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Gregory Gardens: Stable Homeownership Amidst Dynamic Home Values
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Gregory Gardens, a neighborhood in Pleasant Hill, California, has experienced significant changes in home values and ownership patterns over the last decade. This area has maintained a consistently high rate of owner-occupied homes while seeing substantial increases in average home prices and rents. From 2013 to 2022, Gregory Gardens maintained a strong homeownership rate between 78% and 82%. The rate was 81% in 2013 and remained stable at 80% in 2022. During this period, average home prices in the neighborhood grew considerably. In 2016, the average home price was $680,572, rising to $1,054,432 by 2022, a 54.9% increase over six years. The relationship between federal interest rates and homeownership rates in Gregory Gardens reveals interesting patterns. Despite historically low interest rates from 2013 to 2016 (ranging from 0.09% to 0.40%), the homeownership rate remained relatively stable. This suggests that other factors, such as local market conditions and housing supply, may have had a more significant influence on homeownership trends in this neighborhood.
Renter percentages in Gregory Gardens have remained relatively low, ranging from 17% to 21% between 2013 and 2022. However, average rent prices have shown a steady increase during this period. In 2013, the average rent was $1,892, rising to $2,792 by 2022, a 47.6% increase over nine years. This increase in rent prices occurred despite the relatively stable renter population, possibly indicating a competitive rental market in the area.
As of 2024, the average home price in Gregory Gardens stands at $1,015,478, showing a slight increase from the 2022 figure. This comes at a time when federal interest rates have risen to 5.33% in 2024, up from 1.68% in 2022. Despite the higher interest rates, home prices in the neighborhood have continued to appreciate, albeit at a slower pace than in previous years.
Looking ahead, predictive models suggest that average home prices in Gregory Gardens may continue to rise over the next five years, but at a more moderate rate compared to the rapid increases seen in the past decade. Average rent prices are also expected to continue their upward trajectory, potentially reaching around $3,500 by 2029, assuming current trends persist.
In summary, Gregory Gardens has demonstrated resilience in maintaining high homeownership rates despite fluctuations in the housing market and interest rates. The neighborhood has experienced significant appreciation in both home values and rent prices over the past decade. While the pace of increase may moderate in the coming years, the area's desirability and stable ownership patterns suggest continued strength in the local real estate market.
