Loading Content...
Summerwood, Columbus: Rising Home Values and Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Summerwood, a neighborhood in Columbus, Ohio, has experienced significant changes in its real estate landscape over the past decade. This vibrant community has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The ownership percentage in Summerwood has shown a notable upward trend from 2013 to 2019, followed by a slight decline. In 2013, the homeownership rate was 51%, which steadily increased to a peak of 75% in 2019. However, by 2022, this figure had decreased to 56%. Concurrently, average home prices in the neighborhood have consistently risen. In 2013, the average home price was $142,785, and by 2022, it had more than doubled to $288,737, representing a substantial 102% increase over this period.
The relationship between federal interest rates and homeownership rates in Summerwood demonstrates some correlation. For instance, the period of low interest rates from 2013 to 2016 (ranging from 0.11% to 0.40%) coincided with an increase in homeownership from 51% to 56%. As interest rates began to rise more significantly from 2017 to 2019 (1% to 2.16%), homeownership continued to increase, reaching its peak of 75% in 2019. This suggests that other local factors may have played a role in driving homeownership during this period, possibly outweighing the effect of rising interest rates.
Renter percentages in Summerwood have inversely mirrored the homeownership trends. In 2013, 49% of residents were renters, which decreased to a low of 25% in 2019 before rising again to 44% by 2022. Average rent prices have shown an overall upward trend, albeit with some fluctuations. In 2013, the average rent was $987, which increased to $1,499 by 2020, representing a 52% increase. However, there was a slight dip to $1,292 in 2021 before rising again to $1,489 in 2022. The population of Summerwood has also fluctuated, reaching 2,003 in 2021 before decreasing to 1,861 in 2022, which may have influenced rental market dynamics.
Looking at the most recent data, the average home price in Summerwood continued to rise in 2023, reaching $296,006, and further increased to $306,537 in 2024. This represents a 6.2% increase from 2022 to 2024. Concurrently, federal interest rates have also risen significantly, from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024. These higher interest rates may impact future homebuying decisions in the neighborhood.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Summerwood will continue to rise, albeit at a potentially slower rate due to higher interest rates. By 2029, average home prices could reach approximately $350,000 to $375,000, assuming a moderate annual growth rate of 3-4%. Average rent prices are also expected to increase, potentially reaching $1,700 to $1,800 per month by 2029, based on historical trends and anticipated demand.
In summary, Summerwood has experienced significant growth in both homeownership rates and property values over the past decade. The neighborhood has shown resilience in its real estate market, with consistent increases in average home prices despite fluctuations in homeownership rates. The recent rise in interest rates may impact future homebuying trends, potentially leading to a more balanced mix of owners and renters in the coming years. As Summerwood continues to evolve, it remains an attractive area for both homeowners and renters, with a strong potential for continued property value appreciation.
