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Sun River's Resilient Housing Market: High Homeownership Amid Fluctuating Values
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Sun River, a neighborhood in Rancho Cordova, California, has maintained a stable housing market with high homeownership rates and significant property value appreciation over the past decade. The area's homeownership rate has consistently remained around 83-84% in recent years. This stability is accompanied by a substantial increase in average home prices, rising from $207,642 in 2013 to $513,293 in 2022, representing a 147% increase over nine years. This dramatic appreciation in property values indicates strong demand for homes in Sun River and a robust local real estate market.
The interplay between federal interest rates and homeownership rates in Sun River reveals interesting patterns. In 2013, when interest rates were at a low 0.11%, the homeownership rate was 85%. As interest rates gradually increased to 1.83% by 2018, there was a slight decrease in homeownership to 82%. However, this correlation is not always direct, as other factors such as local economic conditions and housing supply also significantly influence homeownership trends.
Sun River's rental market has shown relative stability, with the percentage of renters fluctuating between 14% and 18% from 2013 to 2022. Average rent prices have demonstrated an overall upward trend during this period, increasing from $1,746 in 2013 to $1,780 in 2022, a modest 2% rise over nine years. The combination of a stable rental market and significant increase in home prices suggests that Sun River remains an attractive area for both homeowners and renters.
Recent data shows that the average home price in Sun River for 2023 was $486,117, indicating a slight decrease from the 2022 peak. However, the 2024 average home price has rebounded to $500,089, demonstrating continued strength in the local housing market. It is noteworthy that federal interest rates have increased significantly, reaching 5.33% in 2024, which could impact future housing market dynamics.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Sun River will continue to appreciate, albeit at a more moderate pace. Based on historical data and current market conditions, projections suggest that average home prices could reach approximately $550,000 to $600,000 by 2029. For average rent prices, a continued gradual increase is expected, potentially reaching around $1,900 to $2,000 per month in the same timeframe.
In conclusion, Sun River has exhibited a robust and resilient housing market over the past decade. The neighborhood has maintained high homeownership rates while experiencing substantial appreciation in property values. The rental market has remained stable with modest growth in average rents. Despite recent fluctuations and rising interest rates, the overall trend indicates that Sun River continues to be an attractive area for both homeowners and renters, with positive growth prospects for the near future.
