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Harvey Park South: Resilient Housing Market Sees 155.7% Home Value Increase Over Decade
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Harvey Park South, a residential neighborhood in Denver, Colorado, is characterized by its mix of mid-century modern homes and newer developments. Over the past decade, this area has experienced relatively stable homeownership rates while seeing significant increases in average home and rent prices, reflecting broader economic trends and local market dynamics. The homeownership rate in Harvey Park South has remained around 60% between 2013 and 2022, with minor fluctuations. The rate peaked at 60% in 2014, 2015, and 2017, before settling at 58% in 2022. During this same period, average home prices in the neighborhood saw a substantial increase. In 2013, the average home price was $221,003, and by 2022, it had more than doubled to $565,050, representing a 155% increase over nine years. The relationship between federal interest rates and homeownership rates in Harvey Park South shows some correlation. In 2013, when interest rates were at a low 0.11%, the homeownership rate was 57%. As interest rates gradually increased to 1.83% by 2018, the homeownership rate remained relatively stable, even reaching 60% in 2017. This suggests that other factors, such as local economic conditions and housing supply, may have played a more significant role in homeownership decisions in this neighborhood.
Renter percentages in Harvey Park South have mirrored the homeownership trends, with slight fluctuations between 40% and 44% from 2013 to 2022. The average rent prices have shown an overall upward trend, albeit with some volatility. In 2013, the average rent was $1,174, which increased to $1,582 by 2021, representing a 34.8% increase. However, there was a notable drop in 2022, with the average rent decreasing to $1,298. This decrease coincided with a slight increase in the renter percentage from 41% in 2021 to 42% in 2022, possibly indicating a temporary market adjustment or increased rental inventory.
The most recent data shows the average home price in Harvey Park South for 2023 was $547,926, a slight decrease from the 2022 peak of $565,050. This trend continued into 2024, with the average home price stabilizing at $548,090. These figures coincide with a significant increase in federal interest rates, which rose to 5.02% in 2023 and further to 5.33% in 2024. This rise in interest rates may have contributed to the cooling of home prices in the neighborhood.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Harvey Park South may experience moderate growth, albeit at a slower pace than the rapid increases seen in the previous decade. This moderation is likely due to the higher interest rate environment and potential market stabilization. Average rent prices are expected to continue their upward trajectory, though perhaps more steadily, as demand for rental properties often increases when homeownership becomes less affordable due to higher interest rates.
In summary, Harvey Park South has demonstrated resilience in its homeownership rates despite significant increases in average home prices. The neighborhood has experienced substantial property value appreciation, with average home prices more than doubling from 2013 to 2022. Recent data shows a slight cooling in the housing market, possibly influenced by rising interest rates. Rent prices have generally trended upward, with some recent volatility. Looking forward, moderate growth in both home prices and rents is anticipated, reflecting a potentially more balanced and stable real estate market in this Denver neighborhood.
