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Rising Home Values and Ownership in Crooked Creek: A Decade of Housing Market Resilience
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Crooked Creek, a neighborhood in Durham, North Carolina, has experienced significant changes in its housing landscape over the past decade. This vibrant community has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The ownership percentage in Crooked Creek has shown a gradual increase in recent years, while average home prices have experienced substantial growth. In 2013, the homeownership rate was 11%, and the average home price was $181,612. By 2022, the ownership rate had increased to 15%, coinciding with a dramatic rise in average home prices to $413,316. This represents a 127% increase in average home values over nine years, while the homeownership rate grew by 36%.
Federal interest rates have played a significant role in shaping homeownership trends in Crooked Creek. From 2013 to 2016, interest rates remained low, ranging from 0.11% to 0.4%. During this period, homeownership rates remained relatively stable at around 11%. As interest rates began to rise more sharply from 2017 (1%) to 2019 (2.16%), we observed a slight decrease in homeownership to 10%. However, when interest rates dropped dramatically in 2020 (0.38%) and 2021 (0.08%), homeownership rates started to climb, reaching 14% by 2021 and 15% by 2022, despite a significant increase in average home prices.
The renter population in Crooked Creek has remained the dominant housing demographic, although showing some fluctuations. In 2013, 69% of the population were renters, with average rent at $662. By 2022, the renter percentage had increased slightly to 85%, with average rent rising to $1,348, a 104% increase. The sharp increase in both home prices and rent suggests strong demand for housing in the area, possibly driven by population growth from 3,349 in 2013 to 3,349 in 2022, maintaining a consistent population level despite yearly fluctuations.
In 2023, the average home price in Crooked Creek reached $415,125, a modest increase from 2022. However, in 2024, we see a more significant jump to $429,370. This continued appreciation occurs despite the Federal interest rate rising to 5.33% in 2024, suggesting strong underlying demand for homes in the area that outweighs the potential dampening effect of higher borrowing costs.
Looking ahead, we can expect the upward trend in both average home prices and rent to continue, albeit at a potentially slower pace due to higher interest rates. Applying predictive models based on historical data, we forecast that average home prices in Crooked Creek could reach approximately $500,000 by 2029, representing a 16% increase from 2024 levels. Average rent prices are projected to climb to around $1,700 per month in the same timeframe, a 26% increase from 2022 rates.
In summary, Crooked Creek has demonstrated resilience and growth in its housing market. The neighborhood has seen a steady increase in homeownership rates, substantial appreciation in average home values, and significant growth in average rent prices. These trends, coupled with consistent population levels, suggest that Crooked Creek remains an attractive area for both homeowners and renters, with potential for continued growth in the coming years.
