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Holmesburg Housing Market: 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
Holmesburg, a neighborhood in Philadelphia, Pennsylvania, has demonstrated remarkable resilience in its housing market over the past decade. This analysis examines the trends in homeownership, average home prices, and average rent prices in the area from 2013 to 2024. The homeownership rate in Holmesburg has remained relatively stable, fluctuating between 57% and 58% from 2013 to 2022. Initially at 63% in 2013, it decreased to 57% by 2015 and has since maintained that level. Concurrently, average home prices in the neighborhood have shown a steady upward trend. In 2013, the average home price was $114,597, which increased to $212,260 by 2022, representing an impressive 85% growth over this period.
The relationship between federal interest rates and homeownership rates in Holmesburg doesn't show a strong correlation. Despite historically low interest rates between 2013 and 2021 (ranging from 0.08% to 1.83%), the homeownership rate remained relatively stable. This suggests that other factors, such as local economic conditions or housing supply, may have had a more significant influence on homeownership rates in the neighborhood.
Renter percentages in Holmesburg have mirrored the homeownership trends, with the proportion of renters increasing from 37% in 2013 to 43% in 2015, and then stabilizing around 42-43% through 2022. Average rent prices have shown some fluctuation but generally remained within a narrow range. In 2013, the average rent was $1,079, which increased slightly to $1,100 by 2021, before decreasing to $1,044 in 2022. This represents a modest overall decrease of 3.2% from 2013 to 2022.
Looking at the most recent data, the average home price in Holmesburg decreased slightly from $212,260 in 2022 to $209,432 in 2023, a decline of about 1.3%. However, in 2024, the average home price has rebounded to $211,401, nearly recovering to the 2022 level. This occurs against a backdrop of rising federal interest rates, which increased from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024. These higher interest rates could potentially impact future home buying activity in the neighborhood.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Holmesburg will continue to rise moderately, potentially reaching around $230,000 by 2029. This projection is based on the historical growth rate and assumes relatively stable economic conditions. For average rent prices, we expect a slight upward trend, potentially reaching about $1,150 by 2029, assuming consistent demand for rental properties in the area.
In summary, Holmesburg has maintained a relatively stable homeownership rate while experiencing significant growth in average home prices over the past decade. Rent prices have remained relatively steady, with only minor fluctuations. The recent slight dip and recovery in home prices, coupled with rising interest rates, suggest a potentially more challenging environment for homebuyers in the near future. However, the overall trend indicates a robust and growing housing market in Holmesburg.
