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Woodland Hills: Rising Home Values Amidst Stable Ownership in a Resilient Cleveland Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Woodland Hills, a neighborhood in Cleveland, Ohio, has experienced significant changes in its housing market over the past decade. Known for its diverse community and proximity to green spaces, the area has seen fluctuations in average home prices and rent, while maintaining relatively stable homeownership rates. These trends reflect broader economic shifts and local market dynamics.
The homeownership rate in Woodland Hills has remained relatively consistent, ranging between 28% and 31% from 2013 to 2022. Despite this stability, average home prices have shown considerable volatility. In 2010, the average home price was $45,939, which declined to a low of $28,154 in 2014. However, the market has since rebounded, with average home prices reaching $59,395 in 2022, representing a 111% increase from the 2014 low. This upward trend in home prices, coupled with stable homeownership rates, suggests that while fewer residents are transitioning to homeownership, those who do own homes are experiencing significant appreciation in their property values.
Federal interest rates have played a crucial role in shaping homeownership trends in Woodland Hills. From 2010 to 2015, interest rates remained exceptionally low, hovering around 0.1% to 0.18%. During this period, homeownership rates remained stable at around 29-30%. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates showed slight fluctuations but generally remained within the 30-31% range. This suggests that while low interest rates may have helped maintain homeownership levels, other factors such as local economic conditions and housing affordability have also influenced homeownership decisions in the neighborhood.
The rental market in Woodland Hills has shown interesting trends over the years. The percentage of renters increased slightly from 69% in 2016 to 72% in 2021, before settling at 70% in 2022. Average rent prices have generally trended upward, rising from $566 in 2013 to $621 in 2022, an increase of about 9.7%. However, this increase has not been linear. There was a period of decline from 2013 to 2016, with average rent dropping to $512, followed by a steady increase thereafter. The population of Woodland Hills has decreased significantly from 9,602 in 2010 to 6,148 in 2022, which may have influenced rental market dynamics by potentially reducing demand and moderating rent increases.
In 2023, the average home price in Woodland Hills experienced a slight decrease to $51,935, down from $59,395 in 2022. However, 2024 has seen a rebound, with average home prices rising to $57,531. This recovery is occurring despite the federal interest rate reaching 5.33% in 2024, up from 5.02% in 2023. These higher interest rates may impact affordability and could potentially slow down home price growth in the near future.
Looking ahead, predictive models suggest that average home prices in Woodland Hills may continue to show moderate growth over the next five years, potentially reaching around $65,000-$70,000 by 2029. This projection assumes a continuation of current trends and no major economic shocks. Average rent prices are expected to follow a similar trajectory, potentially increasing to around $670-$700 per month by 2029. However, these projections should be viewed with caution as they are subject to various economic factors and local market conditions.
In summary, Woodland Hills has experienced significant fluctuations in its housing market over the past decade. While homeownership rates have remained relatively stable, average home prices have seen substantial appreciation since 2014. The rental market has shown steady growth in both the proportion of renters and average rent prices. The recent increase in federal interest rates may impact future housing market dynamics, potentially moderating home price growth and affecting affordability for both buyers and renters in the coming years.
