Loading Content...
Maverick Creek: Rising Home Values and Shifting Ownership in San Antonio
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Maverick Creek, a vibrant neighborhood in San Antonio, Texas, has experienced significant changes in its housing market over the past decade. This analysis focuses on the trends in homeownership rates, average home prices, and rental patterns from 2013 to 2024. The community has seen a general trend of increasing average home prices, while ownership percentages have fluctuated over the years. The homeownership rate in Maverick Creek has shown variability since 2013. Starting at 18% in 2013, it remained relatively stable until 2017 when it increased to 21%. A more substantial jump occurred in 2020, with homeownership reaching 28%. However, this increase was short-lived, as the rate decreased to 22% in 2021 before rising again to 26% in 2022. Concurrently, average home prices in the neighborhood have shown a consistent upward trend. In 2013, the average home price was $137,083. By 2022, this figure had doubled to $275,177, representing a significant increase in property values over the decade.
The relationship between federal interest rates and homeownership rates in Maverick Creek shows some correlation. For instance, the low interest rates of 0.08% in 2021 coincided with a homeownership rate of 22%. As interest rates rose to 1.68% in 2022, homeownership increased to 26%, possibly due to buyers rushing to secure mortgages before rates climbed further. This trend aligns with the general principle that lower interest rates can encourage homeownership by making mortgages more affordable.
Regarding rental trends, the percentage of renters in Maverick Creek has generally been high, albeit with some fluctuations. In 2013, 81% of residents were renters. This percentage increased slightly to 82% in 2014 and remained stable until 2016. There was a slight decrease to 79% in 2017, followed by an increase back to 82% in 2019. The most significant change occurred in 2020 when the renter percentage dropped to 72%, coinciding with the spike in homeownership. By 2022, the renter percentage had risen again to 74%. Average rent prices have shown considerable volatility. From 2013 to 2019, average rents remained relatively stable, ranging from $599 to $620. However, there was a sharp increase in 2020, with average rent jumping to $1,127, followed by a further rise to $1,270 in 2021. In 2022, there was a slight decrease to $999.
Looking at the most recent data, the average home price in Maverick Creek for 2023 was $278,737, showing a slight increase from 2022. However, in 2024, the average home price decreased to $273,883. This recent dip coincides with a rise in federal interest rates, which reached 5.02% in 2023 and further increased to 5.33% in 2024. These higher interest rates may be contributing to the slight cooling in the housing market.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Maverick Creek may experience moderate growth, albeit at a slower pace than observed in previous years. This projection is based on the recent slight downturn and the current high interest rate environment. For average rent prices, we expect a stabilization or slight increase over the next five years, as the market adjusts to recent significant jumps and aligns with overall housing market conditions.
In summary, Maverick Creek has experienced notable changes in its housing market over the past decade. The neighborhood has seen substantial growth in average home prices, nearly doubling from 2013 to 2022. Homeownership rates have fluctuated but shown an overall increase in recent years. Rental rates remain high despite some variations, and average rent prices have seen significant increases, particularly since 2020. The recent cooling in home prices, coupled with rising interest rates, suggests a potential shift in market dynamics that will be important to monitor in the coming years.
