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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Western Hills North, a neighborhood in Fort Worth, Texas, has experienced significant changes in its housing market over the past decade. This area has seen a notable shift in homeownership rates and property values, reflecting broader economic trends and local market conditions. The homeownership rate in Western Hills North declined from 17% in 2013 to 13% in 2022. Concurrently, average home prices saw a dramatic increase from $98,957 in 2013 to $267,170 in 2022, representing a 170% rise over nine years. Despite historically low federal interest rates from 2013 to 2021, ranging from 0.08% to 1.68%, homeownership rates decreased. This trend suggests that other factors, such as rising home prices, may have outweighed the benefits of low interest rates for potential buyers in this neighborhood.
As homeownership declined, the rental market in Western Hills North expanded. The percentage of renters increased from 83% in 2013 to 87% in 2022. Average rent prices also rose, though more modestly compared to home prices, from $852 in 2013 to $920 in 2022, a 7.9% increase. The population growth from 8,735 in 2013 to 10,152 in 2022 likely contributed to the increased demand for rental properties. Recent data shows a slight fluctuation in average home prices, with a dip to $263,194 in 2023, followed by a small rebound to $266,407 in 2024. This occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may have contributed to the stabilization of home prices after years of rapid growth. Predictive models for the next 5 years suggest that average home prices in Western Hills North may continue to rise, but at a more moderate pace than in the previous decade. The recent stabilization in prices indicates a potential cooling of the market. Average rent prices are expected to maintain their upward trajectory, driven by the high renter population and ongoing demand for housing in the area. Western Hills North has transformed into a renter-majority community, with homeownership rates declining as property values surged. The neighborhood's housing market has demonstrated resilience, with recent data indicating a potential stabilization in home prices despite rising interest rates. These trends reflect the complex interplay of economic factors, local market conditions, and demographic changes shaping this Fort Worth neighborhood.