Loading Content...
Rising Home Values and Ownership Trends in Fort Worth's Villages of Stonegate
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Villages of Stonegate, a compact neighborhood in Fort Worth, Texas, has experienced significant changes in homeownership rates and property values over the past decade. This high-density residential area has seen fluctuations in both home ownership and rental markets, reflecting broader economic trends and local market conditions.
The homeownership rate in Villages of Stonegate has shown an overall upward trend, despite some fluctuations. From 2013 to 2021, the rate increased from 69% to 78%, coinciding with a substantial rise in average home prices. During this period, the average home price surged from $518,936 to $731,946, representing a 41% increase over eight years. This trend suggests a strong correlation between rising home values and increasing homeownership rates.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This low-interest environment likely contributed to the increase in homeownership, as it made mortgages more affordable. The homeownership rate peaked at 78% in 2020 and 2021 when interest rates were at historic lows of 0.38% and 0.08%, respectively.
Renter percentages in Villages of Stonegate have generally decreased as homeownership increased. The renter percentage declined from 31% in 2013 to 21% by 2021. Interestingly, average rent prices have shown considerable volatility. From 2013 to 2016, average rent increased from $1,467 to $1,617. However, there was a dramatic drop in 2017 to $718, followed by further decreases to $677 in 2018. Rent prices then stabilized around $720 until 2021, before surging to $1,522 in 2022. This volatility in rent prices doesn't seem to correlate directly with the steady decline in renter percentages, suggesting other factors like local market conditions or changes in housing stock may be influencing rent prices.
In 2023 and 2024, Villages of Stonegate continued to see growth in average home prices. The average home price reached $881,757 in 2023 and further increased to $938,489 in 2024, representing a 6.4% year-over-year increase. This growth occurred despite the Federal interest rate rising to 5.02% in 2023 and 5.33% in 2024, indicating strong demand in the local housing market that outweighed the potential dampening effect of higher borrowing costs.
Looking ahead, based on the historical data and current trends, we can predict that average home prices in Villages of Stonegate will continue to rise over the next five years, albeit potentially at a slower rate due to higher interest rates. A conservative estimate would suggest average home prices could reach around $1.1 million by 2029. Rent prices, given their recent volatility, are more challenging to predict. However, if the trend of the last few years continues, we might see average rents stabilizing around $1,600 to $1,700 per month by 2029.
In summary, Villages of Stonegate has experienced a significant increase in homeownership rates and average home prices over the past decade, with a particularly strong surge in recent years. The neighborhood has shown resilience in its housing market, with home values continuing to appreciate even in the face of rising interest rates. While rent prices have been more volatile, the overall trend suggests a stabilizing rental market. These trends indicate a robust and desirable housing market in Villages of Stonegate, with potential for continued growth in the coming years.
