Loading Content...
Rising Home Values and Stable Ownership: Greenfield's Resilient Real Estate Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Greenfield, Pittsburgh: A Decade of Housing Market Resilience Greenfield, a vibrant neighborhood in Pittsburgh, Pennsylvania, has demonstrated remarkable resilience in its housing market over the past decade. Known for its strong community spirit and diverse housing options, Greenfield has experienced notable shifts in homeownership rates and property values. The area has maintained a relatively stable balance between owner-occupied and renter-occupied homes, with a slight trend towards increased homeownership in recent years. Average home prices have shown consistent growth, while average rent prices have fluctuated but generally increased over time.
The relationship between homeownership rates and average home prices in Greenfield reveals interesting trends. In 2013, the homeownership rate stood at 60% with an average home price of $124,063. As average home prices steadily increased, reaching $184,390 in 2019, the homeownership rate experienced a slight decline to 58%. However, by 2022, despite the average home price climbing to $233,447, the homeownership rate rebounded to 60%. This suggests that Greenfield residents have maintained their ability to purchase homes even in the face of rising prices, possibly due to strong local economic conditions or attractive financing options.
Federal interest rates have played a role in shaping homeownership trends in Greenfield. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained stable at around 58-60%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight dip in homeownership to 57% in 2018. However, the neighborhood showed resilience, with homeownership bouncing back to 60% by 2022, even as interest rates reached 1.68%.
Renter percentages and average rent prices in Greenfield have shown their own distinct patterns. In 2013, 40% of residents were renters, with an average rent of $1,028. As the population grew from 7,358 in 2013 to a peak of 8,103 in 2018, the percentage of renters increased slightly to 43%, with average rent rising to $1,172. This suggests that population growth may have driven demand for rental properties. By 2022, the renter percentage returned to 40%, with average rent at $1,053, indicating a potential stabilization in the rental market as the population decreased to 7,307.
Looking at the most recent data, average home prices in Greenfield reached $231,650 in 2023 and further increased to $240,953 in 2024. This represents a significant jump from the 2022 average of $233,447. Concurrently, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the continued rise in home prices suggests ongoing demand for housing in the neighborhood.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Greenfield will continue to appreciate, albeit at a potentially slower rate due to higher interest rates. We project average home prices could reach approximately $275,000 to $290,000 by 2029. Average rent prices are expected to follow a similar upward trajectory, potentially reaching $1,200 to $1,300 per month within the same timeframe.
In summary, Greenfield has demonstrated remarkable resilience in its housing market. Despite fluctuations in federal interest rates and significant increases in average home prices, the neighborhood has maintained a stable balance between homeowners and renters. The consistent growth in property values, coupled with the community's ability to adapt to changing economic conditions, suggests that Greenfield will likely continue to be an attractive area for both homeowners and renters in the coming years.
