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Overlook's Housing Market: Average Home Values and Ownership Trends in Waterbury's Dynamic Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Overlook, a vibrant neighborhood in Waterbury, Connecticut, has experienced significant changes in its real estate market over the past decade. This analysis examines the fluctuations in homeownership rates, average home prices, and rent prices from 2013 to 2024, as well as projections for future trends. The homeownership rate in Overlook has shown variability from 2013 to 2022. Starting at 56% in 2013, it dropped to 50% in 2015 and fluctuated between 47% and 59% in subsequent years, ending at 55% in 2022. Concurrently, average home prices demonstrated a clear upward trend. From $118,645 in 2013, prices initially decreased to $113,075 in 2014 before steadily climbing. By 2022, the average home price had more than doubled to $249,285, indicating significant property value appreciation.
The relationship between federal interest rates and homeownership rates in Overlook shows some correlation. From 2013 to 2016, relatively low interest rates (0.09% to 0.40%) coincided with homeownership rates above 50%. As interest rates rose more sharply from 2017 onwards, there was a slight decline in homeownership rates, dropping to 47% in 2019. However, despite rising interest rates in 2022 (1.68%), homeownership rebounded to 55%, suggesting other local factors may have influenced this trend.
Renter percentages in Overlook have generally mirrored the inverse of homeownership rates, ranging from 37% to 53% between 2013 and 2022. Average rent prices have shown an overall upward trend during this period. In 2013, the average rent was $1,116 per month. This figure rose to $1,252 by 2018, representing a 12.2% increase over five years. However, there was a slight decrease to $1,206 in 2022, possibly reflecting market adjustments or changes in housing supply and demand.
As of 2024, the average home price in Overlook has reached $296,638, continuing the strong upward trend observed in previous years. This represents a 10.5% increase from 2023's average price of $271,077. Concurrently, the federal interest rate has risen to 5.33% in 2024, up from 5.02% in 2023, potentially impacting homebuying decisions in the neighborhood.
Looking ahead, predictive models suggest that average home prices in Overlook may continue to rise over the next five years, potentially reaching around $350,000 by 2029 if current trends persist. Average rent prices are also expected to increase, possibly surpassing $1,400 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Overlook has experienced significant growth in property values over the past decade, with average home prices more than doubling between 2013 and 2022. Homeownership rates have fluctuated but remained relatively stable overall, while rent prices have shown a general upward trend. The neighborhood's real estate market appears to be robust, with continued price appreciation expected in both the homeownership and rental sectors in the coming years.
