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Greater Pinellas Point: Rising Home Values and Shifting Ownership in a Coastal 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 Pinellas Point, a neighborhood in St. Petersburg, Florida, has experienced significant changes in homeownership rates and housing prices over the past decade. From 2013 to 2022, the area saw an increase in homeownership, with the percentage of owner-occupied homes rising from 54% to 57%. Concurrently, average home prices and average rent prices have shown substantial growth, reflecting the neighborhood's increasing desirability.
The relationship between homeownership rates and average home prices in Greater Pinellas Point reveals an interesting trend. As average home prices rose from $130,159 in 2013 to $384,495 in 2022, a 195% increase, the percentage of owner-occupied homes also increased from 54% to 57%. This suggests that despite rising prices, the neighborhood remained attractive to homebuyers. The most significant jump in average home prices occurred between 2020 and 2022, with a 48.6% increase from $258,750 to $384,495, while homeownership rates remained stable at 57-58% during this period.
Federal interest rates play a crucial role in homeownership trends. In Greater Pinellas Point, the period of low interest rates from 2013 to 2021 (ranging from 0.08% to 1.83%) coincided with the increase in homeownership rates from 54% to 57%. This aligns with the general trend that lower interest rates make home financing more accessible, encouraging homeownership.
Renter percentages in Greater Pinellas Point showed a slight decline from 44% in 2013 to 43% in 2022, inversely mirroring the increase in homeownership. Average rent prices, however, experienced steady growth, rising from $1,256 in 2013 to $1,335 in 2022, an increase of 6.3%. Interestingly, the highest average rent of $1,400 was recorded in 2021, coinciding with a population of 19,281. The subsequent decrease in average rent to $1,335 in 2022 occurred as the population increased to 20,428, suggesting that supply may have caught up with demand.
Looking at the most recent data, average home prices in Greater Pinellas Point continued to rise, reaching $394,430 in 2023 and $405,604 in 2024. This represents a 2.6% increase from 2023 to 2024, indicating a slowing but still upward trend in home values. Concurrently, federal interest rates increased significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing market dynamics.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Greater Pinellas Point will continue to increase, albeit at a more moderate pace. Based on the historical data and current trends, we project average home prices could reach approximately $450,000 to $475,000 by 2029. Average rent prices are also expected to rise, potentially reaching $1,500 to $1,600 per month within the same timeframe, assuming consistent economic conditions and population growth.
In summary, Greater Pinellas Point has demonstrated resilience in its housing market, with increasing homeownership rates despite rising home prices. The neighborhood has benefited from periods of low interest rates, which supported homeownership growth. While renter percentages have slightly decreased, average rent prices have generally trended upward, reflecting the area's desirability. The recent uptick in interest rates and the continued rise in home prices suggest a potentially changing landscape for both homeowners and renters in the coming years.
