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Rising Home Values and Ownership Rates in Crestmont Farms: A Decade of Change
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
Crestmont Farms, a Philadelphia neighborhood, has experienced significant changes in homeownership and housing prices over the last decade. The area maintains a high rate of owner-occupied homes, with increasing average home and rent prices. Homeownership in Crestmont Farms has grown steadily, rising from 81% in 2020 to 89% in 2022. This increase coincides with a substantial rise in average home prices, reaching $491,055 in 2022, indicating the neighborhood's growing appeal.
The correlation between federal interest rates and homeownership rates in Crestmont Farms follows established patterns. From 2013 to 2021, interest rates remained relatively low, ranging from 0.08% to 2.16%, while the neighborhood maintained a high homeownership rate above 80%. This relationship suggests that favorable financing conditions contributed to the sustained high levels of homeownership in the area.
Rental trends in Crestmont Farms show a slight fluctuation but overall decrease in the percentage of renters. In 2013, 17% of residents were renters, dropping to 11% by 2022. Despite this decrease, average rent prices have generally increased. The average rent rose from $917 in 2013 to $1,082 in 2022, an 18% increase. This combination of rising rent prices and declining renter percentages indicates a tightening rental market in the neighborhood.
In 2023 and 2024, Crestmont Farms continued to experience growth in the housing market. The average home price increased to $512,788 in 2023 and further to $537,633 in 2024, representing increases of 4.4% and 4.8% respectively. During this period, federal interest rates also rose, reaching 5.02% in 2023 and 5.33% in 2024, reflecting a tighter monetary policy environment.
Based on observed trends and current market conditions, projections indicate continued growth in both average home prices and average rent prices over the next five years. Average home prices are expected to maintain their upward trajectory, potentially reaching around $650,000 by 2029. Average rent prices are likely to follow a similar pattern, possibly exceeding $1,300 per month within the same timeframe.
In conclusion, Crestmont Farms demonstrates a robust housing market characterized by increasing homeownership rates and rising property values. The neighborhood has maintained a strong preference for owner-occupied homes, with average home prices showing substantial appreciation. While the rental market has become more competitive with higher average rents, the overall trend points towards a community increasingly dominated by homeowners. These trends, coupled with the recent increases in home values and interest rates, suggest a dynamic and evolving real estate landscape in Crestmont Farms.
