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Knoll Ridge: Rising Home Values and Shifting Ownership in Fort Lauderdale's Dynamic Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Knoll Ridge, a neighborhood in Fort Lauderdale, Florida, has experienced significant fluctuations in its housing market over the past decade. This area has seen notable shifts in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The percentage of owner-occupied homes in Knoll Ridge has shown a general decline followed by a recovery. In 2013, the homeownership rate stood at 48%, but it decreased to a low of 33% in 2016. However, by 2022, it had rebounded to 48%. This trend correlates with the average home prices in the area. In 2013, the average home price was $256,856, and it steadily increased to $611,862 by 2022, representing a substantial 138% increase over this period.
The relationship between federal interest rates and homeownership rates in Knoll Ridge shows some correlation. When interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership rates paradoxically declined. This suggests that other factors, such as rapidly increasing home prices, may have outweighed the benefits of low interest rates for potential buyers in this neighborhood.
Renter percentages in Knoll Ridge have generally mirrored the inverse of homeownership rates. The percentage of renter-occupied homes peaked at 67% in 2016 and has since decreased to 52% in 2022. Average rent prices have shown a dramatic increase, especially in recent years. In 2013, the average rent was $607, which decreased to $492 in 2015. However, by 2022, the average rent had increased to $1,437, a 192% increase from its 2015 low. This surge in rent prices occurred despite fluctuations in the neighborhood's population, which peaked at 2,517 in 2019 before declining to 1,792 in 2022.
In 2023 and 2024, the housing market in Knoll Ridge continued its upward trajectory. The average home price reached $672,319 in 2023 and further increased to $699,635 in 2024. This represents a 14.3% increase from 2022 to 2024. Federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the neighborhood.
Predictive models suggest that both average home prices and rent prices in Knoll Ridge are likely to continue their upward trend over the next five years. Home prices could potentially reach or exceed $800,000 by 2029, while average rent prices might surpass $1,800 per month. These projections assume continued economic growth and stable demand for housing in the area.
In summary, Knoll Ridge has experienced significant changes in its housing market. The neighborhood has seen a recovery in homeownership rates, coupled with substantial increases in both home prices and rent prices. The interplay between these factors, along with broader economic conditions such as interest rates, has shaped a dynamic and evolving housing landscape in this Fort Lauderdale neighborhood.
