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Timbercreek Estates: Rising Home Values and High Ownership in a Small Carrollton Neighborhood
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
Timbercreek Estates, a small residential neighborhood in Carrollton, Texas, is characterized by high homeownership rates and relatively stable property values. This community has experienced significant fluctuations in population density over the years, while maintaining a strong preference for owner-occupied housing.
The ownership percentage in Timbercreek Estates has shown a general upward trend, rising from 89% in 2013 to 97% in 2022. This increase in homeownership coincided with a substantial rise in average home prices. In 2013, the average home price was $221,134, which steadily increased to $470,424 by 2022, representing a 112.7% increase over nine years. The most significant jump occurred between 2020 and 2022, with average home prices surging from $340,564 to $470,424, a 38.1% increase in just two years.
Federal interest rates have played a role in homeownership trends in Timbercreek Estates. The period from 2013 to 2022 saw historically low interest rates, ranging from 0.11% to 1.68%. These low rates likely contributed to the high and increasing homeownership rates in the neighborhood, as they made mortgages more affordable for potential buyers. The sharp increase in homeownership from 89% in 2018 to 98% in 2020 coincided with a drop in federal interest rates from 1.83% to 0.38%, illustrating the relationship between lower rates and higher homeownership.
The renter population in Timbercreek Estates has remained consistently low, decreasing from 11% in 2013 to just 3% in 2022. Despite this low percentage, average rent prices have remained stable, hovering around $2,246 to $2,250 per month throughout the period. This stability in rent prices, despite the fluctuating population and increasing home values, suggests a limited but consistent demand for rental properties in the area.
In 2023, the average home price in Timbercreek Estates reached $487,349, a 3.6% increase from 2022. This growth continued into 2024, with average home prices rising to $500,886, marking a 2.8% increase from 2023. Notably, federal interest rates also increased significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically discourage home buying, the neighborhood has maintained its strong homeownership trend.
Looking ahead, based on historical trends and current market conditions, we can expect average home prices in Timbercreek Estates to continue their upward trajectory, albeit at a potentially slower rate due to higher interest rates. A conservative estimate suggests average home prices could reach approximately $550,000 to $575,000 by 2029. Rent prices are likely to remain stable or see modest increases, potentially reaching around $2,300 to $2,400 per month in the next five years.
In summary, Timbercreek Estates has demonstrated a robust trend towards homeownership, with consistently increasing average home prices despite fluctuations in population density. The neighborhood has maintained high owner-occupancy rates even in the face of rising federal interest rates, indicating strong local demand for homeownership. While the rental market remains small, it has shown remarkable stability in pricing. These trends suggest Timbercreek Estates will likely continue to be a predominantly owner-occupied neighborhood with steadily appreciating property values in the coming years.
