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Bluffton, Georgia: Rising Home Values and High Ownership Rates in a Resilient Small Town Market
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
Bluffton, a small town in Georgia, has experienced fluctuating demographics and housing market trends over the past decade. The town has seen varying levels of homeownership, with rates generally remaining high, while average home prices have shown a steady increase. Average rent prices, though limited in data, have also seen changes over the years.
The homeownership rate in Bluffton has remained consistently high, ranging from 68% to 81% between 2013 and 2022. This trend aligns with the growth in average home prices, which increased from $104,570 in 2010 to $170,811 in 2022, representing a 63% rise over 12 years. The highest homeownership rate of 81% was observed in both 2019 and 2022, coinciding with significant increases in average home prices. For instance, in 2019, when the ownership rate peaked at 81%, the average home price was $124,828, and in 2022, it reached $170,811 with the same ownership rate.
Federal interest rates have played a role in homeownership trends in Bluffton. The period from 2010 to 2015 saw historically low interest rates, ranging from 0.09% to 0.18%. During this time, homeownership rates remained relatively stable, hovering around 70-75%. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, Bluffton's homeownership rate actually increased to 81%, suggesting that local factors may have had a stronger influence on homeownership than national interest rates.
Renter percentages in Bluffton have fluctuated inversely to homeownership rates, ranging from 19% to 32% between 2013 and 2022. Average rent prices, where data is available, show some variability. In 2013, the average rent was $642, dropping significantly to $296 in 2014. By 2022, the average rent had increased to $577. The lower renter percentages in recent years (19% in 2019 and 2022) coincide with higher average rent prices, suggesting a potential relationship between reduced rental supply and increased costs.
In 2023, the average home price in Bluffton slightly decreased to $168,900 from the previous year's $170,811. However, 2024 shows a rebound with the average home price rising to $171,367. This upward trend occurs despite the federal interest rate increasing to 5.02% in 2023 and further to 5.33% in 2024, indicating resilience in the local housing market.
Looking ahead, based on the historical data and current trends, we can forecast that average home prices in Bluffton are likely to continue their upward trajectory over the next five years, potentially reaching around $190,000 to $200,000 by 2029. Average rent prices may also see a moderate increase, potentially reaching $650 to $700 per month, assuming the current economic conditions and local market factors remain relatively stable.
In summary, Bluffton's housing market is characterized by high homeownership rates and steadily increasing average home prices. Despite fluctuations in federal interest rates, the local market has shown resilience, with homeownership rates remaining high. The rental market, while smaller, has seen some variability in both occupancy rates and prices. The town's ability to maintain high homeownership rates even as home prices and interest rates rise suggests a strong local economy and continued demand for housing in the area.
