Loading Content...
Park Hill's Rising Home Values and Steady Ownership Rates: A Decade of Real Estate 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
Park Hill, a neighborhood in Fort Worth, Texas, has experienced significant changes in homeownership rates and property values over the past decade. The area has seen a general trend of increasing average home prices, while ownership rates have fluctuated. The neighborhood's average rent prices have also shown notable variability, reflecting the dynamic nature of its real estate market.
The relationship between homeownership rates and average home prices in Park Hill reveals an interesting pattern. In 2013, the homeownership rate was 70%, with an average home price of $638,867. As average home prices steadily increased, reaching $1,238,746 in 2022, the homeownership rate saw some fluctuation but ultimately rose to 77%. This suggests that despite rising home values, Park Hill residents have maintained a strong inclination towards homeownership. The most significant jump in average home prices occurred between 2020 and 2022, with a 32.4% increase from $935,547 to $1,238,746.
Federal interest rates have played a role in homeownership trends in Park Hill. The period from 2013 to 2015 saw relatively stable low interest rates (0.11% to 0.13%) coinciding with an increase in homeownership from 70% to 79%. As interest rates began to rise more significantly from 2016 onwards, homeownership rates initially dipped but then stabilized. For instance, when interest rates reached 1.83% in 2018, homeownership was at 65%, but by 2022, with rates at 1.68%, ownership had rebounded to 77%.
Renter percentages and average rent prices in Park Hill have shown some correlation. In 2013, with 30% of residents renting, the average rent was $952. As the renter percentage increased to 35% in 2017, average rent rose to $1,005. However, this relationship isn't always consistent. In 2021, despite a decrease in renter percentage to 23%, the average rent jumped significantly to $1,320. By 2022, with the renter percentage stable at 23%, average rent further increased to $1,613, marking a 22.2% year-over-year increase.
Looking at the most recent data, average home prices in Park Hill continued to rise in 2023 and 2024, reaching $1,250,780 and $1,350,774 respectively. This represents a 9% increase from 2022 to 2024. Simultaneously, federal interest rates have risen sharply, hitting 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership trends in the neighborhood.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Park Hill will continue to rise, potentially reaching around $1,700,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $2,000 per month within the same timeframe. These projections are based on the historical growth patterns observed in the neighborhood's real estate market.
In summary, Park Hill has demonstrated resilience in homeownership rates despite significant increases in average home prices. The neighborhood has weathered fluctuations in federal interest rates while maintaining a strong core of homeowners. Rent prices have shown volatility but with a general upward trend. As we look to the future, Park Hill's real estate market appears poised for continued growth in both home values and rental rates, reflecting its enduring appeal as a residential area in Fort Worth.
