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Keller, Texas: Home Values Double as Ownership Rates Slightly Decline
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
Keller, Texas is a thriving suburban city located in the Dallas-Fort Worth metroplex. Known for its excellent schools and high quality of life, Keller has experienced significant growth and development over the past decade. The city has maintained a consistently high rate of homeownership, with average home prices steadily increasing and average rent prices fluctuating over time.
Homeownership in Keller has remained relatively stable, with a slight decrease from 84% in 2013 to 82% in 2022. During this period, average home prices have shown a strong upward trend, rising from $293,347 in 2013 to $610,694 in 2022, representing an impressive 108% increase. This substantial growth in home values suggests that despite the minor decrease in homeownership, Keller remains an attractive market for property investors and homeowners alike.
The relationship between federal interest rates and homeownership rates in Keller appears to be somewhat complex. While lower interest rates generally encourage homeownership, Keller's homeownership rate has remained relatively stable despite fluctuations in interest rates. For instance, when interest rates were at historic lows of 0.08% in 2021, Keller's homeownership rate was 83%. As interest rates rose to 1.68% in 2022, the homeownership rate slightly decreased to 82%, suggesting that other local factors may have a more significant influence on homeownership in this market.
The percentage of renters in Keller has shown a slight increase from 15% in 2013 to 18% in 2022. Average rent prices have also experienced an upward trend, rising from $1,563 in 2013 to $2,315 in 2022, a 48% increase. This growth in both renter population and rent prices indicates a strong demand for rental properties in Keller, possibly driven by the city's population growth from 41,174 in 2013 to 45,153 in 2022.
In 2023, the average home price in Keller reached $625,144, with federal interest rates at 5.02%. Moving into 2024, the average home price has further increased to $639,250, while interest rates have slightly risen to 5.33%. These figures demonstrate continued growth in the Keller housing market, despite higher interest rates that might typically slow down price appreciation.
Looking ahead, predictive models suggest that Keller's housing market will continue to experience growth over the next five years. Average home prices are projected to maintain their upward trajectory, potentially reaching around $750,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $2,800 per month within the same timeframe.
In summary, Keller's real estate market has shown remarkable resilience and growth over the past decade. The city has maintained a high rate of homeownership while experiencing significant appreciation in home values. The rental market has also strengthened, with increasing renter populations and rising rent prices. Despite higher interest rates in recent years, Keller's housing market continues to thrive, indicating strong local demand and a positive outlook for both homeowners and investors in the coming years.
