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Rollingwood Estates: Home Values Surge as Ownership Declines in Carrollton, Texas
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Rollingwood Estates, a neighborhood in Carrollton, Texas, has experienced significant changes in its housing market over the past decade. This analysis focuses on the fluctuations in homeownership rates, average home prices, and rental trends, reflecting broader economic shifts and local market dynamics.
The neighborhood has seen a gradual decline in homeownership rates, dropping from 88% in 2013 to 76% in 2022. Simultaneously, average home prices have shown substantial growth, increasing from $114,671 in 2010 to $337,326 in 2022, representing a 194% increase over this period. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less accessible for some residents.
The trend in homeownership rates appears to correlate with changes in federal interest rates. From 2013 to 2015, homeownership rates remained relatively stable (88% to 87%) coinciding with low interest rates (0.11% to 0.13%). However, as interest rates began to rise more significantly from 2016 onwards, reaching 1.68% by 2022, homeownership rates declined to 76%. This pattern aligns with the general economic principle that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
Renter percentages in Rollingwood Estates have increased from 12% in 2013 to 24% in 2022, mirroring the decline in homeownership. Average rent prices have shown some volatility but generally trended upwards, rising from $1,718 in 2013 to $1,724 in 2022. The increase in renter percentages, coupled with rising rent prices, suggests growing demand for rental properties in the area. This trend may be influenced by the neighborhood's population growth, which increased from 4,286 in 2013 to 4,909 in 2022, potentially driving up demand for housing overall.
As of 2024, the average home price in Rollingwood Estates stands at $352,606, showing continued appreciation from the 2022 figure. The federal interest rate for 2024 is 5.33%, which is significantly higher than previous years. This elevated interest rate could potentially impact homebuying decisions and affordability in the near future.
Based on historical trends and current market conditions, projections for the next five years suggest that average home prices may continue to appreciate, albeit at a slower rate due to higher interest rates. A conservative estimate might see prices reaching around $400,000 by 2029. Average rent prices could also continue their upward trajectory, potentially reaching $1,900-$2,000 per month by 2029, assuming steady demand and limited new rental supply.
In summary, Rollingwood Estates has experienced a shift towards more renters and higher property values over the past decade. The inverse relationship between homeownership rates and average home prices, influenced by fluctuating interest rates, has been a key feature of this market. As the neighborhood continues to evolve, balancing affordability with property appreciation will likely remain a central challenge for both current and prospective residents.
