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Beavercreek, Ohio: Steady Home Values and Ownership in a Thriving Suburb
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
Beavercreek, Ohio, is a thriving city located in Greene County, known for its excellent schools and proximity to Wright-Patterson Air Force Base. Over the past decade, Beavercreek has experienced steady growth in population and housing market dynamics. The city has maintained a high rate of homeownership, with average home prices showing a consistent upward trend. Meanwhile, average rent prices have also increased, albeit at a more moderate pace.
Homeownership in Beavercreek has remained relatively stable, with a slight decrease from 75% in 2013 to 73% in 2017, before returning to 75% in 2022. This trend correlates with the rise in average home prices, which increased from $180,656 in 2010 to $286,794 in 2022, representing a significant 58.8% increase over 12 years. The most substantial growth occurred between 2020 and 2022, with average home prices jumping from $237,306 to $286,794, a 20.9% increase in just two years.
Federal interest rates have played a role in homeownership trends in Beavercreek. The period of low interest rates from 2010 to 2021, ranging from 0.08% to 0.18%, coincided with the city's stable homeownership rates. As interest rates began to rise in 2022 to 1.68%, the homeownership rate held steady at 75%, suggesting that other factors, such as the city's desirability and strong job market, may have offset the potential negative impact of rising interest rates on homeownership.
The renter population in Beavercreek has fluctuated slightly, ranging from 25% to 27% between 2013 and 2022. Average rent prices have shown a gradual increase, rising from $1,201 in 2013 to $1,301 in 2022, a 8.3% increase over nine years. The city's population growth, from 49,864 in 2013 to 51,470 in 2022, may have contributed to the steady demand for rental properties and the subsequent increase in average rent prices.
In 2023 and 2024, Beavercreek's housing market continued its upward trajectory. Average home prices reached $298,901 in 2023 and further increased to $312,264 in 2024, representing a 4.2% and 4.5% year-over-year growth, respectively. This growth occurred despite the significant rise in federal interest rates, which climbed to 5.02% in 2023 and 5.33% in 2024, suggesting a robust local housing market resilient to national economic factors.
Looking ahead, predictive models suggest that Beavercreek's housing market will continue to grow over the next five years. Average home prices are projected to increase by approximately 3-4% annually, potentially reaching around $365,000 by 2029. Average rent prices are expected to follow a similar trend, with an estimated annual growth of 2-3%, potentially reaching approximately $1,500 by 2029.
In summary, Beavercreek has demonstrated a strong and stable housing market characterized by high homeownership rates and steadily increasing property values. The city's ability to maintain these trends despite fluctuations in federal interest rates indicates a robust local economy and continued demand for housing. As Beavercreek continues to grow, both homeowners and renters can expect to see gradual increases in property values and rent prices, reflecting the city's ongoing attractiveness as a residential destination.
