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Ardmore, PA: Rising Home Values and Ownership Trends in a Philadelphia Suburb
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, located in Pennsylvania, is a vibrant suburban community known for its picturesque Main Line setting and rich history. The area has experienced notable fluctuations in homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics. Homeownership in Ardmore has shown a slight decline from 2013 to 2019, followed by a rebound in recent years. In 2013, the homeownership rate stood at 69%, gradually decreasing to 64% by 2019. However, this trend reversed, with ownership climbing back to 69% by 2022. Concurrently, average home prices have demonstrated consistent growth. In 2013, the average home price was $271,181, which steadily increased to $420,877 by 2022, representing a substantial 55% increase over this period.
The relationship between federal interest rates and homeownership rates in Ardmore aligns with typical market patterns. As interest rates remained low from 2013 to 2016, hovering around 0.1% to 0.4%, homeownership rates experienced a slight decline. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates started to rebound. This counterintuitive trend suggests that other local factors, such as job market strength or housing supply, may have played a more significant role in homeownership decisions than interest rates alone.
Renter percentages in Ardmore have fluctuated inversely to homeownership rates, peaking at 35% from 2017 to 2019 before declining to 31% in 2022. Average rent prices have shown an overall upward trend, increasing from $1,551 in 2013 to $1,611 in 2022, a 3.9% rise. The population growth from 17,758 in 2013 to 20,315 in 2022 likely contributed to the pressure on rental prices, despite the recent shift towards homeownership.
In 2023, average home prices in Ardmore continued their upward trajectory, reaching $448,208, a 6.5% increase from 2022. This trend persisted into 2024, with average home prices climbing to $477,580, representing a further 6.6% increase. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions and affordability.
Looking ahead, predictive models suggest that average home prices in Ardmore are likely to continue their upward trend over the next five years, potentially reaching around $550,000 by 2029. Average rent prices are also expected to increase, albeit at a more moderate pace, potentially reaching approximately $1,750 per month by 2029. These projections assume continued population growth and economic stability in the region.
In summary, Ardmore has experienced a resurgence in homeownership rates in recent years, coupled with substantial growth in average home prices. The rental market has shown more modest price increases, with a recent decline in the percentage of renters. The community's desirability, evidenced by its population growth, continues to drive demand in both the ownership and rental markets, suggesting a robust real estate landscape for the foreseeable future.
