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Rising Home Values and Shifting Ownership in Phoenix's Camelback East
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Camelback East, a diverse neighborhood in Phoenix, Arizona, has experienced significant changes in its housing market from 2013 to 2022. This analysis examines the trends in homeownership, average home prices, and average rent prices in the area.
The homeownership rate in Camelback East has shown a slight increase, rising from 44% in 2013 to 46% in 2022. During this same period, average home prices saw substantial growth, increasing from $209,008 in 2013 to $556,037 in 2022, a remarkable 166% increase. This significant appreciation in home values occurred despite the relatively stable homeownership rate.
An examination of federal interest rates and homeownership rates reveals an interesting relationship. The low interest rate environment from 2013 to 2021, with rates ranging from 0.08% to 2.16%, coincided with a slight increase in homeownership. However, the sharp rise in interest rates to 1.68% in 2022 did not immediately affect the homeownership rate, which remained steady at 46%.
The renter percentage in Camelback East experienced a slight decrease from 56% in 2013 to 54% in 2022. Over this period, average rent prices increased from $1,004 in 2013 to $1,185 in 2022, an 18% rise. The population growth from 139,312 in 2013 to 153,093 in 2022 may have contributed to the upward pressure on rent prices, despite the slight decrease in the percentage of renters.
Recent data shows that average home prices in Camelback East reached $537,392 in 2023 and further increased to $554,001 in 2024. This represents a slight dip in 2023 followed by a recovery in 2024. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, significantly higher than the rates observed in the previous decade.
Predictive models forecast that average home prices in Camelback East will continue to rise over the next five years, potentially reaching around $650,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $1,400 per month within the same timeframe.
In conclusion, Camelback East has experienced substantial growth in average home prices and moderate increases in average rent prices over the past decade. The neighborhood has maintained a relatively stable balance between homeowners and renters, with a slight trend towards increased homeownership. The recent rise in interest rates and the continued appreciation of home values will likely shape the future real estate landscape in this Phoenix neighborhood.
