Loading Content...
Davie, Florida: Rising Home Values and Ownership Trends in a Growing Town
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Davie, a vibrant town in Florida, has experienced significant changes in its housing market over the past decade. This analysis explores the trends in homeownership, average home prices, and average rent prices in Davie from 2013 to 2022. The town has seen fluctuations in its ownership percentage and substantial increases in both average home prices and average rent prices during this period.
The homeownership rate in Davie has shown some variability over the years. In 2013, the ownership percentage stood at 71%. It decreased to 64% by 2019, indicating a shift towards renting. However, by 2022, the ownership rate had rebounded to 66%. During this same period, average home prices in Davie showed a consistent upward trend. In 2013, the average home price was $213,687. By 2022, it had more than doubled to $477,400, representing a substantial 123% increase over nine years.
Federal interest rates have played a role in homeownership trends in Davie. From 2013 to 2016, interest rates remained below 0.5%, coinciding with a period of relatively stable homeownership rates around 68-70%. As interest rates began to rise in 2017, reaching 1.83% by 2018, there was a noticeable dip in homeownership to 65%. However, the relationship is not always straightforward, as other factors such as local economic conditions and housing supply also influence homeownership rates.
The renter percentage in Davie has generally mirrored the inverse of the homeownership rate, rising from 29% in 2013 to 36% in 2019, before settling at 34% in 2022. Average rent prices have shown a steady increase over this period. In 2013, the average rent was $1,131 per month. By 2022, it had risen to $1,991, representing a 76% increase. This significant rise in rent prices coincided with the town's population growth from 96,818 in 2013 to 106,488 in 2022, suggesting increased demand for rental properties.
In 2023, the average home price in Davie reached $507,918, and it further increased to $533,987 in 2024. These figures represent a continuation of the strong upward trend in home values observed over the past decade. Interestingly, federal interest rates also saw a significant rise, reaching 5.02% in 2023 and 5.33% in 2024, levels not seen since before 2008.
Looking ahead, based on the historical trends and current market conditions, it's projected that average home prices in Davie will continue to rise over the next five years, potentially reaching around $650,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $2,500 per month within the same timeframe. These projections assume continued population growth and economic stability in the region.
In summary, Davie has experienced a dynamic housing market over the past decade, characterized by fluctuating homeownership rates, substantially increasing average home prices, and rising average rent prices. The town's growing population and economic factors have contributed to these trends. As Davie continues to evolve, its housing market is likely to remain an important area of focus for residents, investors, and policymakers alike.
