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Manor, Texas: Home Values Soar Amidst High Ownership Rates
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Manor, Texas, a rapidly growing city in Travis County, has experienced significant changes in its housing market over the past decade. Known for its suburban charm and proximity to Austin, Manor has maintained high homeownership rates while seeing substantial increases in property values. This analysis examines the trends in homeownership, home prices, and rental markets in Manor from 2010 to 2024, with projections for future developments.
The homeownership rate in Manor has remained consistently high, fluctuating between 84% and 88% from 2013 to 2022. This stability in homeownership coincided with a remarkable increase in average home prices. In 2010, the average home price in Manor was $143,196, which rose dramatically to $407,097 by 2022, representing a 184% increase over 12 years. This trend indicates a strong correlation between the city's growing popularity and the rising value of residential properties.
Federal interest rates have played a crucial role in shaping Manor's homeownership trends. From 2010 to 2021, historically low interest rates, ranging from 0.08% to 2.16%, likely contributed to maintaining high homeownership percentages by making mortgage financing more affordable. For example, in 2020, when the federal interest rate was 0.38%, Manor's homeownership rate stood at 86%.
The rental market in Manor, while smaller, has also seen notable changes. The percentage of renters remained relatively low, ranging from 12% to 16% between 2013 and 2022. Despite the small renter population, average rent prices showed an upward trend, increasing from $1,390 in 2013 to $1,616 in 2022, a 16.3% rise over nine years. This increase in rent prices, combined with the growing population (from 9,991 in 2010 to 25,683 in 2022), suggests a tightening rental market despite the city's preference for homeownership.
In 2023 and 2024, Manor's housing market experienced a slight correction after years of rapid growth. The average home price decreased to $359,305 in 2023 and further adjusted to $343,845 in 2024. This coincided with significant increases in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting home affordability and buyer demand.
Looking ahead, predictive models suggest moderate growth in Manor's housing market over the next five years. Average home prices are projected to stabilize and potentially see modest increases, possibly reaching around $375,000 by 2029. Average rent prices are expected to continue their upward trajectory, potentially rising to approximately $1,800 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In conclusion, Manor, Texas has maintained a strong preference for homeownership amidst rapidly rising property values. The city's proximity to Austin, coupled with historically low interest rates, has driven significant home price appreciation. While the rental market remains smaller, it has seen steady growth in both demand and prices. Recent market adjustments and rising interest rates may lead to a more balanced housing market in the coming years, with moderate growth expected in both home prices and rents.
