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Nasworthy's Housing Market: High Ownership Amidst Rising Prices
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Nasworthy, a neighborhood in San Angelo, Texas, situated near Lake Nasworthy, has experienced notable changes in its housing market over the past decade. This area has maintained a high rate of homeownership while witnessing significant increases in average home prices. From 2013 to 2022, the neighborhood's homeownership rate averaged around 77%, indicating a stable base of resident property owners.
The homeownership rate in Nasworthy has shown some fluctuations but remained relatively high throughout the years. In 2013, the rate stood at 83%, dipped to 74% in 2015 and 2016, then rose to 82% in 2019 before settling at 76% in 2022. Concurrent with these ownership trends, average home prices in the neighborhood demonstrated substantial growth. Between 2014 and 2022, the average home price increased from $213,354 to $342,676, representing a significant 60.6% rise over eight years. This upward trajectory in home prices, despite minor variations in ownership rates, indicates strong housing demand and potential property value appreciation in the area.
Federal interest rates have played a role in shaping Nasworthy's homeownership landscape. During the period of extremely low interest rates from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates in the neighborhood remained relatively high, between 74% and 83%. As interest rates began to climb more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates showed some volatility but remained generally strong, reaching 82% in 2019. The low interest rate environment in 2020 and 2021 (0.38% and 0.08% respectively) coincided with homeownership rates of 80% and 77%, suggesting that favorable financing conditions likely supported homeownership in the area.
Renter percentages in Nasworthy have fluctuated inversely to homeownership rates, ranging from a low of 17% in 2013 to a high of 26% in 2015, 2016, and 2018. Average rent prices have shown considerable variation over the years. In 2013, the average rent was $1,293, which increased to a peak of $1,545 in 2017 before decreasing to $1,325 in 2022. The population of Nasworthy has grown from 2,848 in 2013 to 3,285 in 2022, a 15.3% increase. This population growth, combined with fluctuating rent prices, suggests a dynamic rental market responding to changes in supply and demand within the neighborhood.
In 2023, the average home price in Nasworthy reached $352,835, representing a 3% increase from 2022. However, in 2024, there was a slight decrease to $352,631, marking a marginal decline of 0.06%. This recent stabilization in home prices coincides with higher federal interest rates, which stood at 5.02% in 2023 and increased further to 5.33% in 2024. These higher interest rates may be contributing to a cooling effect on home price growth in the neighborhood.
Looking ahead, based on historical trends and current market conditions, we can predict that average home prices in Nasworthy may experience modest growth or stabilization over the next five years. The recent plateau in prices, coupled with higher interest rates, suggests a potential slowdown in the rapid appreciation seen in previous years. Average rent prices are likely to continue fluctuating, potentially showing a slight upward trend in response to population growth and housing demand in the area.
In summary, Nasworthy has maintained a strong homeownership base despite rising home prices over the past decade. The neighborhood has demonstrated resilience in its housing market, with homeownership rates remaining relatively high even as average home prices increased significantly. The rental market has shown flexibility, adapting to population growth and economic factors. Recent data indicates a potential stabilization in the housing market, which may shape the neighborhood's real estate landscape in the coming years.
