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Home Values and Ownership in Northampton: A Decade of Growth and Stability
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Northampton, a neighborhood in Converse, Texas, has experienced significant changes in its housing market over the past decade. This analysis focuses on the trends in homeownership rates, average home prices, and rental market dynamics from 2013 to 2024. The neighborhood has maintained a stable homeownership rate while witnessing substantial growth in property values. From 2013 to 2022, Northampton's homeownership rate remained relatively constant, starting and ending at 59%. During this period, average home prices in the neighborhood demonstrated remarkable growth. In 2013, the average home price was $126,909, which increased dramatically to $268,636 by 2022, representing a substantial 111.7% increase over nine years.
The relationship between federal interest rates and homeownership rates in Northampton revealed interesting patterns. When interest rates were low (0.11% to 0.40%) from 2013 to 2016, homeownership rates remained relatively stable with minor fluctuations. Interestingly, as interest rates rose more significantly from 2017 (1.00%) to 2019 (2.16%), homeownership rates actually increased from 66% to 63%, suggesting that local factors may have had a stronger influence on homeownership than interest rates during this period.
The rental market in Northampton has also shown notable trends. The percentage of renters remained stable at 41% from 2013 to 2022. However, average rent prices increased significantly during this period, rising from $969 in 2013 to $1,457 in 2022, a 50.4% increase. This rise in rental prices occurred alongside a modest population growth from 11,568 in 2013 to 11,739 in 2022, potentially contributing to increased demand for rental properties.
Recent data indicates some changes in the housing market. In 2023, the average home price in Northampton reached $274,214, a 2.1% increase from 2022. However, 2024 saw a slight decrease to $268,496, a 2.1% drop. This recent trend coincides with a significant rise in 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 may be contributing to the recent stabilization in home prices.
Looking ahead, predictive models forecast moderate growth in average home prices for Northampton over the next five years, albeit at a slower pace than observed in the previous decade. This projection is based on the historical trend of rising home values and current economic conditions. For average rent prices, an upward trajectory is expected, potentially reaching around $1,700-$1,800 by 2029, assuming steady population growth and continued demand for rental properties in the area.
In conclusion, Northampton has demonstrated resilience in its housing market, maintaining stable homeownership rates while experiencing significant appreciation in average home values over the past decade. The rental market has also shown strength, with increasing average rent prices despite a consistent renter percentage. Recent data suggests a potential cooling in the housing market, likely influenced by rising interest rates. As we look to the future, while growth is expected to continue, it may be at a more moderate pace, reflecting broader economic conditions and local market dynamics.
