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Home Values and Ownership in Waxahachie: A Decade of Growth in a Historic Texas City
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Waxahachie, a city in Texas known for its charming historic downtown and annual Scarborough Renaissance Festival, has experienced significant growth and changes in its housing market over the past decade. Located in Ellis County, this vibrant community has seen a steady increase in homeownership rates, accompanied by rising average home prices and fluctuating average rent costs.
The homeownership trend in Waxahachie has shown a notable increase from 2013 to 2022. In 2013, the homeownership rate stood at 65%, and after some fluctuations, it reached 67% in 2022. This upward trend coincides with a substantial rise in average home prices. In 2013, the average home price was $151,129, which more than doubled to $360,531 by 2022. This significant increase in home values likely contributed to the growing attractiveness of homeownership in the area.
The relationship between federal interest rates and homeownership rates in Waxahachie demonstrates an interesting pattern. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 0.4%), the homeownership rate remained relatively stable, hovering around 61-65%. However, as interest rates began to rise more sharply in 2022 to 1.68%, the homeownership rate actually increased to 67%. This suggests that local factors, such as job growth and city development, may have played a more significant role in driving homeownership than national interest rates during this period.
Renter percentages in Waxahachie have shown a slight downward trend, decreasing from 38% in 2015 to 33% in 2022. Interestingly, average rent prices have not followed a consistent pattern during this time. In 2013, the average rent was $1,191, which decreased to $1,132 in 2015 before rising again to $1,311 in 2022. This fluctuation in rent prices, coupled with the city's growing population (from 40,744 in 2013 to 53,776 in 2022), suggests a complex rental market influenced by factors such as new housing developments and changing demographics.
Looking at more recent data, the average home price in Waxahachie slightly decreased from $360,531 in 2022 to $360,351 in 2023, before rising marginally to $361,650 in 2024. This stabilization in home prices occurs against the backdrop of significantly higher interest rates, which reached 5.02% in 2023 and 5.33% in 2024. These higher rates may have contributed to the slowing of home price growth in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Waxahachie will continue to rise, albeit at a more moderate pace than seen in the previous decade. The average home price could potentially reach around $400,000 by 2029. For rent prices, the forecast suggests a steady increase, potentially reaching an average of $1,500 per month by 2029, assuming continued population growth and economic development in the area.
In summary, Waxahachie has experienced a robust increase in homeownership rates and average home prices over the past decade, with a slight decline in the percentage of renters. The city's housing market has shown resilience, with home prices stabilizing in recent years despite rising interest rates. These trends, combined with the city's growing population, suggest a dynamic and evolving housing market that continues to attract both homeowners and renters to this historic Texas city.
