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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Spring Branch East, a Houston neighborhood, has experienced significant changes in its real estate market over the past decade. This area has seen substantial increases in average home prices and slight shifts in homeownership rates, reflecting broader economic trends and local market dynamics. From 2013 to 2022, Spring Branch East witnessed a remarkable increase in average home prices. In 2013, the average home price was $207,216, which more than doubled to $449,083 by 2022, representing a 116% increase over nine years. This trend continued into 2023 and 2024, with average home prices reaching $461,240 and $469,548 respectively, showing year-over-year increases of 2.7% and 1.8%. Homeownership rates in Spring Branch East have shown a gradual increase in recent years. The percentage of owner-occupied homes was 45% in 2013 and remained relatively stable until 2019. From 2020 to 2022, there was a notable uptick, with the homeownership rate reaching 49%. This increase coincided with historically low federal interest rates between 2020 and 2021 (0.38% and 0.08% respectively), aligning with the general principle that lower interest rates make mortgages more affordable and encourage homeownership.
Renter percentages in Spring Branch East have fluctuated slightly but remained relatively high throughout the observed period. In 2013, 54% of housing units were renter-occupied, and this percentage remained consistent through 2019. From 2020 to 2022, there was a slight decrease to 51% as homeownership increased. Average rent prices have shown a general upward trend, rising from $1,069 in 2013 to $1,165 in 2022, an increase of about 9% over nine years. This modest increase in rent prices, compared to the sharp rise in home prices, may have contributed to the sustained high percentage of renters in the area. Federal interest rates have shown significant changes in recent years, potentially impacting future homeownership trends in the neighborhood. Rates rose to 5.02% in 2023 and further increased to 5.33% in 2024, which may affect mortgage affordability and homeownership rates in the coming years. Based on observed trends, forecasts suggest continued growth in both average home prices and rent prices over the next five years. Average home prices are projected to maintain a steady increase, potentially reaching around $525,000 by 2029. Average rent prices are expected to follow a similar trajectory, potentially rising to approximately $1,350 per month by 2029. However, these projections may be influenced by various factors including economic conditions, local development, and changes in interest rates. In summary, Spring Branch East has demonstrated a resilient and growing real estate market over the past decade. The neighborhood has seen a significant appreciation in home values, a slight increase in homeownership rates, and a moderate rise in rent prices. The interplay between these factors, along with broader economic trends, will continue to shape the neighborhood's housing landscape in the coming years.