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Henderson, Texas: 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
Henderson, Texas: A Decade of Housing Market Evolution in Oil Country Henderson, a city in Texas with a rich history in the oil industry, has experienced notable shifts in its housing market over the past decade. The city, covering 12.04 square miles, has seen fluctuations in homeownership rates and housing prices, reflecting broader economic trends and local dynamics.
The homeownership rate in Henderson has remained relatively stable, hovering around 70% throughout most of the observed period. In 2013, the homeownership rate stood at 70%, and by 2022, it was at 68%. This slight decrease coincided with a significant increase in average home prices. In 2013, the average home price was $102,046, which steadily rose to $155,149 by 2022, representing a substantial 52% increase over nine years.
The relationship between federal interest rates and homeownership rates in Henderson shows some correlation. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.4%), homeownership rates remained stable at around 70%. However, as interest rates began to rise more significantly from 2017 onwards, there was a slight decline in homeownership rates, dropping to 68% by 2022 when the federal interest rate reached 1.68%.
Renter percentages in Henderson have shown a modest increase, moving from 30% in 2013 to 32% in 2022. This trend coincided with a rise in average rent prices. In 2013, the average rent was $791, which increased to $835 by 2022, a 5.6% increase over nine years. The population of Henderson fluctuated during this period, peaking at 21,580 in 2016 before declining to 19,043 by 2022, which may have influenced rental market dynamics.
As of 2024, the average home price in Henderson stands at $156,911, showing a slight decrease from the 2023 value of $160,665. This recent trend occurs amid a high federal interest rate of 5.33% in 2024, up from 5.02% in 2023. These figures indicate a potential cooling in the housing market, likely influenced by the elevated interest rates.
Looking ahead, predictive models suggest that average home prices in Henderson may continue to experience moderate growth over the next five years, albeit at a slower pace than observed in the previous decade. This projection is based on historical trends and current market conditions. Average rent prices are expected to follow a similar pattern, with modest increases likely to continue, reflecting ongoing demand for rental properties in the area.
In summary, Henderson's housing market has demonstrated resilience and growth over the past decade, with notable increases in both average home prices and rent. The slight decline in homeownership rates, coupled with rising rental percentages, suggests a shifting landscape in the local housing market. As the city moves forward, these trends will likely continue to shape Henderson's real estate dynamics, influenced by broader economic factors and local demographic changes.
