest rates, which stood at 5.02% in 2023 and increased further to 5.33% in 2024.
Predictive models suggest that average home prices in Creek Valley may experience moderate growth over the next five years, albeit at a slower pace than the rapid increases seen in the early 2020s. Average rent prices are also expected to continue their upward trajectory, potentially reaching around $1,800 by 2029. However, these projections are subject to various economic factors and local market conditions.
In summary, Creek Valley has witnessed a significant shift towards homeownership, with the rate increasing from 68% to 78% between 2013 and 2022. This trend has been accompanied by substantial growth in average home prices, more than doubling from $194,693 to $407,286 during the same period. While the renter population has decreased, average rent prices have still shown an overall increase. The recent stabilization of home prices and higher interest rates may signal a new phase in the neighborhood's housing market dynamics.
