Loading Content...
Glenwood Hills South Casa Grande: Rising Home Values and Stable 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
Glenwood Hills South Casa Grande, a neighborhood in Albuquerque, New Mexico, has experienced significant changes in its real estate landscape over the past decade. This suburban area has shown remarkable growth in both homeownership rates and property values, reflecting broader economic trends and local market dynamics. The neighborhood has witnessed a general increase in homeownership rates, with some fluctuations. In 2013, the homeownership rate stood at 79%, rising to a peak of 88% in 2018, before settling at 82% in 2022. This trend has been accompanied by a steady increase in average home prices. The average home price in 2013 was $266,780, which rose to $446,125 by 2022, marking a substantial 67% increase over nine years.
The relationship between federal interest rates and homeownership rates in Glenwood Hills South Casa Grande is noteworthy. From 2013 to 2016, as interest rates remained historically low (below 0.5%), homeownership rates increased from 79% to 87%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, even as interest rates began to rise from 2017 onwards, homeownership rates in the neighborhood remained relatively stable, suggesting other local factors may have influenced housing decisions.
Renter percentages in the neighborhood have shown an inverse relationship to homeownership rates, naturally decreasing as homeownership increased. In 2013, 20% of residents were renters, which dropped to a low of 12% in 2018 before rising slightly to 18% in 2022. Average rent prices have fluctuated over this period, with a general downward trend from 2013 to 2018, followed by an increase. The average rent was $1,451 in 2013, dropped to $995 in 2018, and then rose to $1,413 by 2022. These fluctuations may be attributed to changes in housing supply and demand, as well as broader economic factors affecting the Albuquerque area.
Looking at the most recent data, average home prices in Glenwood Hills South Casa Grande continued to rise in 2023 and 2024, reaching $465,053 and $486,253 respectively. This represents a 4.3% increase from 2022 to 2023 and a further 4.6% increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homebuying activity in the neighborhood.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Glenwood Hills South Casa Grande will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $550,000 to $600,000, assuming a conservative annual growth rate of 3-4%. Average rent prices are also expected to increase, potentially reaching $1,600 to $1,700 per month by 2029, based on historical trends and accounting for inflation.
In summary, Glenwood Hills South Casa Grande has demonstrated resilience in its housing market, with increasing homeownership rates and property values over the past decade. The neighborhood has weathered fluctuations in the rental market and shown adaptability to changing economic conditions. As we look to the future, the area is poised for continued growth in both home values and rental prices, making it an area of interest for both homeowners and investors in the Albuquerque real estate market.
