Loading Content...
Rising Home Values and Stable Ownership in Keeney: A Decade of Growth
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Keeney, a neighborhood in East Hartford, Connecticut, has demonstrated a resilient housing market characterized by high homeownership rates and steadily increasing average home prices over the past decade. From 2013 to 2022, the area maintained a remarkably stable homeownership rate, with a slight increase from 87% to 88%. This stability coincided with a significant rise in average home prices, which grew from $227,726 in 2012 to $334,320 in 2022, representing a 46.8% increase over ten years.
The relationship between federal interest rates and homeownership rates in Keeney generally followed the expected trend, with lower interest rates encouraging homeownership. For instance, when interest rates were relatively low at 0.11% in 2013, the homeownership rate was 87%. As interest rates remained low through 2020 (0.38%), homeownership reached its peak at 89%. Notably, even as interest rates began to rise in 2022 to 1.68%, the homeownership rate remained high at 88%, suggesting that other factors may also influence homeownership in the area.
Renter percentages in Keeney have remained consistently low, fluctuating between 11% and 13% from 2013 to 2022. Average rent prices, however, showed significant volatility during this period. Starting at $1,316 in 2013, rent prices decreased to $1,135 in 2017 before sharply rising to $1,610 in 2020. By 2022, the average rent had stabilized at $1,524. This fluctuation in rent prices does not appear to have a strong correlation with the renter percentage, indicating that other factors such as local economic conditions or housing supply may have a more significant influence on rent prices.
In 2023 and 2024, Keeney's housing market continued its upward trajectory. The average home price in 2023 reached $359,288, a 7.5% increase from 2022. In 2024, it further climbed to $384,816, representing a 7.1% year-over-year increase. These increases occurred despite rising interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, indicating strong demand and resilience in the local housing market.
Looking ahead, based on the observed trends, average home prices in Keeney are expected to continue rising over the next five years, albeit potentially at a more moderate pace due to higher interest rates. A conservative estimate might place the average home price around $450,000 by 2029. Average rent prices are likely to stabilize and potentially see modest increases, possibly reaching around $1,700 by 2029, assuming continued low renter percentages and stable demand.
In summary, Keeney has exhibited a robust and stable housing market characterized by high homeownership rates and steadily increasing average home prices. Despite fluctuations in average rent prices and recent increases in interest rates, the neighborhood has maintained its appeal to homeowners. The continued rise in home values, even in the face of higher interest rates, suggests a strong underlying demand for housing in this area, which is likely to persist in the coming years.
