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Dunlap's Housing Market: Soaring Home Values and Shifting Ownership Trends
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
Dunlap, a neighborhood in Philadelphia, Pennsylvania, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The ownership percentage in Dunlap has shown variability, ranging from a high of 54% in 2014 to a low of 42% in 2019. Concurrently, average home prices have demonstrated a strong upward trend. In 2010, the average home price was $37,188, which steadily increased to reach $124,910 by 2022, representing a substantial 236% increase over this period. The most dramatic rise occurred between 2017 and 2020, with average home prices jumping from $52,828 to $100,692, a 91% increase in just three years.
Federal interest rates have played a significant role in shaping homeownership trends in Dunlap. The period from 2010 to 2016 saw historically low interest rates, ranging from 0.09% to 0.40%. During this time, homeownership rates in Dunlap remained relatively stable, hovering around 46-54%. However, as interest rates began to rise from 2017 onwards, reaching 1.83% in 2018, there was a noticeable decline in homeownership, dropping to 44% in 2017 and 2018.
Renter percentages in Dunlap have generally mirrored the inverse of homeownership rates, increasing from 46% in 2014 to a peak of 57% in 2019. Average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $717, which increased to $914 by 2021, a 27% rise. However, there have been some year-to-year variations, such as a decrease from $848 in 2017 to $771 in 2018, followed by a slight drop to $767 in 2019. The population growth from 1,924 in 2010 to 2,892 in 2022 may have contributed to increased demand for rental properties.
Looking at the most recent data, 2023 saw a slight decrease in average home prices to $118,410, down from $124,910 in 2022. This trend continued into 2024, with average home prices further declining to $118,138. Notably, interest rates have significantly increased, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing market dynamics in Dunlap.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Dunlap may experience a period of stabilization or slight decline in the short term, given the recent downward trend and high interest rates. However, the long-term trajectory suggests a potential return to growth, albeit at a more moderate pace than seen in the 2017-2020 period. Average rent prices are expected to continue their upward trend, potentially reaching around $1,000 per month within the next five years, driven by population growth and housing demand in the area.
In summary, Dunlap has experienced substantial growth in both average home prices and average rent prices over the past decade. The neighborhood has seen shifts in homeownership rates, likely influenced by changing interest rates and local market conditions. The recent cooling of home prices, coupled with rising interest rates, suggests a potential shift in the housing market dynamics. However, the overall trend of increasing property values and rents indicates that Dunlap remains an area of growing demand and investment potential in Philadelphia's real estate market.
