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Home Values and Ownership Trends in Carver-Kemp: A Decade of Growth and Change
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Carver-Kemp, a neighborhood in Bryan, Texas, has experienced significant changes in its real estate landscape over the past decade. From 2013 to 2022, homeownership rates increased from 51% to 60%, while average home prices saw a remarkable 158% increase, rising from $60,485 to $155,909. This shift occurred against a backdrop of varying federal interest rates, which ranged from 0.1% to 1.68% during this period.
The relationship between interest rates and homeownership in Carver-Kemp reveals interesting trends. As rates remained low between 2013 and 2016, homeownership increased from 51% to 58%. However, even as rates began to rise from 2017 onwards, homeownership continued to grow, reaching 60% by 2022. This suggests that local factors may have played a significant role in driving homeownership, potentially overriding the impact of rising interest rates.
The rental market in Carver-Kemp has seen an inverse trend to homeownership. Renter percentages decreased from 49% in 2013 to 40% in 2022. Despite this decline, average rent prices showed an overall upward trajectory, increasing modestly from $954 in 2013 to $990 in 2022, representing a 3.8% increase over nine years. This growth rate is significantly lower than that of home prices during the same period.
Recent data shows continued appreciation in Carver-Kemp's housing market, with the average home price reaching $162,061 in 2023. However, a slight dip to $160,627 in 2024 indicates a potential cooling in the market. This coincides with higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability and demand.
Looking ahead, predictive models forecast continued growth in Carver-Kemp's real estate market, albeit at a more moderate pace. By 2029, average home prices are expected to reach approximately $180,000 to $190,000, assuming stable economic conditions. Rent prices are projected to increase to around $1,100 to $1,200 per month by 2029, reflecting steady growth in line with historical trends.
In conclusion, Carver-Kemp has undergone a significant transformation in its housing market over the past decade. The neighborhood has seen a strong shift towards homeownership, substantial appreciation in property values, and a shrinking but slightly more expensive rental market. The recent stabilization in home prices, coupled with rising interest rates, may signal a new phase in the neighborhood's real estate dynamics, potentially influencing future trends in both homeownership rates and property values in this evolving Texas community.
