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Dickinson, Texas: Home Values Soar as Ownership Remains Steady
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
Dickinson, Texas, located in Galveston County, is a vibrant city with a population of 30,819 as of 2022. Known for its proximity to the Gulf Coast and its resilient community, Dickinson has experienced notable shifts in homeownership rates and housing prices over the past decade. The city has maintained a strong homeownership rate, averaging around 72% from 2013 to 2022, while seeing significant growth in average home prices and rent costs.
The relationship between homeownership rates and average home prices in Dickinson presents an interesting trend. Despite a substantial increase in average home prices from $131,728 in 2010 to $263,029 in 2022, a remarkable 99.7% increase, the homeownership rate remained relatively stable. It peaked at 75% in 2019 and only slightly decreased to 73% by 2022. This stability in homeownership, even as prices rose, suggests a strong local economy and continued desirability of the area.
Federal interest rates have played a role in shaping homeownership trends in Dickinson. The period from 2010 to 2016 saw historically low interest rates, ranging from 0.09% to 0.40%, which likely contributed to maintaining high homeownership rates despite rising home prices. As interest rates began to increase from 2017 (1%) to 2019 (2.16%), we see a slight fluctuation in homeownership rates, but they remained resilient, only dropping from 71% in 2017 to 70% in 2016 before rebounding.
Renter percentages and average rent prices in Dickinson have shown their own distinct patterns. The percentage of renters fluctuated between 25% and 30% from 2013 to 2022. Interestingly, average rent prices increased from $1,123 in 2013 to $1,258 in 2022, a 12% increase. This rise in rent prices, though significant, was not as dramatic as the increase in home prices over the same period. The relatively stable renter population suggests that Dickinson maintained its appeal to both homeowners and renters despite rising costs.
Looking at the most recent data, average home prices in Dickinson reached $262,316 in 2023 and slightly increased to $264,748 in 2024. This represents a modest 0.9% increase from 2023 to 2024, indicating a potential stabilization in the housing market. Concurrently, federal interest rates rose to 5.02% in 2023 and further to 5.33% in 2024, which may impact future homebuying decisions.
Applying predictive models to forecast 5-year trends, we anticipate average home prices in Dickinson to continue a moderate upward trajectory, potentially reaching around $290,000 by 2029. This projection assumes a continuation of the recent slowdown in price growth. For rent prices, we expect a similar moderate increase, potentially reaching an average of $1,400 per month by 2029, based on historical trends and accounting for factors such as inflation and local economic conditions.
In summary, Dickinson has demonstrated remarkable resilience in its housing market. Despite significant increases in home prices, the city has maintained a high rate of homeownership, suggesting strong local economic factors and community appeal. The rental market has seen more modest price increases, maintaining a balance between homeowners and renters. As we look to the future, Dickinson's housing market appears poised for continued stability with moderate growth, making it an attractive option for both homeowners and renters in the Gulf Coast region.
