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Rising Home Values and Dynamic Ownership in Templeton Place, Gilbert: A Decade of Housing Market Shifts
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Templeton Place, a neighborhood in Gilbert, Arizona, showcases an intriguing blend of homeownership dynamics and real estate trends. This community has experienced fluctuations in both its population and housing market over the past decade, reflecting broader economic shifts and local developments.
The ownership percentage in Templeton Place has shown notable variations from 2013 to 2022. In 2013, the homeownership rate stood at 74%, which increased to a peak of 88% in 2016. However, by 2022, it had settled at 79%. This trend generally aligns with the trajectory of average home prices in the area. While specific home price data is not available for earlier years, we can observe a significant increase from $340,580 in 2020 to $512,608 in 2022, representing a substantial 50.5% rise over just two years.
The relationship between federal interest rates and homeownership rates in Templeton Place follows a typical pattern. For instance, in 2020, when interest rates were at a low 0.38%, the homeownership rate was 78%. As interest rates began to rise, reaching 1.68% in 2022, the homeownership rate remained relatively stable at 79%, suggesting that other factors may have influenced homebuying decisions during this period.
Renter percentages in Templeton Place have inversely mirrored homeownership trends. In 2013, the renter-occupied rate was 24%, which decreased to a low of 12% in 2016 before rising to 21% in 2022. Average rent prices have shown some volatility, starting at $1,987 in 2013, dropping to $1,689 in 2017, and then climbing back up to $1,909 in 2022. This represents a modest overall decrease of 3.9% from 2013 to 2022, despite the fluctuations in between.
Looking at the most recent data, average home prices in Templeton Place reached $488,519 in 2023 and further increased to $504,955 in 2024. This represents a 3.4% increase from 2023 to 2024, indicating a continuing upward trend in property values. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the neighborhood.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Templeton Place will continue to rise, albeit at a more moderate pace. Given the recent growth rate, we might expect prices to reach approximately $580,000 to $600,000 by 2029. For rent prices, considering the historical fluctuations and recent trends, we project a gradual increase, potentially reaching an average of $2,200 to $2,400 per month in the next five years.
In summary, Templeton Place has demonstrated resilience in its housing market, with homeownership rates remaining relatively high despite fluctuations. The significant increase in average home prices from 2020 to 2022, followed by continued growth into 2024, suggests a strong demand for properties in this area. While rent prices have shown more volatility, they appear to be on an upward trajectory. The interplay between interest rates, home prices, and rental markets will likely continue to shape the neighborhood's housing landscape in the coming years.
