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Bristol's Housing Market: Rising Home Values and Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Bristol, New Hampshire, is a charming community nestled in the picturesque Lakes Region. This small town has experienced notable shifts in homeownership rates and housing prices over the past decade. From 2013 to 2022, the percentage of owner-occupied homes fluctuated, while average home prices showed a consistent upward trend. Average rent prices, on the other hand, displayed more variability during this period.
The homeownership rate in Bristol demonstrated interesting fluctuations between 2013 and 2022. In 2013, 70% of homes were owner-occupied. This figure remained relatively stable until 2016 when it dropped to 68%. A more significant decrease occurred in 2017, with homeownership falling to 65%. However, the trend reversed in subsequent years, reaching a peak of 76% in 2021 before settling at 73% in 2022. Concurrently, average home prices in Bristol showed a steady increase. In 2013, the average home price was $152,868. By 2022, this figure had more than doubled to $344,491, representing a substantial 125% increase over the decade.
The relationship between federal interest rates and homeownership rates in Bristol aligns with well-established trends. As interest rates remained low from 2013 to 2016, hovering around 0.1%, homeownership rates were relatively stable. The slight increase in interest rates to 1% in 2017 coincided with a dip in homeownership to 65%. However, as rates moderated and remained below 2.5% through 2021, homeownership rebounded, reaching its peak of 76% in 2021 when interest rates were at a mere 0.08%.
Renter percentages in Bristol inversely mirrored the homeownership trends. The proportion of renters increased from 30% in 2013 to a high of 35% in 2017, before decreasing to 24% in 2021 and slightly rising to 27% in 2022. Average rent prices showed some volatility during this period. In 2013, the average rent was $1,082. It decreased to $889 in 2015 before rising again to $977 in 2016. By 2022, the average rent had fallen to $824, representing a 24% decrease from the 2013 figure. This trend may be partially attributed to the growing population, which increased from 2,806 in 2013 to 3,011 in 2022, potentially influencing the local rental market dynamics.
In 2023, the average home price in Bristol reached $366,077, continuing the upward trend observed in previous years. This represents a 6.3% increase from 2022. The federal interest rate in 2023 was 5.02%, significantly higher than in recent years. Moving into 2024, the average home price has further increased to $384,789, a 5.1% rise from 2023. The federal interest rate for 2024 stands at 5.33%, indicating a continued tightening of monetary policy.
Looking ahead, predictive models suggest that average home prices in Bristol are likely to continue their upward trajectory over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices may stabilize or show modest increases as the market adjusts to changing economic conditions and population growth.
In summary, Bristol has experienced a significant increase in homeownership rates and average home prices over the past decade, with a peak in homeownership coinciding with historically low interest rates. The rental market has shown more variability, with decreasing average rents despite population growth. The recent sharp increases in interest rates may impact future housing market dynamics, potentially moderating the rapid growth in home prices and influencing homeownership rates in the coming years.
