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Ardmore, Oklahoma: Rising Home Values and Shifting Ownership in a Growing City
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
Ardmore, a vibrant city in Oklahoma, has experienced notable shifts in its housing market over the past decade. Known for its rich history in oil production and as the birthplace of several notable figures, Ardmore has seen interesting trends in homeownership, average home prices, and average rent prices.
From 2013 to 2022, Ardmore witnessed a gradual decline in homeownership rates. In 2013, 62% of residents owned their homes, but by 2022, this figure had decreased to 58%. Conversely, the percentage of renters increased from 38% to 42% during the same period. This shift coincided with a significant rise in average home prices. In 2013, the average home price in Ardmore was $76,782, but by 2022, it had surged to $134,046, representing a substantial 74.6% increase over nine years.
The relationship between federal interest rates and homeownership rates in Ardmore shows some correlation. From 2013 to 2015, when interest rates were at historic lows (0.11% to 0.13%), homeownership rates remained stable at 62-63%. However, as interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates gradually declined to 58%. This trend suggests that rising interest rates may have contributed to the decrease in homeownership, as higher borrowing costs potentially deterred some potential buyers.
As the percentage of renters increased from 38% in 2013 to 42% in 2022, average rent prices also saw a significant uptick. In 2013, the average rent in Ardmore was $714 per month. By 2022, it had risen to $819, marking a 14.7% increase. This rise in rent prices, coupled with the growing renter population, indicates a strong demand for rental properties in the city. The population of Ardmore remained relatively stable during this period, growing slightly from 27,901 in 2013 to 27,965 in 2022, suggesting that the increase in renters was primarily due to a shift from homeownership rather than significant population growth.
In 2023 and 2024, Ardmore's housing market continued to evolve. The average home price in 2023 reached $142,807, a further 6.5% increase from 2022. In 2024, it climbed to $146,062, showing a slower but still upward trend. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions.
Looking ahead, based on the observed trends, we can predict that average home prices in Ardmore will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. We might expect average home prices to reach around $160,000 to $170,000 by 2029. Average rent prices are also likely to increase, potentially reaching $900 to $950 per month in the same timeframe, driven by the ongoing shift towards renting and the overall increase in housing costs.
In summary, Ardmore has experienced a clear trend of decreasing homeownership and increasing rental occupancy over the past decade. This shift has been accompanied by significant increases in both average home prices and rent prices. The rise in federal interest rates appears to have influenced these trends, potentially making homeownership less attainable for some residents. As the city moves forward, these housing market dynamics will likely continue to shape Ardmore's residential landscape.
