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Iveywood Housing Market: Rising Home Values Amidst Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Iveywood, a neighborhood in Oakland, California, has experienced significant changes in its housing market over the past decade. This analysis examines the relationship between homeownership rates, average home prices, and average rent prices, revealing interesting patterns in the local real estate landscape.
From 2013 to 2022, Iveywood's homeownership rate fluctuated between 47% and 52%, showing a slight overall decline. In 2013, 51% of residents owned their homes, while by 2022, this figure had decreased to 47%. During this same period, average home prices in the neighborhood saw a dramatic increase. In 2013, the average home price was $174,214, and by 2022, it had surged to $603,114, representing a 246% increase over nine years.
The relationship between federal interest rates and homeownership rates in Iveywood shows some correlation. In 2013, when interest rates were at a low 0.11%, homeownership was at 51%. As interest rates began to rise, reaching 1.68% in 2022, homeownership decreased to 47%. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
Renter percentages in Iveywood have shown a slight upward trend, increasing from 49% in 2013 to 53% in 2022. Correspondingly, average rent prices have also risen significantly. In 2013, the average rent was $1,299, and by 2022, it had increased to $1,752, marking a 35% rise. This increase in both renter percentages and rent prices could be attributed to various factors, including the growing population in the area, which rose from 3,783 in 2013 to 4,035 in 2022.
Looking at the most recent data, the average home price in Iveywood for 2023 was $554,303, showing a slight decrease from the 2022 peak. As of 2024, the average home price has stabilized at $555,201. Federal interest rates have continued to rise, reaching 5.02% in 2023 and 5.33% in 2024. This increase in interest rates may be contributing to the stabilization of home prices in the neighborhood.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Iveywood may experience moderate growth, potentially reaching around $650,000 by 2029. Average rent prices are expected to continue their upward trajectory, potentially surpassing $2,000 per month within the next five years.
In summary, Iveywood has witnessed a significant appreciation in property values over the past decade, with average home prices more than tripling between 2013 and 2022. Despite this increase, homeownership rates have slightly declined, possibly due to rising federal interest rates and increased housing costs. The rental market has grown, with both the percentage of renters and average rent prices showing steady increases. Recent data suggests a potential stabilization in home prices, which may impact future trends in the neighborhood's housing market.
