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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Bedford, Indiana, known as the "Limestone Capital of the World," has experienced notable changes in its housing market over the past decade. Located in Lawrence County, this charming community has seen a steady increase in homeownership rates and significant growth in average home prices from 2013 to 2022.
The homeownership rate in Bedford rose from 69% in 2013 to 72% in 2022. This increase coincided with a substantial rise in average home prices, which grew from $93,213 in 2013 to $184,985 in 2022, representing a 98.5% increase over this period. Interestingly, the homeownership rate continued to rise despite fluctuations in federal interest rates, suggesting that local factors may have played a more significant role in homeownership trends than national interest rates.
The rental market in Bedford showed a different trend. The percentage of renters decreased from 30% in 2013 to 28% in 2022. Average rent prices experienced some volatility, starting at $744 in 2013, peaking at $803 in 2015, and then declining to $708 in 2022. This represents a net decrease of 4.8% in average rent prices over the decade, contrasting with the rising home prices.
Recent data shows that the average home price in Bedford reached $189,284 in 2023 and further increased to $198,082 in 2024, continuing the upward trajectory in home values. Federal interest rates also rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for new homebuyers.
Predictive models forecast that average home prices in Bedford will continue to rise over the next five years, potentially reaching around $240,000 by 2029. This projection is based on the consistent upward trend observed over the past decade. For rent prices, the forecast suggests a potential stabilization or modest increase, possibly reaching an average of $780 per month by 2029, considering the historical fluctuations and recent trends.
In conclusion, Bedford has experienced a notable increase in homeownership rates and average home prices over the past decade, despite variations in federal interest rates. The rental market has shown more stability in pricing, despite a decrease in the percentage of renters. The continued rise in home values, coupled with recent increases in interest rates, may present both opportunities and challenges for the local housing market in the coming years.