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Sunridge Park: Soaring Home Values Amid Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Sunridge Park, a neighborhood in Rancho Cordova, California, has undergone significant changes in homeownership rates and housing prices over the past decade. The area has experienced a general trend of decreasing homeownership and increasing average home prices, with some fluctuations in recent years.
Homeownership rates in Sunridge Park reached their peak at 97% in 2013 and remained consistently high at 94% from 2015 to 2019. However, a notable shift occurred in recent years, with homeownership declining to 79% by 2022. This change coincided with a substantial increase in average home prices. In 2012, the average home price in the neighborhood was $239,784, and it steadily rose to $664,063 by 2022, representing a 177% increase over a decade.
The relationship between federal interest rates and homeownership rates in Sunridge Park shows some correlation. As interest rates remained low between 2010 and 2016 (ranging from 0.09% to 0.4%), homeownership rates stayed high at 93-97%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates started to decline, dropping from 94% in 2017 to 79% in 2022.
The renter population in Sunridge Park has seen a corresponding increase as homeownership rates declined. In 2013, only 3% of the neighborhood's residents were renters. This percentage gradually increased to 6% by 2019 and then saw a more rapid rise to 21% by 2022. The increase in renter population suggests a growing demand for rental properties in the area.
In 2023 and 2024, the average home prices in Sunridge Park experienced a slight decline followed by a modest increase. The average home price in 2023 was $620,087, a decrease of about 6.6% from 2022. However, in 2024, prices rebounded slightly to $629,983, an increase of approximately 1.6% from 2023. This trend occurred alongside a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024.
Looking ahead, based on the historical data and recent trends, we can project potential 5-year trends for average home prices in Sunridge Park. Assuming the current economic conditions and local market factors remain relatively stable, we might expect average home prices to continue a modest upward trajectory, potentially reaching around $700,000 to $750,000 by 2029. However, this growth rate may be more moderate compared to the rapid increases seen in the early 2020s.
In summary, Sunridge Park has experienced a significant shift in its housing landscape over the past decade. The neighborhood has seen a decrease in homeownership rates from 97% to 79%, coupled with a substantial increase in average home prices from $239,784 to $664,063 between 2012 and 2022. The renter population has grown from 3% to 21% during this period. Recent data from 2023 and 2024 suggests a stabilization in home prices, with a slight decrease followed by a modest increase. These trends, along with the current high interest rates, may continue to shape the neighborhood's housing market in the coming years.
