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Pecos Vistas: Rising Home Values and High Ownership Rates in Chandler's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Pecos Vistas, a residential neighborhood in Chandler, Arizona, is characterized by its high homeownership rate and steadily increasing property values. This community has undergone significant changes in population density and housing trends over the past decade, reflecting the dynamic nature of Chandler's real estate market.
The homeownership rate in Pecos Vistas has remained consistently high, around 95% for much of the 2010s. This strong preference for homeownership aligns with the neighborhood's rising average home prices. In 2010, the average home price in Pecos Vistas was $344,701. By 2022, this figure had more than doubled to $813,376, representing a substantial 136% increase over 12 years. This upward trend in home values coincided with a slight decrease in homeownership from 96% in 2017 to 91% in 2022, suggesting that rising prices may have made homeownership less attainable for some residents.
Federal interest rates have influenced homeownership trends in Pecos Vistas. The period of historically low interest rates from 2010 to 2021, often below 1%, likely contributed to the neighborhood's high homeownership rates. In 2014, when the federal interest rate was 0.09%, the homeownership rate peaked at 96%. As interest rates rose more significantly in 2022 to 1.68%, homeownership dipped to 91%, indicating the impact of financing costs on purchasing decisions.
The rental market in Pecos Vistas, while small, has shown interesting trends. The percentage of renters increased from 4% in 2017 to 9% in 2022, coinciding with a significant rise in average rent prices. In 2013, the average rent was $36 per month, but by 2022, it had increased to $2,292, representing a 6,267% increase. This dramatic rise in rent prices, coupled with the increase in the renter population, suggests growing demand for rental properties in the area, possibly due to the high cost of homeownership.
The most recent data shows the average home price in Pecos Vistas decreased slightly from $813,376 in 2022 to $780,037 in 2023, marking a 4.1% decline. However, in 2024, prices rebounded to $802,348, a 2.9% increase from the previous year. This recovery occurs despite the federal interest rate rising to 5.33% in 2024, indicating resilience in the local housing market.
Predictive models suggest that average home prices in Pecos Vistas may continue to rise over the next five years, potentially reaching around $900,000 by 2029. However, this growth rate may moderate compared to the rapid increases seen in the early 2020s. Average rent prices are also expected to continue their upward trajectory, potentially surpassing $2,500 per month within the next five years, driven by the neighborhood's desirability and limited rental inventory.
In summary, Pecos Vistas has demonstrated a strong preference for homeownership, with property values appreciating significantly over time. The neighborhood has weathered changes in federal interest rates and shown resilience in its housing market. The small but growing rental market has seen dramatic price increases, reflecting the area's overall desirability. As Pecos Vistas continues to evolve, it is likely to remain an attractive location for both homeowners and the increasing number of renters seeking residence in this Chandler community.
