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Settler's Point South: Rising Home Values and Ownership Resilience in Gilbert, Arizona
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
Settler's Point South, a neighborhood in Gilbert, Arizona, has experienced significant changes in its housing market over the past decade. This analysis focuses on the trends in average home values, homeownership rates, and rental prices from 2013 to 2024, highlighting the area's resilience and growth. The homeownership rate in Settler's Point South has remained relatively stable, with a slight increase from 66% in 2013 to 67% in 2022. During this period, average home prices have seen a dramatic rise, increasing from $229,154 in 2013 to $569,101 in 2022, representing a 148% growth over nine years. This substantial increase in home values did not significantly impact homeownership rates, suggesting that other factors such as local economic conditions or demographic shifts may have played a role in maintaining stable ownership levels.
Federal interest rates have influenced homeownership trends in the neighborhood. In 2013, when interest rates were at a low 0.11%, the homeownership rate was 66%. As interest rates gradually increased to 1.68% by 2022, the homeownership rate showed resilience, ending at 67%. This indicates that despite rising interest rates, other factors such as local economic strength or housing demand may have supported continued homeownership in the area.
Renter percentages in Settler's Point South have shown minor fluctuations, ranging from 34% in 2013 to 33% in 2022. Average rent prices have steadily increased during this period, rising from $1,219 in 2013 to $1,533 in 2022, a 26% increase. The neighborhood's population has also grown from 1,078 in 2013 to 1,217 in 2022, which may have contributed to the demand for rental properties and the subsequent increase in average rent prices.
Recent data shows that the average home price in Settler's Point South was $541,439 in 2023, slightly decreasing from the previous year. However, in 2024, the average home price rebounded to $562,626. This recent uptick occurs despite relatively high federal interest rates of 5.02% in 2023 and 5.33% in 2024, suggesting strong local demand for housing in the area.
Predictive models forecast that average home prices in Settler's Point South will continue to rise over the next five years, albeit at a more moderate pace than seen in recent years. The average home price could potentially reach around $650,000 by 2029. Average rent prices are also expected to increase, potentially reaching approximately $1,800 per month in the same timeframe. These projections assume continued economic stability and demand for housing in the area.
In conclusion, Settler's Point South has demonstrated resilience in homeownership rates despite significant increases in average home prices. The neighborhood has experienced steady population growth, rising rent prices, and a strong housing market. The recent rebound in home prices, even in the face of higher interest rates, suggests a robust local real estate market. As the community continues to evolve, it will be important to monitor how these trends impact the overall affordability and demographic composition of the neighborhood.
