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Green Mountain, Alabama: Rising Home Values Amidst Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Green Mountain, a desirable neighborhood in Huntsville, Alabama, has experienced significant changes in its housing market from 2013 to 2022. Known for its scenic views, this community has seen a slight decline in homeownership rates, from 90% in 2013 to 87% in 2022. Despite this decrease, average home prices have risen substantially, from $369,714 in 2013 to $650,071 in 2022, marking a 75.8% increase over nine years.
The decline in homeownership rates coincides with changes in federal interest rates. From 2013 to 2016, interest rates remained low at 0.1-0.4%, corresponding with stable homeownership rates of 90-92%. As interest rates began to rise from 2017, reaching 1.68% in 2022, homeownership rates decreased to 87%. This trend suggests a correlation between interest rates and homeownership in Green Mountain.
Renter percentages in Green Mountain have increased from 10% in 2013 to 13% in 2022, inversely related to homeownership rates. Average rent prices, however, have fluctuated. Starting at $1,716 in 2013, rent decreased to $1,246 in 2016 before rising to $1,298 in 2022, resulting in a net decrease of 24.4%. This trend occurred despite population growth from 7,168 in 2013 to 8,770 in 2022, which may have increased rental demand. Other factors such as new housing developments or local economic changes could have influenced the overall decrease in average rent prices.
Recent data shows continued growth in average home prices, reaching $670,462 in 2023 and $701,469 in 2024, a 7.9% increase from 2022 to 2024. Simultaneously, federal interest rates have risen significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing market dynamics.
Predictive models forecast that average home prices in Green Mountain will likely continue to rise, potentially reaching around $800,000 by 2029, based on the consistent upward trend observed over the past decade. For average rent prices, the forecast is less certain due to past fluctuations, but a modest increase to approximately $1,400-$1,500 per month by 2029 is possible, assuming stable economic conditions and continued population growth.
In conclusion, Green Mountain has experienced a gradual shift towards more renters, with homeownership rates declining slightly but remaining high at 87% in 2022. Average home prices have seen substantial growth, more than doubling from 2013 to 2024. Average rent prices, while fluctuating, have shown an overall decrease since 2013. These trends reflect the neighborhood's evolving dynamics, influenced by population growth, economic factors, and broader housing market conditions in Huntsville, Alabama.
