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Forest Ridge-Quail Hollow: Rising Home Values Amidst Changing Interest Rates
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Forest Ridge-Quail Hollow, a vibrant neighborhood in Dayton, Ohio, has experienced significant changes in homeownership rates and property values over the past decade. From 2013 to 2022, the area saw a notable increase in owner-occupied housing, rising from 72% to 76%. This shift occurred alongside fluctuations in average home prices and rent rates, reflecting the dynamic nature of the local real estate market.
The relationship between homeownership rates and average home prices in Forest Ridge-Quail Hollow presents an interesting pattern. In 2013, when 72% of residents owned their homes, the average home price was $143,305. As homeownership increased to 79% by 2017, average home prices rose to $152,185. This upward trend continued, with homeownership reaching 79% in 2020 and average home prices climbing to $187,295. By 2022, despite a slight dip in homeownership to 76%, average home prices had surged to $238,985, indicating a strong market despite minor fluctuations in ownership rates.
Federal interest rates have played a significant role in shaping homeownership trends in the neighborhood. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership in Forest Ridge-Quail Hollow increased from 72% to 75%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.83% in 2018, homeownership continued to climb, peaking at 79% in 2020. This suggests that while low interest rates initially encouraged homeownership, other factors such as local economic conditions and housing market dynamics also played crucial roles in sustaining high ownership rates.
Renter percentages and average rent prices in Forest Ridge-Quail Hollow have shown an inverse relationship to homeownership trends. In 2013, when 28% of residents were renters, the average rent was $1,043. As the renter population decreased to 21% by 2017, average rent dropped to $948. However, by 2022, with 24% of residents renting, the average rent had slightly increased to $953. This suggests that while fewer residents are choosing to rent, the demand for rental properties remains relatively stable, maintaining consistent rent prices.
Looking at the most recent data, the average home price in Forest Ridge-Quail Hollow reached $247,987 in 2023 and further increased to $258,396 in 2024. This continued upward trajectory in home values occurs against the backdrop of rising federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the neighborhood's housing market remains robust, indicating strong local demand and potentially limited housing supply.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Forest Ridge-Quail Hollow will continue to appreciate, potentially reaching around $300,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and the area's sustained desirability. Average rent prices are expected to remain relatively stable with modest increases, potentially reaching $1,050 to $1,100 per month by 2029, assuming current market conditions and demographic trends persist.
In summary, Forest Ridge-Quail Hollow has demonstrated a strong preference for homeownership, with rates consistently above 70% since 2013. The neighborhood has experienced significant appreciation in average home values, particularly in recent years, despite fluctuations in federal interest rates. While the rental market has shrunk proportionally, it remains an important component of the local housing ecosystem, with stable rent prices. The continued rise in home values, even in the face of higher interest rates, suggests a robust and desirable real estate market in this Dayton neighborhood.
