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Ballwin, Missouri: Rising Home Values and Ownership Rates in a Suburban Haven
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
Ballwin, Missouri, is a vibrant suburban city located in St. Louis County, known for its excellent schools and high quality of life. Over the past decade, Ballwin has experienced a notable increase in homeownership rates, coupled with rising average home prices and average rent costs. This trend reflects the city's growing appeal and economic stability.
From 2013 to 2022, Ballwin witnessed a significant increase in homeownership rates, rising from 82% to 86%. This 4% increase coincided with a substantial growth in average home prices. In 2013, the average home price in Ballwin was $217,857. By 2022, it had climbed to $356,433, representing a remarkable 63.6% increase over nine years. This strong correlation between rising homeownership rates and increasing home values suggests a robust and desirable housing market in Ballwin.
The relationship between federal interest rates and homeownership rates in Ballwin presents an interesting dynamic. Despite fluctuations in federal interest rates, Ballwin's homeownership rate continued to rise steadily. For instance, when interest rates were at a low of 0.08% in 2021, homeownership reached 87%. However, even as rates increased to 1.68% in 2022, homeownership remained high at 86%. This trend indicates that factors beyond interest rates, such as local economic conditions and the city's attractiveness, play a significant role in driving homeownership in Ballwin.
Conversely, the percentage of renters in Ballwin decreased from 16% in 2013 to 14% in 2022. Despite this decline, average rent prices showed an upward trend. In 2013, the average rent was $1,263, increasing to $1,315 by 2022, a 4.1% rise. This trend suggests that while fewer residents are renting, those who do are facing higher costs. The population growth from 33,820 in 2013 to 33,587 in 2022 indicates a relatively stable population, which may contribute to the sustained demand for rental properties despite the decreasing renter percentage.
As of 2024, the average home price in Ballwin has reached $386,987, a 3.3% increase from 2023's average of $374,542. This continued appreciation in home values occurs alongside a federal interest rate of 5.33% in 2024, up from 5.02% in 2023. These figures demonstrate the resilience of Ballwin's housing market, maintaining growth even in a higher interest rate environment.
Looking ahead, predictive models suggest that Ballwin's housing market will continue its upward trajectory. Over the next five years, average home prices are projected to increase by approximately 15-20%, potentially reaching around $445,000 to $465,000 by 2029. Average rent prices are expected to follow a similar trend, with an estimated increase of 10-15%, potentially reaching $1,450 to $1,500 per month by 2029.
In summary, Ballwin's housing market is characterized by increasing homeownership rates, rising average home prices, and growing average rent costs. The city's ability to maintain these trends, even during periods of fluctuating interest rates, underscores its strong appeal to both homeowners and investors. As Ballwin continues to evolve, it is likely to remain an attractive destination for those seeking a stable and appreciating real estate market in the St. Louis metropolitan area.
