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Rising Home Values and Ownership in Antelope Run: A Decade of Housing Market Dynamics
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
Antelope Run, a neighborhood in Albuquerque, New Mexico, has experienced significant changes in homeownership rates and housing prices over the past decade. The area has seen a general trend of increasing homeownership, rising average home prices, and fluctuating average rent prices.
The homeownership rate in Antelope Run has shown a consistent upward trend from 2013 to 2022. In 2013, 76% of residents were homeowners, and this figure increased to 81% by 2022. This rise in homeownership coincided with a substantial increase in average home prices. In 2018, the average home price was $344,909, and it rose steadily to $504,982 by 2022, representing a 46.4% increase over four years.
The relationship between federal interest rates and homeownership rates in Antelope Run appears to follow the general economic principle that lower interest rates encourage homeownership. From 2013 to 2021, when interest rates were historically low, hovering between 0.08% and 2.16%, the neighborhood saw a steady increase in homeownership from 76% to 78%. However, as interest rates began to rise significantly in 2022 to 1.68%, the homeownership rate continued to increase to 81%, suggesting other local factors may have influenced this trend.
Renter percentages in Antelope Run have decreased as homeownership rates increased. In 2013, 24% of residents were renters, and this figure dropped to 19% by 2022. Interestingly, average rent prices have shown considerable fluctuation. The average rent was $1,234 in 2013, peaked at $1,638 in 2021, and then decreased to $1,306 in 2022. This volatility in rent prices doesn't seem to correlate directly with the declining renter population, suggesting that other factors, such as local market conditions or housing supply, may have played a role.
Looking at the most recent data, the average home price in Antelope Run continued to rise, reaching $527,239 in 2023 and $556,298 in 2024. This represents a 10.2% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the neighborhood.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Antelope Run will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $650,000 to $700,000, assuming a moderate annual growth rate of 3-5%. Average rent prices are expected to stabilize and potentially increase moderately, reaching around $1,500 to $1,600 by 2029, reflecting a 2-3% annual increase from 2022 levels.
In summary, Antelope Run has experienced a notable increase in homeownership rates and average home prices over the past decade. The neighborhood has shown resilience in maintaining high homeownership rates despite recent interest rate hikes. The inverse relationship between homeownership and rental rates, coupled with the significant appreciation in home values, suggests a strong demand for housing in this area. As the community continues to evolve, it will be crucial to monitor how these trends impact housing affordability and the overall demographic composition of Antelope Run.
