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Sleepy River's Housing Market: Rising Home Values and Ownership Trends in Oakland Park's Charming Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Sleepy River, a charming neighborhood in Oakland Park, Florida, has experienced significant changes in its housing market over the past decade. This quaint community has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics. The homeownership rate in Sleepy River has shown a general upward trend from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 64%, which increased to 69% by 2016. However, it experienced a decline to 57% in 2019 before recovering to 65% in 2022. Concurrently, average home prices have shown a consistent upward trajectory. In 2013, the average home price was $198,648, which more than doubled to $525,298 by 2022. This represents a remarkable 164% increase over nine years.
The relationship between federal interest rates and homeownership rates in Sleepy River appears to follow the expected trend. For instance, as interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.4%), homeownership rates increased from 64% to 69%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 2.16% in 2019, homeownership rates declined to 57% that year. The subsequent drop in interest rates to 0.38% in 2020 coincided with a rebound in homeownership to 62%.
Renter percentages in Sleepy River have generally decreased as homeownership rates increased. In 2013, 36% of residents were renters, which declined to 31% by 2016. However, there was a notable increase to 43% in 2019 before settling at 34% in 2022. Average rent prices have shown an overall upward trend, rising from $1,150 in 2013 to $1,358 in 2022, an 18% increase. Interestingly, the population of Sleepy River peaked at 780 in 2016 and has since declined to 455 in 2022, which may have influenced rental market dynamics.
In 2023 and 2024, Sleepy River's housing market continued its upward trajectory. The average home price reached $557,462 in 2023 and further increased to $580,745 in 2024, representing a 10.5% growth over two years. This growth occurred despite rising interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, the highest levels since 2007.
Looking ahead, predictive models suggest that average home prices in Sleepy River may continue to rise over the next five years, potentially reaching around $700,000 by 2029 if current trends persist. Average rent prices are also expected to increase, possibly surpassing $1,500 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Sleepy River has experienced a notable increase in homeownership rates and substantial growth in average home prices over the past decade. The rental market has seen more moderate increases in prices, with fluctuations in the renter population. The neighborhood's housing market has shown resilience, with continued price growth even in the face of rising interest rates in recent years. These trends suggest a strong demand for housing in Sleepy River, potentially driven by its desirable location and community attributes.
