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Greater Mulwood: Rising Home Values and Strong Ownership in an Affluent Calabasas Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Greater Mulwood, a neighborhood in Calabasas, California, is characterized by its luxurious homes and high-end living. This affluent area has experienced significant changes in homeownership rates and property values over the past decade. The neighborhood has consistently maintained a high percentage of owner-occupied homes, with average home prices showing a strong upward trend. Average rent prices have also fluctuated, reflecting the dynamic real estate market in this desirable location.
The homeownership rate in Greater Mulwood has remained consistently high, ranging from 86% to 93% between 2013 and 2022. During this period, average home prices have shown a remarkable increase. In 2013, the average home price was $783,793, and by 2022, it had more than doubled to $1,673,926. This represents a substantial 113.6% increase over nine years. The trend suggests a strong correlation between rising home values and sustained high homeownership rates in the neighborhood.
Federal interest rates have played a significant role in homeownership trends in Greater Mulwood. From 2013 to 2016, when interest rates were historically low (ranging from 0.09% to 0.4%), homeownership rates remained high, fluctuating between 87% and 92%. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), there was a slight dip in homeownership to 86% in 2017, but it quickly rebounded. The low interest rate environment from 2020 to 2021 (0.38% and 0.08% respectively) coincided with a further increase in homeownership rates to 91% and 92%, likely due to more affordable financing options.
Renter percentages in Greater Mulwood have remained relatively low, ranging from 7% to 14% between 2013 and 2022. Average rent prices have shown considerable volatility during this period. In 2013, the average rent was $2,249, which increased significantly to $3,500 by 2017. However, there was a notable decrease to $2,537 in 2021, followed by a slight increase to $2,800 in 2022. Despite these fluctuations in rent prices, the percentage of renters has remained relatively stable, suggesting that other factors, such as the neighborhood's desirability and limited rental inventory, may be influencing the rental market more than price alone.
In 2023 and 2024, Greater Mulwood experienced a slight dip in average home prices, followed by a rebound. The average home price in 2023 was $1,657,767, representing a 1% decrease from 2022. However, in 2024, the average home price increased to $1,730,819, a 4.4% rise from the previous year. This recovery occurred despite rising interest rates, which reached 5.02% in 2023 and 5.33% in 2024, indicating the neighborhood's resilience and continued attractiveness to homebuyers even in a higher interest rate environment.
Looking ahead, based on historical trends and current market conditions, it's projected that average home prices in Greater Mulwood will continue to appreciate over the next five years, albeit at a more moderate pace. We can expect average home prices to potentially reach around $2 million by 2029. Average rent prices are likely to stabilize and show modest growth, potentially reaching $3,200 to $3,500 per month within the same timeframe.
In summary, Greater Mulwood has demonstrated a robust real estate market characterized by high homeownership rates and steadily increasing property values. The neighborhood has shown resilience to economic fluctuations, maintaining its appeal to homeowners even during periods of rising interest rates. The rental market, while smaller, has remained stable despite price fluctuations. These trends suggest that Greater Mulwood will likely continue to be a sought-after residential area, with property values expected to appreciate and homeownership rates remaining high in the coming years.
