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Ava, Missouri: Rising Home Values Amidst Shifting Ownership Trends
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
Ava, Missouri, a small city with a population of 3,911 as of 2022, has experienced notable fluctuations in homeownership rates and housing prices over the past decade. Located in the heart of the Ozarks, this charming community has seen a general trend of increasing average home prices, while homeownership rates have remained relatively stable with some variations.
The homeownership rate in Ava has shown resilience, ranging from 61% to 72% between 2013 and 2022. In 2013, 69% of residents owned their homes, and this figure peaked at 72% in 2019 before settling at 68% in 2022. Concurrently, average home prices have demonstrated a consistent upward trajectory. From $91,532 in 2012, prices rose steadily to reach $188,057 by 2022, representing a substantial 105.5% increase over this period. This trend suggests that despite rising home values, Ava has maintained a relatively stable base of homeowners.
Federal interest rates have played a significant role in shaping homeownership trends in Ava. The period from 2012 to 2015 saw historically low interest rates, hovering around 0.1% to 0.14%. During this time, homeownership rates in Ava remained relatively high, ranging from 66% to 69%. As interest rates began to rise from 2016 onwards, reaching 1.83% by 2018, there was a slight dip in homeownership to 64% in 2017. However, the rate rebounded to 70% in 2018, indicating that other local factors may have influenced homeownership decisions alongside interest rates.
Renter percentages in Ava have fluctuated inversely to homeownership rates, ranging from 28% to 39% between 2013 and 2022. The highest percentage of renters was observed in 2015 at 39%, coinciding with a period of lower average rent prices. Average rent in Ava peaked at $610 in 2014 and then showed a general declining trend, reaching $521 in 2018 before rising again to $578 in 2022. This pattern suggests that rental affordability may have improved for residents during this period, despite the city's growing population, which increased from 4,356 in 2013 to 4,592 in 2019 before declining to 3,911 in 2022.
In 2023, the average home price in Ava reached $202,366, with federal interest rates at 5.02%. The trend continued into 2024, with average home prices further increasing to $208,594, while interest rates rose slightly to 5.33%. These figures represent a continuation of the upward trend in home values, even as interest rates have climbed significantly from their historical lows.
Looking ahead, predictive models suggest that average home prices in Ava may continue to rise over the next five years, potentially reaching around $240,000 by 2029 if current trends persist. Average rent prices are also expected to increase moderately, possibly reaching $650-$700 per month in the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Ava, Missouri has maintained a relatively stable homeownership rate despite significant increases in average home prices over the past decade. The interplay between federal interest rates, local economic conditions, and housing affordability has shaped the city's real estate landscape. As Ava continues to evolve, the balance between homeownership and rental markets will likely remain a key factor in the city's housing dynamics.
