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Rising Home Values and Shifting Ownership in Woodward Park, Fresno's Family-Friendly Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Woodward Park, a vibrant neighborhood in Fresno, California, has experienced significant changes in its housing market over the past decade. This area, known for its beautiful parks and family-friendly atmosphere, has seen fluctuations in homeownership rates and steady increases in both average home prices and average rent prices.
The homeownership rate in Woodward Park has shown a slight downward trend over the years, declining from 66% in 2013 to 63% in 2022. During this same period, average home prices have seen a substantial increase. In 2013, the average home price was $258,067, and by 2022, it had risen to $496,410, representing a remarkable 92% increase over nine years. This inverse relationship between homeownership rates and average home prices suggests that rising property values may be making it more challenging for residents to purchase homes in the area.
Federal interest rates have played a significant role in shaping homeownership trends in Woodward Park. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), the homeownership rate remained relatively stable at around 63-64%. However, as interest rates began to rise more significantly from 2017 to 2019 (1% to 2.16%), we observed a slight dip in homeownership, reaching its lowest point of 62% in 2018. This trend aligns with the general principle that lower interest rates tend to encourage homeownership due to more affordable financing options.
The rental market in Woodward Park has also experienced notable changes. The percentage of renters increased from 34% in 2013 to 37% in 2022. Concurrently, average rent prices rose substantially, from $963 in 2013 to $1,763 in 2022, an increase of 83% over nine years. This upward trend in both renter percentage and average rent prices suggests a growing demand for rental properties in the area, possibly driven by the increasing population, which grew from 68,853 in 2013 to 73,634 in 2022.
Looking at the most recent data, the average home price in Woodward Park slightly decreased to $493,643 in 2023 but is projected to rise again to $510,568 in 2024. This represents a modest 3.4% increase from 2023 to 2024. Interestingly, federal interest rates have also increased significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the neighborhood.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Woodward Park to continue their upward trajectory, potentially reaching around $575,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $2,200 per month within the same timeframe. These projections are based on the historical growth patterns observed in the neighborhood.
In summary, Woodward Park has experienced a gradual shift towards a higher percentage of renters, coupled with substantial increases in both average home prices and average rent prices. The inverse relationship between homeownership rates and property values, influenced by fluctuating interest rates, has been a key factor in shaping the neighborhood's housing market. As the area continues to grow and evolve, these trends are likely to persist, making Woodward Park an increasingly valuable and competitive real estate market in Fresno.
