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Pecan Grove: Steady Homeownership Amid Rising Values
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Pecan Grove, a Texas community, has experienced significant changes in its housing market over the past decade. This analysis explores trends in homeownership rates, average home prices, and average rent prices, providing insights into the dynamic real estate landscape of this suburban area. Homeownership in Pecan Grove has remained relatively stable, fluctuating between 86% and 89% from 2013 to 2022. Average home prices in the area have shown a consistent upward trend during this period. In 2013, the average home price was $208,049, which steadily increased to $388,108 by 2022, representing an 86.5% growth over nine years. This substantial rise in home values occurred despite the relatively stable homeownership rates, suggesting a strong demand for housing in the area. The relationship between federal interest rates and homeownership rates in Pecan Grove presents an interesting case. Despite historically low interest rates between 2013 and 2021, ranging from 0.08% to 1.83%, homeownership rates remained relatively constant. This suggests that other factors, such as local economic conditions or housing supply, may have played a more significant role in determining homeownership rates in this community.
Renter percentages in Pecan Grove have shown a slight increase from 9% in 2013 to 11% in 2022, with some fluctuations in between. Average rent prices have not followed a consistent trend. The average rent peaked at $1,804 in 2016 before declining to $1,267 in 2022, a 29.8% decrease. This decline in average rent prices occurred despite the population growth from 16,581 in 2013 to 26,392 in 2022, a 59.2% increase. This suggests that the supply of rental properties may have outpaced demand, or that other factors such as local economic conditions or housing policies may have influenced rental prices.
Looking at the most recent data, the average home price in Pecan Grove continued to rise, reaching $398,959 in 2023 and $404,742 in 2024. This represents a 4.3% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and home prices in the area.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Pecan Grove will continue to rise, albeit at a potentially slower rate due to higher interest rates. We expect average home prices to reach approximately $450,000 by 2029. Average rent prices, which have been declining, may stabilize or see a modest increase as the population continues to grow, potentially reaching around $1,400 by 2029.
In summary, Pecan Grove has experienced significant growth in both population and average home prices over the past decade. The community has maintained a high rate of homeownership despite fluctuations in the housing market and interest rates. The declining average rent prices amidst population growth present an intriguing trend that warrants continued observation. As the area continues to develop, it will be crucial to monitor how these housing trends evolve in response to changing economic conditions and demographic shifts.
