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Garden Court's Housing Market: Resilient Growth Amid Fluctuating Ownership 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
Garden Court, a vibrant Philadelphia neighborhood, has experienced significant changes in its housing market over the past decade. This analysis examines the trends in homeownership rates, average home values, and rental prices from 2013 to 2024, revealing a resilient market that has adapted to various economic factors. Homeownership rates in Garden Court have shown notable fluctuations between 2013 and 2022. Starting at 37% in 2013, the rate declined to a low of 29% in 2018 and 2019 before rebounding to 38% in 2022. Concurrently, average home prices demonstrated steady growth, rising from $226,183 in 2013 to $412,356 in 2022, marking an impressive 82% increase over the period. The interplay between federal interest rates and homeownership rates in Garden Court presents an interesting dynamic. As interest rates remained low from 2013 to 2016 (0.11% to 0.40%), homeownership rates declined from 37% to 34%. When interest rates began to rise more significantly from 2017 to 2019 (1% to 2.16%), homeownership rates continued to drop, reaching 29%. However, as interest rates fell sharply in 2020 and 2021 (0.38% and 0.08%, respectively), homeownership rates started to recover, reaching 34% by 2021 and 38% by 2022, despite rising interest rates in 2022 (1.68%).
Renter percentages in Garden Court have generally moved inversely to homeownership rates, peaking at 71% in 2018 and 2019 before declining to 62% in 2022. Average rent prices have shown a consistent upward trend, increasing from $779 in 2013 to $1,278 in 2022, a 64% rise. This trend persisted even as the neighborhood's population fluctuated, suggesting strong rental demand throughout the period.
In 2023 and 2024, Garden Court's real estate market showed signs of cooling. Average home prices decreased from $412,356 in 2022 to $397,037 in 2023, and further to $394,972 in 2024. This decline coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially dampening buyer demand.
Looking ahead, predictive models suggest that average home prices in Garden Court may stabilize or experience modest growth over the next five years, assuming interest rates remain elevated. Rent prices are likely to continue their upward trajectory, albeit at a slower pace, driven by ongoing demand for rental properties in the area.
In summary, Garden Court has demonstrated resilience in its housing market, with homeownership rates rebounding in recent years despite rising home prices. The neighborhood's ability to attract both homeowners and renters, coupled with its consistent appreciation in property values, indicates a robust and desirable real estate market. However, the recent cooling in home prices and high interest rates may signal a shift towards a more balanced market in the coming years.
