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Rising Home Values and Stable Ownership in Carrollton Summertree, Texas
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
Carrollton Summertree, a neighborhood in Carrollton, Texas, has experienced significant changes in homeownership rates and property values over the past decade. The area has maintained a high rate of owner-occupied housing, with ownership percentages fluctuating between 80% and 87% from 2013 to 2022. During this period, average home prices have shown a consistent upward trend, while average rent prices have also increased, though at a more moderate pace. The relationship between homeownership rates and average home prices in Carrollton Summertree reveals interesting patterns. In 2013, the homeownership rate was 85% with an average home price of $155,622. As average home prices steadily increased to $221,026 in 2016, the homeownership rate decreased to 81%. This trend suggests that rising home prices may have made homeownership less accessible for some residents. However, by 2021, despite average home prices reaching $317,053, the homeownership rate rebounded to 85%, indicating a strong desire for homeownership in the neighborhood even as prices continued to climb. Federal interest rates have played a significant role in shaping homeownership trends in Carrollton Summertree. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates remained relatively stable between 81% and 85%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.83% in 2018, homeownership rates showed a slight decline to 80%. However, the community demonstrated resilience, maintaining homeownership rates above 80% even as interest rates continued to increase.
Renter percentages and average rent prices in Carrollton Summertree have shown a correlation with population fluctuations. In 2013, with a population of 2,950, the renter percentage was 15%, and the average rent was $1,449. As the population declined to 2,760 in 2016, the renter percentage increased to 19%, with average rent rising to $1,507. This suggests that as some homeowners may have left the area, more properties became available for rent. The trend continued through 2018, with renters comprising 20% of the population and average rent reaching $1,614. However, by 2022, despite a slight population decrease to 2,739, the renter percentage dropped to 17%, while average rent increased significantly to $1,878, indicating a possible shift back towards homeownership or increased demand for rental properties.
In 2023 and 2024, Carrollton Summertree has experienced continued growth in average home prices. The average home price in 2023 was $392,045, representing a substantial increase from previous years. In 2024, this upward trend persisted, with average home prices reaching $402,488. Notably, federal interest rates have also risen significantly during this period, standing at 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact affordability and future homeownership trends in the neighborhood.
Looking ahead, predictive models suggest that average home prices in Carrollton Summertree will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $450,000 by 2029. Average rent prices are also expected to increase, potentially reaching around $2,200 per month in the same timeframe. These projections assume relatively stable economic conditions and continued demand for housing in the area.
In summary, Carrollton Summertree has demonstrated a strong preference for homeownership despite fluctuations in average home prices and interest rates. The neighborhood has maintained high homeownership rates even as property values have significantly increased. Rental markets have shown responsiveness to population changes and housing demand. Moving forward, the community is likely to see continued growth in both average home prices and rent, with the potential for slight moderation due to higher interest rates.
