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Rising Home Values and Stable Ownership in South-West Coconut Grove: A Decade of Real Estate Trends
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
South-West Coconut Grove, a Miami neighborhood known for its lush landscapes, has experienced significant changes in homeownership and property values over the past decade. From 2013 to 2022, homeownership rates fluctuated, with an overall slight decrease from 67% to 65%. During this period, average home prices saw a dramatic increase of 171%, rising from $486,955 in 2010 to $1,321,840 in 2022.
The relationship between federal interest rates and homeownership rates in the neighborhood showed some correlation. As interest rates gradually increased from 0.11% to 0.40% between 2013 and 2016, homeownership rates decreased from 67% to 60%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in South-West Coconut Grove inversely mirrored homeownership rates, rising from 33% in 2013 to 40% in 2018, before decreasing to 35% in 2022. Average rent prices fluctuated over the years, starting at $1,671 in 2013, peaking at $2,061 in 2021, and then decreasing to $1,612 in 2022. These changes in rent prices and renter percentages may be influenced by factors such as housing affordability, local economic conditions, and population changes.
As of 2024, the average home price in South-West Coconut Grove has reached $1,535,001, continuing the upward trend from $1,414,322 in 2023. This represents a 16% increase from 2022 to 2024. The federal interest rate in 2024 stands at 5.33%, slightly higher than the 5.02% rate in 2023, indicating a tightening monetary policy environment.
Predictive models suggest that average home prices in South-West Coconut Grove may continue to rise over the next five years, potentially reaching around $1.8 million by 2029. Rent prices are also expected to increase, possibly surpassing $2,500 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, South-West Coconut Grove has experienced significant changes in its housing market over the past decade. The neighborhood has seen a general trend of decreasing homeownership rates, coupled with substantial increases in average home prices. Rent prices and renter percentages have fluctuated, reflecting the dynamic nature of the local real estate market. The continued rise in property values and the recent uptick in interest rates suggest an evolving landscape for both homeowners and renters in this Miami neighborhood.
