Loading Content...
Rising Home Values and Ownership Trends in Eastland Park-Dixie Plantation, Kentucky
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Eastland Park-Dixie Plantation, located in Lexington-Fayette, Kentucky, has experienced significant changes in its housing market over the past decade. This neighborhood has seen a gradual increase in homeownership rates alongside fluctuating average home prices and rent costs. The area's population has grown steadily, reaching 9,120 residents in 2022, which has influenced the local housing dynamics.
The homeownership rate in Eastland Park-Dixie Plantation has shown a slight upward trend from 2013 to 2022. In 2013, 55% of residents were homeowners, and by 2022, this figure had increased to 59%. During this period, average home prices in the neighborhood experienced significant growth. In 2013, the average home price was $142,333, and by 2022, it had risen to $246,916, representing a 73.5% increase over nine years. This upward trend in both homeownership rates and home prices suggests a growing demand for property ownership in the area, despite rising costs.
Federal interest rates have played a role in shaping homeownership trends in the neighborhood. From 2013 to 2016, interest rates remained low, ranging from 0.11% to 0.4%, which coincided with a period of relatively stable homeownership rates around 55-56%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates actually increased to 59%, possibly indicating other local factors influencing this trend. The sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) corresponded with a slight dip in homeownership to 57% in 2020, before returning to 59% in 2021 and 2022.
Renter percentages in Eastland Park-Dixie Plantation have inversely mirrored the homeownership trends, decreasing from 45% in 2013 to 41% in 2022. Average rent prices, however, have shown a consistent upward trajectory. In 2013, the average rent was $785, which increased to $1,201 by 2022, representing a 53% rise. This increase in rent prices, coupled with a decreasing percentage of renters, suggests that while rental costs have become more expensive, there may be a shift towards homeownership or other housing arrangements in the neighborhood.
In 2023 and 2024, the housing market in Eastland Park-Dixie Plantation continued its upward trajectory. The average home price reached $266,925 in 2023 and further increased to $278,632 in 2024, representing an 8.1% and 4.4% year-over-year growth, respectively. These increases occurred despite rising interest rates, which reached 5.02% in 2023 and 5.33% in 2024, indicating strong local demand for housing in the area.
Looking ahead, based on the historical trends and current market conditions, we can project that average home prices in Eastland Park-Dixie Plantation will likely continue to rise over the next five years, albeit potentially at a more moderate pace due to higher interest rates. A conservative estimate might place average home prices around $320,000 to $350,000 by 2029. Average rent prices are also expected to increase, potentially reaching $1,400 to $1,600 per month in the same timeframe, assuming the current growth rate continues.
In summary, Eastland Park-Dixie Plantation has experienced a notable increase in homeownership rates and substantial growth in both average home prices and rent costs over the past decade. The neighborhood has shown resilience in its housing market, with rising property values even in the face of fluctuating interest rates. The continued population growth and the area's apparent desirability suggest that these upward trends in both ownership and prices may persist in the coming years, albeit potentially at a more moderated pace.
