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Bartlett, NH: Rising Home Values Amidst Homeownership Fluctuations
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Bartlett, New Hampshire, is a charming community nestled in the White Mountains, known for its scenic beauty and proximity to popular ski resorts. Over the past decade, this small town has experienced notable fluctuations in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Bartlett has shown considerable variability from 2013 to 2022. In 2013, the town boasted a high 86% homeownership rate, which declined to 64% by 2017 and 2018. However, there was a significant rebound to 83% in 2022, indicating a strong preference for homeownership in recent years. Concurrently, average home prices have seen a steady increase, rising from $169,498 in 2010 to $405,653 in 2022, representing a substantial 139% growth over 12 years.
The relationship between federal interest rates and homeownership rates in Bartlett shows some interesting patterns. For instance, the period from 2013 to 2016 saw relatively low interest rates (ranging from 0.09% to 0.4%), which coincided with homeownership rates between 69% and 86%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates initially dropped to 64% but then stabilized around 70%. Interestingly, despite the very low interest rates in 2020 and 2021 (0.38% and 0.08% respectively), homeownership remained at 70%, only to jump to 83% in 2022 when interest rates increased to 1.68%.
Renter percentages in Bartlett have inversely mirrored homeownership trends. The rental market saw an increase from 14% in 2013 to a peak of 36% in 2017 and 2018, before declining to 17% in 2022. Average rent prices have shown overall growth, rising from $1,086 in 2013 to $1,093 in 2022, with some fluctuations in between. Notably, there was a significant spike in average rent to $1,575 in 2021, possibly influenced by the town's population growth from 810 in 2020 to 859 in 2021.
Looking at the most recent data, average home prices in Bartlett continued their upward trajectory, reaching $427,046 in 2023 and further climbing to $458,190 in 2024. This represents a 13% increase from 2022 to 2024, despite the federal interest rate rising to 5.02% in 2023 and 5.33% in 2024. These figures suggest a robust housing market that has maintained growth even in the face of higher borrowing costs.
Applying predictive models to forecast 5-year trends, we anticipate continued growth in both average home prices and rent prices, albeit at a potentially slower rate due to the higher interest rate environment. Average home prices could potentially reach around $550,000 by 2029, while average rent prices might approach $1,300 per month, assuming consistent economic conditions and local market factors.
In summary, Bartlett has demonstrated a resilient housing market with a strong trend towards homeownership in recent years. The town has experienced significant appreciation in average home values, more than doubling over the past decade. Despite fluctuations in federal interest rates, the desire for homeownership remains strong, as evidenced by the recent uptick to 83% in 2022. The rental market, while smaller, has shown stability with gradual increases in average rent prices. These trends suggest a dynamic and evolving real estate landscape in Bartlett, with potential for continued growth in both the homeownership and rental sectors.
