Loading Content...
Rising Home Values and High Ownership in Carillon Forest: A Decade of Growth
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Carillon Forest, a vibrant neighborhood in Durham, North Carolina, has experienced significant changes in homeownership rates and housing prices over the past decade. This trend reflects broader shifts in the real estate market.
The neighborhood has seen a substantial increase in homeownership rates, rising from 84% in 2016 to 91% in 2022. This trend coincides with a remarkable growth in average home prices. In 2013, the average home price in Carillon Forest was $361,666. By 2022, this figure had nearly doubled to $680,713, representing an impressive 88% increase over nine years. The most significant annual jump occurred between 2020 and 2021, when average home prices surged from $467,134 to $549,260, a 17.6% increase in just one year.
The relationship between federal interest rates and homeownership rates in Carillon Forest follows a well-established pattern. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 1.68%, homeownership rates in the neighborhood increased from 86% to 93%. This trend aligns with the general principle that lower interest rates make home financing more affordable, encouraging higher rates of homeownership.
The percentage of renters in Carillon Forest has decreased significantly over the years, from 16% in 2016 to just 9% in 2022. This decline in renters coincides with the sharp increase in home prices, suggesting that as property values rose, more residents may have transitioned from renting to owning.
Looking at the most recent data, the average home price in Carillon Forest continued to rise in 2023, reaching $698,959. In 2024, the average home price further increased to $722,351. These figures represent a 2.7% increase from 2022 to 2023 and a 3.3% increase from 2023 to 2024. It's worth noting that federal interest rates also saw a significant increase during this period, rising from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024.
Applying predictive models to forecast 5-year trends, we can expect the average home prices in Carillon Forest to continue their upward trajectory, albeit at a potentially slower pace due to higher interest rates. Based on the historical data and current market conditions, average home prices could potentially reach around $800,000 to $850,000 by 2029. However, this growth may be moderated by the higher interest rates, which could affect affordability and demand.
In summary, Carillon Forest has experienced a significant increase in homeownership rates and average home prices over the past decade. The neighborhood has transformed from having 84% homeownership in 2016 to 91% in 2022, with average home prices nearly doubling during this period. The inverse relationship between low interest rates and increasing homeownership rates is evident, although recent increases in interest rates may impact future trends. As the community continues to evolve, it will be interesting to observe how these dynamics shape the neighborhood's real estate landscape in the coming years.
