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Rising Home Values and Fluctuating Ownership in Stonehenge, Gilbert: A Decade of Housing Market Dynamics
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Stonehenge, a suburban neighborhood in Gilbert, Arizona, has experienced significant changes in homeownership rates and property values over the past decade. This family-friendly community has seen a general trend of increasing average home prices, while ownership percentages have fluctuated. The local real estate market has also witnessed volatility in average rent prices, reflecting its dynamic nature.
The relationship between homeownership rates and average home prices in Stonehenge reveals an interesting pattern. In 2013, the homeownership rate was 69%, with an average home price of $285,506. As home prices steadily increased, reaching $374,210 in 2018, the ownership rate rose to 85%. However, despite continued price appreciation to $396,435 in 2019, ownership slightly decreased to 84%. This trend suggests that while rising home values initially corresponded with increased ownership, sustained price growth may have started to impact affordability for some residents.
Federal interest rates have played a role in shaping homeownership trends in Stonehenge. For instance, when interest rates were at historic lows of 0.09% in 2014, the neighborhood saw a homeownership rate of 74%. As rates gradually increased to 1.83% by 2018, ownership actually peaked at 90% in 2017, indicating that other local factors may have had a stronger influence on homeownership decisions during this period.
Renter percentages and average rent prices in Stonehenge have shown some correlation. In 2013, with 31% of residents renting, the average rent was $1,824. As the renter population decreased to 10% in 2017, average rent increased to $1,881, suggesting a tighter rental market. However, by 2022, the renter percentage had increased to 27%, while average rent decreased to $1,126, indicating a potential oversupply of rental units or economic factors affecting rental prices.
The years 2023 and 2024 have brought notable changes to Stonehenge's real estate landscape. In 2023, the average home price slightly decreased to $623,639 from the 2022 peak of $651,812. However, 2024 has seen a rebound, with average home prices increasing to $642,073. This coincides with federal interest rates rising to 5.33% in 2024, which may impact future homebuying activity in the neighborhood.
Looking ahead, predictive models suggest a continued upward trend in average home prices for Stonehenge over the next five years, albeit at a more moderate pace than the sharp increases seen in recent years. Average rent prices are forecasted to stabilize and potentially see modest increases as the market adjusts to current economic conditions and housing demand.
In summary, Stonehenge has experienced significant changes in its real estate market over the past decade. The neighborhood has seen a general trend of increasing home values, with some fluctuations in homeownership rates. Rental markets have shown volatility, reflecting broader economic trends and local market dynamics. As Stonehenge continues to evolve, the interplay between home prices, rental rates, and ownership patterns will likely remain a key factor in shaping the community's housing landscape.
