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Home Values Soar and Ownership Remains High in The Fairways at Firewheel, Garland, Texas
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
The Fairways at Firewheel, a neighborhood in Garland, Texas, exemplifies a robust housing market characterized by high homeownership rates and consistently increasing property values. This community has experienced notable growth in recent years, reflected in its population increase and housing density.
The homeownership rate in The Fairways at Firewheel has remained exceptionally high, maintaining 100% owner-occupied homes from 2013 to 2016. A slight dip to 98% occurred in 2017 and 2019, before returning to 100% in 2022. This trend of high homeownership correlates with the steady rise in average home prices over the years. In 2010, the average home price was $341,570, which grew significantly to $639,066 by 2022, marking an impressive 87% increase over a 12-year period.
The relationship between federal interest rates and homeownership rates in The Fairways at Firewheel generally aligns with the expectation that lower interest rates encourage homeownership. For instance, when interest rates were relatively low at 0.11% in 2013, the neighborhood maintained 100% homeownership. Even as interest rates gradually increased from 2016 to 2019, homeownership remained high, only dropping slightly to 98%. This suggests that other factors, such as the neighborhood's desirability, may have played a significant role in maintaining high homeownership rates despite fluctuating interest rates.
Renter percentages in The Fairways at Firewheel have been minimal throughout the observed period. From 2017 to 2019, the renter-occupied rate consistently stood at 1%. There was a slight increase to 4% in 2020 and 5% in 2021, before returning to 0% in 2022. The lack of specific average rent price data for this neighborhood makes it challenging to draw direct correlations between renter percentages and rent prices.
Recent data shows that the average home price in The Fairways at Firewheel continued its upward trajectory, reaching $667,968 in 2023 and $691,134 in 2024. This represents a 4.5% increase from 2022 to 2023 and a further 3.5% increase from 2023 to 2024. Notably, these price increases occurred despite a significant rise in federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. This suggests a strong demand for housing in the neighborhood that outweighs the potential deterrent of higher borrowing costs.
Applying predictive models to forecast 5-year trends, it's reasonable to expect continued growth in average home prices in The Fairways at Firewheel. Based on the historical data and recent trends, average home prices may reach approximately $800,000 to $850,000 by 2029. However, this growth rate may moderate compared to the sharp increases seen in recent years, especially if interest rates remain elevated.
In summary, The Fairways at Firewheel has demonstrated a remarkable trend of high homeownership and steadily increasing property values. The neighborhood has shown resilience in maintaining its attractiveness to homeowners even in the face of rising interest rates. The consistent increase in average home prices, coupled with the area's ability to maintain near 100% homeownership, suggests a strong and stable housing market in this Garland, Texas community.
