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The Trails of Fossil Creek: Stable Homeownership Amidst Rising Home 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
The Trails of Fossil Creek, a suburban neighborhood in Fort Worth, Texas, has experienced significant changes in homeownership rates and average home prices over the past decade. This family-friendly community has consistently maintained a high percentage of owner-occupied homes, with a notable increase in recent years. The ownership percentage has risen from 94% in 2013 to 98% in 2022, reflecting the area's growing desirability. This trend correlates with a substantial rise in average home prices, which grew from $163,119 in 2013 to $386,473 in 2022, representing a 137% increase over nine years.
Federal interest rates have played a role in homeownership trends in The Trails of Fossil Creek. From 2013 to 2016, historically low interest rates ranging from 0.09% to 0.4% likely contributed to the high homeownership rates. As interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates remained stable, suggesting strong demand for housing in the neighborhood. The sharp drop in interest rates in 2020 (0.38%) and 2021 (0.08%) coincided with a further increase in homeownership to 98%, as more favorable borrowing conditions made homeownership more accessible.
The renter percentage in The Trails of Fossil Creek has been consistently low, decreasing from 6% in 2013 to just 2% in 2022. This decline in renters aligns with the increasing homeownership rates. The low and decreasing renter percentage suggests that the neighborhood primarily caters to homeowners rather than renters.
In 2023, the average home price in The Trails of Fossil Creek slightly decreased to $374,440 from the 2022 peak of $386,473, representing a 3.1% decline. This trend continued into 2024, with average home prices further decreasing to $370,584, a 1% drop from 2023. These price decreases occurred despite rising federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. This suggests that other factors, such as local market conditions or broader economic trends, may be influencing home prices in the neighborhood.
Looking ahead, based on the historical data and recent trends, we can project that average home prices in The Trails of Fossil Creek may experience a period of stabilization or modest growth over the next five years. The recent price corrections in 2023 and 2024 could indicate a market adjustment after the rapid increases seen in previous years. Homeownership rates are likely to remain high, given the neighborhood's established preference for owner-occupied housing.
In summary, The Trails of Fossil Creek has demonstrated a strong trend towards homeownership, with consistently high and increasing owner-occupancy rates. Average home prices have shown significant appreciation over the past decade, despite recent modest declines. The neighborhood's resilience in maintaining high homeownership rates, even during periods of fluctuating interest rates, indicates its enduring appeal to residents seeking long-term housing stability in Fort Worth, Texas.
