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Home Values Soar in Duke Park: A Decade of Growth and Resilience
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Duke Park, a neighborhood in Durham, North Carolina, has experienced significant changes in homeownership rates and property values over the past decade. The area has seen a general trend of increasing homeownership, rising average home prices, and fluctuating average rent prices. This analysis examines these trends and their implications for the neighborhood's housing market.
The homeownership rate in Duke Park has shown a notable upward trend, particularly in recent years. In 2013, the percentage of owner-occupied homes was 42%. This figure remained relatively stable until 2017 when it began to rise, reaching 49% in 2018 and 2019. The trend continued upward, with homeownership peaking at 59% in 2021 before slightly decreasing to 58% in 2022. This increase in homeownership coincides with a significant rise in average home prices. In 2013, the average home price in Duke Park was $191,579. By 2022, this figure had more than doubled to $468,542, representing a 144% increase over nine years.
The relationship between federal interest rates and homeownership rates in Duke Park presents an interesting dynamic. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 1.83%), homeownership rates only began to climb significantly after 2017. This suggests that other factors, such as local economic conditions or housing market dynamics, may have played a more influential role in driving homeownership in the neighborhood.
Renter percentages in Duke Park have naturally mirrored the homeownership trends, decreasing from 58% in 2013 to 42% in 2022. Interestingly, average rent prices have shown considerable volatility during this period. In 2013, the average rent was $759 per month. This figure peaked at $1,024 in 2014 before fluctuating in subsequent years. By 2022, the average rent had settled at $912, representing a 20% increase from 2013 levels. The decrease in renter percentage coupled with the overall increase in rent prices suggests a tightening rental market, possibly driven by the neighborhood's growing desirability and the conversion of rental properties to owner-occupied homes.
Looking at more recent data, the average home prices in Duke Park continued to rise in 2023 and 2024, reaching $475,485 and $488,848 respectively. This represents a modest but steady increase of 1.5% from 2022 to 2023 and 2.8% from 2023 to 2024. It's worth noting that these increases occurred despite the Federal Reserve raising interest rates to 5.02% in 2023 and 5.33% in 2024, which typically would be expected to cool the housing market.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Duke Park will continue to rise, albeit at a more moderate pace than seen in previous years. The rate of increase is likely to slow due to the higher interest rate environment, which may dampen demand. Average rent prices are expected to continue their upward trajectory, driven by the neighborhood's desirability and the potential for fewer rental units available as homeownership rates remain high.
In summary, Duke Park has experienced a significant shift towards homeownership over the past decade, accompanied by substantial increases in property values. The neighborhood has shown resilience in its housing market, with prices continuing to rise even in the face of higher interest rates. These trends suggest that Duke Park remains an attractive location for both homeowners and investors, with a strong potential for continued growth in the coming years.
