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Rising Home Values and Ownership in Hazel Heights: A Decade of Real Estate Transformation
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Hazel Heights, a vibrant neighborhood in Gainesville, Florida, has experienced significant shifts in its real estate landscape over the past decade. This area has seen notable fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The ownership percentage in Hazel Heights has shown an overall upward trend, rising from 46% in 2013 to 61% in 2022. This increase in homeownership coincided with a substantial rise in average home prices. In 2013, the average home price in the neighborhood was $107,223, which steadily increased to $234,198 by 2022, representing a remarkable 118% increase over nine years. This trend suggests a strong correlation between rising home values and increased homeownership rates, possibly indicating growing confidence in the local real estate market and improved economic conditions for residents.
Federal interest rates have played a significant role in shaping homeownership trends in Hazel Heights. For instance, the period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership in the neighborhood increased from 46% to 55%, likely due to more affordable financing options. As interest rates began to rise more sharply from 2017 onwards, reaching 1.68% in 2022, homeownership continued to grow, reaching 61% in 2022, suggesting other factors such as local economic growth may have also influenced this trend.
Renter percentages in Hazel Heights have inversely mirrored the homeownership trends, decreasing from 54% in 2013 to 38% in 2022. Interestingly, despite this decrease in the renter population, average rent prices have generally increased over the same period. In 2013, the average rent was $1,497, which rose to $1,631 by 2022, representing a 9% increase. This trend suggests that even as more residents transitioned to homeownership, demand for rental properties remained strong, possibly due to factors such as population growth or changes in the local job market.
Looking at the most recent data, average home prices in Hazel Heights continued to rise in 2023 and 2024, reaching $251,229 and $261,857 respectively. This represents a further 11.8% increase from 2022 to 2024. Notably, federal interest rates also saw a significant jump, rising to 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically make borrowing more expensive, home prices have continued to appreciate, suggesting strong underlying demand in the Hazel Heights real estate market.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Hazel Heights will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $300,000 by 2029. Average rent prices are also expected to increase, potentially reaching around $1,900 per month in the same timeframe, driven by ongoing demand and rising property values.
In summary, Hazel Heights has demonstrated a robust real estate market characterized by increasing homeownership rates and rising property values. The neighborhood has shown resilience in the face of changing interest rates, with both home prices and rental rates generally trending upward. These patterns suggest a growing attractiveness of Hazel Heights as a residential area, likely supported by local economic factors and broader market trends in Gainesville.
