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Scott Road, Waterbury: Rising Home Values Amid Market Volatility
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Scott Road, a neighborhood in Waterbury, Connecticut, has experienced significant changes in homeownership and housing prices over the past decade. The area has seen a general trend of decreasing homeownership, while average home prices and rent have shown an overall upward trajectory. This analysis examines these trends and their implications for the neighborhood's housing market. Homeownership rates in Scott Road have fluctuated but generally decreased from 2013 to 2022. In 2013, 33% of residents owned their homes. This percentage dropped to a low of 15% in 2019 before rebounding to 29% in 2022. Concurrently, average home prices in the neighborhood have shown a notable increase. In 2013, the average home price was $89,415. By 2022, this figure had doubled to $179,196, representing a substantial 100% increase over nine years.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, interest rates remained below 0.5%, coinciding with a period of declining homeownership in Scott Road from 33% to 20%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, the neighborhood saw a slight recovery in homeownership, increasing from 21% in 2017 to 29% in 2022. This trend suggests that factors beyond interest rates, such as local economic conditions or housing supply, may have influenced homeownership rates in Scott Road.
Renter percentages in Scott Road have generally increased as homeownership declined. In 2013, 67% of residents were renters, which peaked at 85% in 2019 before settling at 71% in 2022. Average rent prices have also shown an upward trend. In 2013, the average rent was $912 per month. By 2022, it had increased to $1,097, representing a 20% rise over nine years. The population fluctuated during this period, reaching a high of 3,474 in 2016 before settling at 3,198 in 2022, which may have influenced demand for rental properties.
In 2023, the average home price in Scott Road reached $203,140, a 13.4% increase from 2022. This growth continued into 2024, with average home prices rising to $224,257, marking a further 10.4% increase. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices continued to appreciate, suggesting strong demand or limited housing supply in the neighborhood.
Looking ahead, predictive models forecast continued growth in both average home prices and rent prices over the next five years. Average home prices are expected to maintain their upward trajectory, potentially reaching around $275,000 by 2029. Average rent prices are also projected to increase, possibly surpassing $1,300 per month within the same timeframe.
In summary, Scott Road has experienced a shift towards a renter-majority population over the past decade, with homeownership rates declining and then partially recovering. Despite fluctuations in federal interest rates, average home prices have shown robust growth, more than doubling since 2013. Rent prices have also increased, albeit at a more moderate pace. The recent surge in home prices, even in the face of rising interest rates, indicates strong market dynamics in Scott Road, suggesting it remains an attractive area for both residents and investors.
