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Rising Home Values and Dynamic Ownership in College Park Country Estates, Gilbert
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
College Park Country Estates in Gilbert, Arizona: A Decade of Housing Market Shifts College Park Country Estates, located in Gilbert, Arizona, has experienced significant changes in its housing market over the past decade. This neighborhood has seen notable fluctuations in homeownership rates, average rent prices, and home values, reflecting broader economic trends and local market conditions. These shifts provide insight into the area's real estate dynamics and potential future trends.
Homeownership Rates and Federal Interest Rates The homeownership rate in College Park Country Estates has shown a variable trend over the years. In 2013, the neighborhood had a 64% homeownership rate, which remained stable until 2015. However, from 2016 to 2021, there was a gradual decline in homeownership, reaching a low of 53% in 2021. Interestingly, 2022 saw a significant rebound, with the homeownership rate jumping to 68%. This increase coincided with changes in average home prices, although specific data on home prices for most years is not available.
Federal interest rates have played a crucial role in shaping homeownership trends. The period from 2013 to 2015, when homeownership rates were stable at 64%, coincided with historically low interest rates ranging from 0.09% to 0.13%. As interest rates began to rise from 2016 onwards, reaching 1.83% in 2018, homeownership rates declined. The sharp increase in homeownership in 2022 to 68% occurred despite a rise in interest rates to 1.68%, suggesting other local factors may have influenced this trend.
Renter Percentages and Average Rent Prices Renter percentages and average rent prices have shown an interesting correlation. From 2013 to 2015, the renter-occupied rate remained steady at 36%, with average rent prices fluctuating between $875 and $960. As the renter percentage increased to 45% by 2019, average rent prices also rose, reaching $1,022. This trend continued into 2021, with renters comprising 47% of occupants and average rent climbing to $1,217. However, 2022 saw a significant shift, with the renter percentage dropping to 32% while the average rent slightly decreased to $1,204.
Recent Home Prices and Interest Rates In 2023 and 2024, we observe a continuation of high average home prices in College Park Country Estates. The average home price in 2023 was $752,753, increasing to $761,420 in 2024. This upward trend in home prices occurs alongside relatively high federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These figures indicate a resilient housing market despite higher borrowing costs.
Future Projections Looking ahead, based on current trends and economic indicators, we can project that average home prices in College Park Country Estates may continue to rise moderately over the next five years, potentially reaching around $800,000 by 2029. Average rent prices are also likely 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.
Conclusion In summary, College Park Country Estates has demonstrated a dynamic housing market with fluctuating homeownership rates and steadily increasing rent prices. The recent surge in homeownership, coupled with rising home values and rent prices, suggests a strong demand for housing in this area. The neighborhood's ability to maintain high home values even in a high-interest-rate environment indicates its desirability and potential for continued growth in the real estate market.
