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Hunterwood: A Houston Neighborhood's Dynamic Home Values and Ownership Trends
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
Hunterwood, a neighborhood in Houston, Texas, has experienced significant shifts in its real estate landscape over the past decade. This area has seen notable fluctuations in homeownership rates, average home prices, and average rent prices, reflecting the dynamic nature of Houston's housing market.
The ownership percentage in Hunterwood has shown an overall upward trend, rising from 58% in 2013 to 61% in 2022. This increase in homeownership coincided with a substantial rise in average home prices. In 2013, the average home price in Hunterwood was $76,686. By 2022, this figure had surged to $204,348, representing a remarkable 166% increase over nine years. This correlation suggests that despite rising prices, the neighborhood remained attractive to potential homeowners.
The relationship between federal interest rates and homeownership rates in Hunterwood presents an interesting dynamic. From 2013 to 2016, as interest rates remained low (between 0.09% and 0.40%), homeownership rates actually decreased slightly from 58% to 55%. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates increased to 66%. This trend continued into 2020 and 2021, with homeownership reaching 69% while interest rates dropped to historic lows (0.38% in 2020 and 0.08% in 2021). This suggests that factors beyond interest rates, such as local economic conditions or housing supply, may have played a significant role in homeownership decisions in Hunterwood.
Renter percentages and average rent prices in Hunterwood have also shown notable trends. The percentage of renters fluctuated between 24% and 39% from 2013 to 2022. Interestingly, average rent prices increased substantially during this period, rising from $881 in 2013 to $1,408 in 2022, a 60% increase. This rise in rent prices occurred despite fluctuations in the renter population, suggesting strong demand for rental properties in the area.
Looking at the most recent data, the average home price in Hunterwood reached $217,519 in 2023 and further increased to $223,245 in 2024. This represents a 9.3% increase from 2022 to 2024, indicating continued growth in the local real estate market. Notably, this growth occurred despite the Federal Reserve interest rate rising to 5.02% in 2023 and 5.33% in 2024, suggesting robust demand for housing in the area even in a higher interest rate environment.
Applying predictive models to forecast 5-year trends, we anticipate continued growth in both average home prices and rent prices in Hunterwood. Based on historical data and current market conditions, average home prices could potentially reach $275,000 to $300,000 by 2029. Average rent prices may increase to around $1,700 to $1,800 per month in the same timeframe, assuming current trends persist.
In summary, Hunterwood has demonstrated resilience and growth in its housing market. The neighborhood has seen a significant increase in homeownership rates and substantial appreciation in average home values over the past decade. Despite rising prices, both the ownership and rental markets have shown strength, with increasing demand reflected in higher home values and rent prices. The area's ability to maintain growth even during periods of higher interest rates suggests a robust local economy and continued attractiveness to both homeowners and renters.
