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Rising Home Values and Ownership in Gilbert's Raven Ranch: A Decade of Real Estate Trends
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
Raven Ranch, a neighborhood in Gilbert, Arizona, has experienced significant changes in its real estate market over the past decade. This suburban community has seen fluctuations in homeownership rates and substantial growth in property values, reflecting broader economic trends and local market dynamics. The homeownership rate in Raven Ranch has shown notable variability since 2013. Starting at 74% in 2013, it reached a peak of 88% in 2016 before settling at 79% in 2022. This trend generally correlates with changes in average home prices, which have seen remarkable growth. In 2013, the average home price was $277,805, rising steadily to reach $632,293 in 2022, marking a 127.6% increase over this period. Federal interest rates appear to have influenced homeownership rates in Raven Ranch. The period of low interest rates from 2013 to 2016 (ranging from 0.11% to 0.40%) coincided with an increase in homeownership from 74% to 88%. As interest rates began to rise more sharply from 2017 onwards, reaching 1.68% in 2022, homeownership rates showed a gradual decline, settling at 79% in 2022.
The rental market in Raven Ranch has also experienced significant changes. The percentage of renters decreased from 25% in 2013 to 12% in 2016, before rising again to 21% in 2022. Average rent prices have not consistently followed this trend. In 2013, the average rent was $2,025, which decreased to $1,712 in 2015 despite a lower percentage of renters. By 2022, the average rent had risen to $1,926, aligning more closely with the increased renter population.
The most recent data shows the average home price in Raven Ranch was $596,400 in 2023, a slight decrease from 2022. In 2024, the average home price increased to $615,170, indicating a recovery in the housing market. This trend is occurring despite high federal interest rates of 5.02% in 2023 and 5.33% in 2024, which typically would dampen home buying activity.
Predictive models forecasting 5-year trends anticipate continued growth in average home prices, albeit at a more moderate pace than seen in recent years. Average rent prices are expected to rise steadily, driven by ongoing demand for rental properties in the area.
Raven Ranch has demonstrated resilience in its housing market, with homeownership rates remaining relatively high despite fluctuations. The neighborhood has seen substantial appreciation in home values over the past decade, with recent data suggesting continued growth. The rental market, while smaller, remains an important component of the local housing ecosystem, with rent prices likely to keep pace with overall market trends.
