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South 48th Street, Lincoln: A Decade of Rising Home Values and Stable Ownership
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
The South 48th Street neighborhood in Lincoln, Nebraska, demonstrates a resilient housing market with significant growth in home values over the past decade. From 2013 to 2022, the area experienced a remarkable 85.8% increase in average home prices, rising from $112,809 to $209,649, despite only a slight change in homeownership rates from 59% to 60%. This substantial appreciation occurred against a backdrop of varying federal interest rates, suggesting that local factors played a crucial role in driving the market.
The relationship between federal interest rates and homeownership rates in the neighborhood reveals an intriguing pattern. In 2013, when interest rates were at a low of 0.11%, the homeownership rate stood at 61%. As interest rates gradually increased to 1.68% by 2022, the homeownership rate remained stable at 60%. This indicates that while interest rates influence homeownership decisions, other local factors such as job market conditions and housing supply may have had a more significant impact on homeownership in this area.
The rental market in South 48th Street also experienced notable trends. The percentage of renters increased slightly from 39% in 2013 to 40% in 2022. Average rent prices generally trended upward during this period, rising from $887 in 2013 to $947 in 2021, a 6.8% increase. However, 2022 saw a significant drop in average rent to $835. This decrease, coupled with a stable renter percentage, could indicate increased competition among landlords or changes in local rental market dynamics.
Recent data shows that the average home price in the South 48th Street neighborhood continued its upward trajectory, reaching $220,647 in 2023 and $227,488 in 2024. This represents a 5.2% increase from 2022 to 2023, and a further 3.1% increase from 2023 to 2024. Notably, federal interest rates also saw a significant rise during this period, increasing from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024. Despite these higher interest rates, home prices in the neighborhood continued to appreciate, albeit at a slower pace than in previous years.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in the South 48th Street neighborhood will continue to rise, though at a more moderate pace. Given the historical data and current market conditions, average home prices are expected to potentially reach around $260,000 to $280,000 by 2029. For average rent prices, the forecast suggests a potential recovery from the 2022 dip, with prices likely to stabilize and gradually increase, potentially reaching $950 to $1,000 per month by 2029.
In summary, the South 48th Street neighborhood has demonstrated resilience in its housing market over the past decade. Despite fluctuations in interest rates and economic conditions, homeownership rates have remained relatively stable while average home prices have shown strong appreciation. The rental market has experienced more volatility, particularly in recent years. Moving forward, the neighborhood is likely to see continued, though potentially more moderate, growth in both home values and rental prices, reflecting its enduring appeal as a residential area in Lincoln, Nebraska.
