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Home Values Soar in Cooley Station North: Gilbert's Real Estate Hotspot
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
Cooley Station North, a neighborhood in Gilbert, Arizona, has experienced significant growth and changes in its housing market over the past decade. This analysis examines the trends in homeownership rates, home values, and rental prices that have shaped the area's development. From 2013 to 2022, Cooley Station North saw a remarkable increase in homeownership rates. The percentage of owner-occupied homes rose from 55% to 79%, indicating a strong preference for homeownership in the community. Simultaneously, average home prices more than tripled, increasing from $149,718 in 2011 to $536,389 in 2022. This substantial growth in both homeownership rates and property values suggests a robust and attractive housing market in the area. The relationship between federal interest rates and homeownership in Cooley Station North presents an intriguing pattern. Despite historically low interest rates from 2013 to 2021, ranging from 0.08% to 1.83%, the neighborhood consistently experienced rising homeownership rates. This trend aligns with the general principle that lower interest rates encourage homeownership due to more affordable financing options. However, the continued increase in homeownership even as interest rates began to climb in 2022 (1.68%) implies that other factors, such as local economic conditions or the desirability of the neighborhood, may have played a significant role in driving this trend.
As homeownership rates increased, the percentage of renters in Cooley Station North decreased correspondingly, dropping from 45% in 2013 to 21% in 2022. Interestingly, average rent prices remained relatively stable during this period, only increasing slightly from $1,750 in 2013 to $1,756 in 2022. This stability in rent prices, coupled with decreasing renter percentages, may indicate a shift in housing preferences towards homeownership or suggest that new housing developments in the area have primarily catered to homeowners rather than renters. Recent data shows a slight moderation in the housing market of Cooley Station North. Average home prices experienced a minor decrease to $495,807 in 2023, followed by a modest increase to $510,663 in 2024. This recent trend coincides with significantly higher federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may contribute to a moderation in home price growth and could potentially impact homeownership rates in the near future. Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Cooley Station North will continue to show moderate growth, albeit at a slower pace than observed in previous years. This projection is based on the historical trend of increasing home values and the neighborhood's apparent desirability. Average rent prices are expected to remain relatively stable with potential for slight increases, reflecting the pattern observed over the past decade. In conclusion, Cooley Station North has demonstrated a strong trend towards homeownership, with a significant increase in both the percentage of owner-occupied homes and average home prices over the past decade. The stability of rent prices amidst decreasing renter percentages suggests a shifting housing landscape in the neighborhood. Recent data indicating a slight cooling in the housing market, coupled with rising interest rates, may signal a new phase in the area's housing dynamics, potentially moderating the rapid growth observed in previous years.
