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Crescent Lake's Rising Home Values and Ownership: A Decade of Real Estate Transformation
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Crescent Lake, a picturesque neighborhood in St. Petersburg, Florida, has experienced significant changes in homeownership rates and property values over the past decade. This analysis explores the neighborhood's housing market dynamics, reflecting broader economic trends and local market conditions. Homeownership rates in Crescent Lake have seen a substantial increase, rising from 34% in 2013 to 59% in 2022. This upward trend has coincided with a remarkable appreciation in average home prices. In 2013, the average home price was $258,768, but by 2022, it had soared to $723,693, representing a 180% increase over nine years.
The relationship between federal interest rates and homeownership rates in Crescent Lake reveals an interesting pattern. As interest rates remained low between 2013 and 2016 (ranging from 0.11% to 0.40%), homeownership initially fluctuated but then began to rise steadily from 33% in 2015 to 41% in 2017. This trend continued even as interest rates increased moderately, with ownership reaching 59% by 2022 when rates were at 1.68%. The persistent growth in homeownership despite rising rates suggests that other factors, such as strong local economic conditions or the desirability of the neighborhood, may have played a significant role in driving this trend.
The percentage of renters in Crescent Lake has decreased from 66% in 2013 to 41% in 2022. Despite this decline in the renter population, average rent prices have shown volatility. In 2013, the average rent was $960, which decreased to $734 in 2016 before rising again to $966 in 2018. By 2022, the average rent had settled at $850, showing a slight overall decrease from 2013 levels. This fluctuation in rent prices, despite the decreasing renter population, may indicate a complex interplay of factors including changes in housing supply, local economic conditions, and the quality of available rental properties.
As of 2024, the average home price in Crescent Lake has reached $780,340, continuing the upward trajectory observed in previous years. This represents a 7.8% increase from the 2022 average price of $723,693. The federal interest rate in 2024 stands at 5.33%, which is significantly higher than the 1.68% rate in 2022. Despite this substantial increase in interest rates, home prices have continued to rise, suggesting strong demand for properties in the Crescent Lake area.
Predictive models suggest that average home prices in Crescent Lake may continue to appreciate over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase moderately, reflecting the overall trend of rising property values in the area.
In summary, Crescent Lake has experienced a significant shift towards homeownership over the past decade, accompanied by substantial appreciation in average home prices. Despite fluctuations in federal interest rates and average rent prices, the neighborhood has maintained its appeal to both homeowners and investors. The continued rise in property values, even in the face of higher interest rates, underscores the strong demand for housing in this desirable St. Petersburg neighborhood.
