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Mooncrest, Alabama: Rising Home Values and Ownership Rates Amid Unusual Rent 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
Mooncrest, a neighborhood in Semmes, Alabama, has experienced significant changes in its real estate landscape over the past decade. This analysis focuses on the fluctuations in homeownership rates and property values, reflecting broader economic trends and local market dynamics. The homeownership rate in Mooncrest has shown considerable variation from 2013 to 2022. Starting at 76% in 2013, it reached a peak of 92% in 2017 before settling at 80% in 2022. During this same period, average home prices demonstrated a consistent upward trend, increasing from $142,846 in 2013 to $231,904 in 2022, representing a substantial 62.3% growth.
Federal interest rates have played a significant role in shaping homeownership trends in Mooncrest. From 2013 to 2016, historically low interest rates of 0.1% to 0.4% coincided with a rise in homeownership from 76% to 86%. As interest rates climbed to 1.83% by 2018, homeownership remained relatively high at 87%. A sudden drop in interest rates to 0.08% in 2021 corresponded with a slight dip in homeownership to 77%, possibly due to other economic factors.
Renter percentages in Mooncrest have inversely mirrored homeownership rates, ranging from a high of 24% in 2013 to a low of 8% in 2017, before settling at 20% in 2022. Average rent prices have shown an overall increasing trend, rising from $803 in 2013 to $1,085 in 2022, a 35% increase. A significant jump in average rent occurred from $848 in 2019 to $1,087 in 2020, coinciding with a population peak of 1,260 residents.
In 2023, the average home price in Mooncrest reached $242,979, showing continued growth from the previous year. This trend persisted into 2024, with average home prices rising further to $249,030. Federal interest rates also saw a significant increase during this period, climbing to 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices continued to appreciate, suggesting strong demand in the local real estate market.
Looking ahead, predictive models suggest that average home prices in Mooncrest are likely to continue their upward trajectory over the next five years, potentially reaching around $275,000 by 2029. Average rent prices are also expected to rise, potentially surpassing $1,200 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Mooncrest has experienced a general trend of increasing homeownership rates and rising property values over the past decade. Despite fluctuations in federal interest rates, the neighborhood has maintained a strong housing market with steadily appreciating home prices. The rental market has also shown growth, with rising average rents reflecting the area's increasing desirability. As Mooncrest continues to evolve, it is likely to remain an attractive location for both homeowners and renters, with continued growth in both property values and rental rates expected in the coming years.
