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Rising Home Values and Ownership Trends in Karsten's Park/City Line, Moline
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Karsten's Park/City Line in Moline, Illinois: A Decade of Housing Market Dynamics Karsten's Park/City Line in Moline, Illinois, has experienced significant changes in its housing market over the past decade. This neighborhood, known for its mix of residential properties and urban amenities, has seen fluctuations in homeownership rates and a consistent increase in property values from 2013 to 2022. These changes reflect broader economic trends and local market dynamics.
The homeownership rate in Karsten's Park/City Line has shown a general downward trend from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate stood at 84%, gradually declining to 75% by 2018. However, recent years have seen a recovery, with the rate increasing to 81% in 2022. This trend coincides with changes in average home prices, which have shown a consistent upward trajectory. The average home price in the neighborhood rose from $98,285 in 2013 to $137,575 in 2022, representing a substantial increase of 40% over this period.
Federal interest rates have played a significant role in shaping homeownership trends. From 2013 to 2016, interest rates were historically low, ranging from 0.1% to 0.4%. Despite these low rates, the neighborhood experienced a slight decrease in homeownership rates during this period, suggesting that other economic factors may have had a stronger influence. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the neighborhood interestingly saw a slight increase in homeownership rates, indicating that local factors may have been more influential than national interest rate trends.
Renter percentages in Karsten's Park/City Line have generally increased from 2013 to 2022, inversely mirroring the homeownership trend. The renter-occupied percentage rose from 16% in 2013 to a peak of 25% in 2018, before settling at 20% in 2022. Average rent prices have shown volatility during this period. Starting at $793 in 2013, rents increased to a high of $994 in 2018, coinciding with the peak in renter percentage. However, by 2022, the average rent had decreased to $800, possibly reflecting changes in local housing supply or economic conditions.
In 2023 and 2024, the neighborhood continued to see growth in average home prices. The average home price reached $137,806 in 2023 and further increased to $139,039 in 2024. This represents a modest but steady appreciation in property values. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends and housing affordability in the area.
Based on historical trends and current market conditions, it is projected that average home prices in Karsten's Park/City Line will continue to appreciate moderately over the next five years. The rate of increase may slow compared to the rapid growth seen in recent years, potentially reaching around $150,000 by 2029. Average rent prices are expected to stabilize and potentially increase slightly, possibly reaching $850-$900 by 2029, assuming steady demand for rental properties in the area.
In conclusion, Karsten's Park/City Line has demonstrated resilience in its housing market, with increasing property values despite fluctuations in homeownership rates. The neighborhood has maintained a strong owner-occupied majority, even as renter percentages have increased. The recent stabilization of rent prices, coupled with rising home values, suggests a balanced and potentially attractive market for both homeowners and investors in the coming years.
