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Rising Home Values and Rental Dominance: Brookwood's Real Estate Landscape
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
Brookwood, a neighborhood in Winston-Salem, North Carolina, has experienced significant fluctuations in its housing market over the past decade. This area is characterized by a predominantly renter-occupied housing landscape, with homeownership rates remaining consistently low throughout the observed period.
The homeownership rate in Brookwood has shown modest variations over the years. In 2013, the ownership rate was 6%, which increased to 13% by 2021, the highest recorded in the dataset. However, this upward trend was not sustained, as the rate dropped back to 7% in 2022. Despite these fluctuations, the neighborhood has maintained a strong rental market presence. Concurrently, average home prices in Brookwood have demonstrated a steady upward trajectory. In 2013, the average home price was $102,370, which rose to $205,293 by 2022, representing a substantial 100.5% increase over this period.
The relationship between federal interest rates and homeownership rates in Brookwood appears to be complex. Despite historically low interest rates from 2013 to 2021, ranging from 0.08% to 1.83%, the homeownership rate in Brookwood remained relatively low, only reaching a peak of 13% in 2021. This suggests that factors beyond interest rates, such as local economic conditions or housing availability, may have a more significant impact on homeownership in this neighborhood.
Renter percentages in Brookwood have remained consistently high, never dropping below 87% throughout the observed period. The highest renter occupancy was recorded in 2013 at 94%, with only slight variations in subsequent years. Average rent prices have shown a general upward trend, increasing from $637 in 2013 to $672 in 2022, a 5.5% rise. However, this increase has not been uniform, with some years experiencing slight decreases. The peak average rent was $754 in 2019, before declining in subsequent years.
As of 2024, the average home price in Brookwood has reached $231,766, continuing the upward trend observed in previous years. This represents a 12.9% increase from 2022. The federal interest rate for 2024 stands at 5.33%, significantly higher than the rates seen in the early 2020s, which could potentially impact future homeownership rates and housing market dynamics in the neighborhood.
Looking ahead, predictive models suggest that average home prices in Brookwood are likely to continue their upward trajectory over the next five years, potentially reaching around $275,000 by 2029. Average rent prices, while showing a more modest growth pattern, are also expected to increase, possibly reaching approximately $750 per month in the same timeframe. These projections assume a continuation of current economic conditions and local market trends.
In summary, Brookwood's housing market is characterized by a strong rental presence, with consistently low homeownership rates despite fluctuations in average home prices and federal interest rates. The neighborhood has experienced significant appreciation in property values, particularly in recent years, while rent prices have shown more moderate growth. These trends suggest a continued demand for rental properties in Brookwood, with potential opportunities for property investment given the rising home values.
