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River Oaks/Brookhollow: Rising Home Values and Stable Ownership in Abilene
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
River Oaks/Brookhollow, a neighborhood in Abilene, Texas, has demonstrated resilience in its housing market over the past decade. This area has maintained a high percentage of owner-occupied homes, with ownership rates ranging from 69% to 76% between 2013 and 2022. During this period, average home prices showed a consistent upward trend, while average rent prices remained relatively stable with some variations.
The relationship between homeownership rates and average home prices in River Oaks/Brookhollow reveals interesting trends. In 2013, the homeownership rate peaked at 76%, with an average home price of $136,619. As average home prices steadily increased, reaching $225,782 in 2022, the homeownership rate slightly decreased to 71%. This suggests that rising home prices may have made it more challenging for some residents to enter the housing market. However, the neighborhood has maintained a strong base of homeowners despite the price increases.
Federal interest rates have played a role in homeownership trends in River Oaks/Brookhollow. From 2013 to 2016, when interest rates were historically low (ranging from 0.09% to 0.40%), homeownership rates remained relatively stable between 71% and 76%. As interest rates began to rise from 2017 (1.00%) to 2019 (2.16%), homeownership rates held steady at 69%. The slight decrease in homeownership during this period could be attributed to the combined effect of rising home prices and increasing interest rates.
Renter percentages and average rent prices in River Oaks/Brookhollow have shown some correlation. In 2013, the renter-occupied percentage was 23%, with an average rent of $1,150. As the renter percentage increased to 30% in 2016, the average rent slightly decreased to $1,171. This trend continued until 2018, with renter percentages remaining at 30% and average rent at $1,173. However, in recent years, there has been a slight decrease in the renter percentage to 29% in 2022, coinciding with a decrease in average rent to $1,078. These fluctuations may be influenced by changes in the local job market and overall economic conditions in Abilene.
Looking at the most recent data, average home prices in River Oaks/Brookhollow continued to rise in 2023, reaching $232,631. This upward trend persisted into 2024, with average home prices hitting $234,949. Interestingly, federal interest rates also saw a significant increase during this period, rising from 5.02% in 2023 to 5.33% in 2024. Despite these higher interest rates, home prices have continued to appreciate, indicating strong demand in the neighborhood.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in River Oaks/Brookhollow will continue to rise, albeit at a more moderate pace. The rate of increase may slow down due to the higher interest rates, potentially reaching around $260,000 to $270,000 by 2029. Average rent prices are expected to remain relatively stable, with potential slight increases to keep pace with inflation, possibly reaching $1,200 to $1,250 per month by 2029.
In summary, River Oaks/Brookhollow has demonstrated resilience in its housing market, maintaining a strong homeownership base despite rising home prices. The neighborhood has experienced steady growth in average home values, while rent prices have remained relatively stable. The interplay between federal interest rates, homeownership rates, and housing prices highlights the complex dynamics of the local real estate market. As the neighborhood continues to evolve, it is likely to remain an attractive area for both homeowners and renters in Abilene.
