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Average Home Values and Ownership in Sayre, Pennsylvania: A Decade of Market Dynamics
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
Sayre, located in Bradford County, Pennsylvania, is a small community with a rich history tied to the railroad industry. As of 2022, the city had a population of 5,463 spread across 2.02 square miles. Over the past decade, Sayre has experienced fluctuations in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics. The homeownership rate in Sayre has shown a general decline from 2013 to 2022, with some fluctuations. In 2013, 57% of housing units were owner-occupied. This percentage dropped to its lowest point of 46% in 2019 before rebounding to 54% in 2022. Concurrently, average home prices have shown a steady upward trend. In 2013, the average home price was $123,487. By 2022, this figure had risen to $158,288, representing a 28% increase over the decade. The relationship between federal interest rates and homeownership rates in Sayre appears to follow expected patterns. As interest rates remained low from 2013 to 2016 (below 0.5%), homeownership rates were relatively stable, ranging from 53% to 57%. However, as interest rates began to rise from 2017 (1%) to 2019 (2.16%), homeownership rates declined, reaching a low of 46% in 2019. The subsequent drop in interest rates in 2020 and 2021 (to 0.38% and 0.08% respectively) coincided with a rebound in homeownership rates to 54% by 2022.
Renter percentages in Sayre have generally increased as homeownership rates declined. The proportion of renter-occupied housing units rose from 43% in 2013 to a peak of 54% in 2019, before settling at 46% in 2022. Average rent prices have shown some volatility but with an overall upward trend. In 2013, the average rent was $793. It peaked at $863 in 2021 before slightly decreasing to $808 in 2022. This represents a 1.9% increase in average rent over the decade, which is notably lower than the increase in average home prices.
In 2023, the average home price in Sayre reached $171,146, a significant 8.1% increase from 2022. This upward trend continued into 2024, with average home prices rising to $178,851, marking a further 4.5% increase. Concurrently, federal interest rates climbed to 5.02% in 2023 and 5.33% in 2024, reaching levels not seen since before the 2008 financial crisis.
Looking ahead, based on historical trends and current market conditions, we can project that average home prices in Sayre may continue to rise over the next five years, potentially reaching around $200,000 by 2029. However, this growth rate may slow compared to recent years due to higher interest rates. Average rent prices are likely to follow a similar upward trajectory, potentially reaching close to $900 per month by 2029, assuming steady population growth and continued demand for rental properties.
In summary, Sayre has experienced a gradual shift towards more renter-occupied housing over the past decade, with a recent reversal of this trend. Despite fluctuations in homeownership rates, average home prices have consistently increased, outpacing growth in average rent prices. The interplay between federal interest rates, housing affordability, and local economic factors will continue to shape Sayre's housing market in the coming years.
