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Bradford, NH: Rising Home Values and High Ownership Rates in a Small Community
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
Bradford, located in New Hampshire, is a small community that has experienced fluctuations in population and housing dynamics over the past decade. The city has maintained a consistently high rate of homeownership, with average home prices showing a general upward trend. Average rent prices have also seen changes, reflecting the evolving economic landscape of the area.
The homeownership rate in Bradford has remained relatively stable, ranging from 86% to 90% between 2013 and 2022. This high rate of homeownership coincides with a significant increase in average home prices. In 2010, the average home price was $212,967, which rose steadily to $393,596 by 2022, representing an 84.8% increase over 12 years. The most substantial growth occurred between 2020 and 2022, with average home prices jumping from $269,602 to $393,596, a 45.9% increase in just two years.
Federal interest rates have played a role in homeownership trends. The period from 2010 to 2015 saw historically low interest rates, ranging from 0.1% to 0.18%. This coincided with a slight increase in homeownership from 87% in 2013 to 88% in 2014. As interest rates began to rise from 2016 onwards, reaching 1.83% in 2018, the homeownership rate remained high at 88%, suggesting that other local factors may have supported continued homeownership despite rising rates.
The renter population in Bradford has remained relatively small, fluctuating between 10% and 14% from 2013 to 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $1,082, which decreased slightly to $1,060 in 2015. There was then an increase to $1,149 in 2018, followed by a notable drop to $990 in 2019. By 2022, the average rent had risen again to $1,170, representing an 8.1% increase from 2013 to 2022. These fluctuations in rent prices occurred against a backdrop of varying population levels, which peaked at 1,704 in 2014 and settled at 1,565 in 2022.
In 2023, the average home price in Bradford reached $408,491, with federal interest rates at 5.02%. Moving into 2024, the average home price further increased to $423,116, while federal interest rates rose slightly to 5.33%. This continued upward trend in both home prices and interest rates suggests a robust housing market despite higher borrowing costs.
Looking ahead, predictive models forecast a continued increase in average home prices over the next five years, potentially reaching around $500,000 by 2029 if current trends persist. Average rent prices are also expected to rise, possibly surpassing $1,300 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Bradford has maintained a strong homeownership culture despite rising home prices. The community has weathered fluctuations in population and rent prices while experiencing significant growth in property values. The relationship between federal interest rates and local housing trends suggests a resilient market, with homeownership rates remaining high even as interest rates and home prices have increased. The forecast indicates continued growth in both home values and rent prices, reflecting the area's desirability and economic stability.
