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Greens Neighborhood in Garland: Soaring Home Values and Unwavering Ownership
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
The Greens neighborhood in Garland, Texas, is a small, predominantly owner-occupied community that has experienced significant changes in population and housing prices over the past decade. This analysis explores the trends in homeownership rates and average home prices, as well as their relationship to federal interest rates.
The Greens has maintained a consistently high rate of homeownership, with 100% owner-occupied housing from 2013 to 2016 and 2020 to 2022. There was a slight dip to 98% in 2017 and 2019, with 99% in 2018. This strong preference for homeownership has persisted despite fluctuations in average home prices.
Average home prices in the Greens have shown a steady upward trend since 2012. In 2012, the average home price was $212,535, which increased to $287,678 by 2016, representing a 35% rise over four years. This upward trajectory continued, with average home prices reaching $324,708 in 2019 and $470,504 in 2022, marking a 121% increase over the decade.
The relationship between federal interest rates and homeownership rates in the Greens appears to be somewhat inverse, as is typically expected. For instance, when interest rates were at historic lows between 2010 and 2015 (ranging from 0.09% to 0.18%), homeownership rates remained at 100%. As interest rates began to rise from 2016 onwards, there was a slight dip in homeownership rates to 98-99% in 2017-2019. However, the community quickly returned to 100% homeownership in 2020-2022, despite rising interest rates, suggesting other factors may be influencing homeownership decisions in this neighborhood.
Given the consistent 100% homeownership rate, there is no data available for rental trends in the Greens. This suggests a strong preference for owning rather than renting in this community, regardless of fluctuations in home prices or interest rates.
In 2023 and 2024, the Greens continued to see growth in average home prices. The average home price reached $500,318 in 2023 and further increased to $511,744 in 2024, representing a 2.3% year-over-year increase. This growth occurred despite the federal interest rate rising to 5.02% in 2023 and 5.33% in 2024, which are the highest rates seen since 2007.
Looking ahead, based on the historical data and current trends, we can expect average home prices in the Greens to continue their upward trajectory over the next five years. Assuming a conservative annual growth rate of 3-5%, average home prices could potentially reach between $590,000 and $650,000 by 2029. However, this growth may be moderated by the current high interest rates, which could slow down the pace of price increases.
In summary, the Greens neighborhood in Garland, Texas, demonstrates a strong commitment to homeownership, maintaining near or full 100% owner-occupancy rates despite significant increases in average home prices. The community has shown resilience in the face of rising interest rates, with home values continuing to appreciate. The absence of a rental market in this neighborhood underscores its unique character as a predominantly owner-occupied area. As we move forward, the Greens is likely to continue its trend of increasing home values, albeit potentially at a more moderate pace due to higher interest rates.
