Loading Content...
Average Home Values Soar in Marysville, Ohio: Scotts Miracle-Gro Headquarters City Sees Housing Market Boom
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Marysville, Ohio, a vibrant city in Union County, has experienced significant growth and transformation in recent years. With a population of 34,231 in 2022 and spanning 16.39 square miles, this thriving community has seen notable shifts in homeownership rates, average home prices, and average rent prices over the past decade.
The homeownership rate in Marysville has shown a strong upward trend, increasing from 68% in 2013 to 76% in 2022. This rise in homeownership coincides with a substantial increase in average home prices, which grew from $174,927 in 2013 to $324,640 in 2022, representing an impressive 85.6% increase over nine years.
The relationship between federal interest rates and homeownership rates in Marysville follows a well-established pattern. As interest rates remained low between 2013 and 2021, ranging from 0.08% to 1.68%, homeownership rates steadily increased. This trend aligns with the general principle that lower interest rates make homeownership more accessible due to reduced borrowing costs.
Conversely, the percentage of renters in Marysville has decreased from 32% in 2013 to 24% in 2022. Despite this decline, average rent prices have shown an upward trend, rising from $1,080 in 2013 to $1,127 in 2022, an increase of 4.4%. This increase in average rent prices, although modest compared to home price growth, may be attributed to factors such as population growth and increased demand for rental properties.
Looking at the most recent data, average home prices in Marysville continued to rise, reaching $338,743 in 2023 and $352,992 in 2024. This represents a further increase of 8.7% from 2022 to 2024. Federal interest rates also saw a significant increase during this period, rising to 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices have continued to appreciate, suggesting strong demand in the Marysville housing market.
Applying predictive models to forecast 5-year trends, average home prices in Marysville are anticipated to continue rising, potentially reaching around $425,000 by 2029. This projection is based on the consistent upward trend observed over the past decade and assumes continued economic growth and demand for housing in the area. Average rent prices are also expected to increase, albeit at a slower rate, potentially reaching approximately $1,250 by 2029.
In summary, Marysville has experienced a significant shift towards homeownership, with a corresponding increase in average home prices. Despite rising interest rates in recent years, the housing market has remained robust, indicating strong local demand. The rental market, while shrinking in terms of percentage, has seen modest increases in average rent prices. These trends suggest a growing preference for homeownership in Marysville, potentially driven by factors such as job growth, quality of life, and the long-term investment potential of real estate in the area.
