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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Quail Glen, a neighborhood in Roseville, California, has experienced significant shifts in homeownership and housing prices over the past decade. This suburban community has seen a steady increase in homeownership rates, coupled with notable fluctuations in average home prices and rent costs. The trend in homeownership in Quail Glen has been consistently upward since 2013. In 2013, 74% of residents owned their homes, and this figure rose steadily to reach 85% by 2022. This substantial increase in homeownership coincided with a significant rise in average home prices. In 2013, the average home price in Quail Glen was $345,238. By 2022, this figure had more than doubled to $706,200, representing a 104% increase over nine years.
The relationship between federal interest rates and homeownership rates in Quail Glen appears to follow established trends. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 1.83%, homeownership rates in the neighborhood increased from 74% to 86%. This aligns with the general principle that lower interest rates make home financing more accessible, encouraging higher rates of homeownership.
Conversely, as homeownership rates increased, the percentage of renters in Quail Glen decreased from 26% in 2013 to 15% in 2022. Despite this decline in the renter population, average rent prices showed an overall upward trend. The average rent increased from $1,560 in 2013 to $1,759 in 2022, with some fluctuations in between. Notably, there was a significant spike in average rent to $2,401 in 2021, before returning to lower levels in 2022.
Looking at the most recent data, the average home price in Quail Glen decreased to $667,366 in 2023, a 5.5% drop from 2022. However, in 2024, prices have begun to rise again, reaching $681,070. This recent uptick occurs despite high federal interest rates of 5.02% in 2023 and 5.33% in 2024, which typically would be expected to dampen housing demand.
Applying predictive models to forecast 5-year trends, we can anticipate continued fluctuations in the housing market. Average home prices are likely to continue their overall upward trajectory, potentially reaching around $750,000 by 2029, assuming economic conditions remain stable. Rent prices may also continue to increase, potentially reaching an average of $2,000 per month within the next five years.
In summary, Quail Glen has experienced a significant increase in homeownership rates over the past decade, accompanied by substantial growth in average home prices. Despite a recent dip, home prices appear to be on an upward trend again. The rental market, while shrinking in terms of population, has seen generally increasing average rents. These trends reflect a dynamic and evolving housing market in this Roseville neighborhood, with homeownership becoming increasingly prevalent amidst rising property values.