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Campbell, Missouri: Fluctuating Home Values and Ownership Trends in a Small Midwest City
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
Campbell, Missouri, is a small urban center located in the southeastern part of the state. Over the past decade, this city has experienced notable shifts in its housing market, with fluctuations in homeownership rates, average home prices, and average rent prices. The overall trend shows a slight increase in homeownership, rising average home prices, and gradually increasing average rent prices.
The homeownership rate in Campbell has shown a general upward trend from 2013 to 2022. In 2013, the homeownership rate was 67%, and by 2022, it had slightly decreased to 65%. However, the rate peaked at 71% in 2017, demonstrating significant fluctuations over the years. Interestingly, the average home prices have shown a more consistent upward trend during this period. In 2013, the average home price was $71,641, and by 2022, it had risen to $85,034, representing an increase of approximately 18.7% over nine years.
The relationship between federal interest rates and homeownership rates in Campbell shows some correlation. As interest rates remained low from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates remained relatively stable, hovering around 67-68%. However, as interest rates began to rise in 2017 (1%) and 2018 (1.83%), homeownership rates initially increased to 71% in 2017 before declining to 68% in 2018. This suggests that while lower interest rates generally encourage homeownership, other local factors also play a significant role in Campbell's housing market dynamics.
Renter percentages and average rent prices in Campbell have shown interesting trends. The percentage of renters decreased from 33% in 2013 to 29% in 2017, before rising again to 35% in 2022. During this period, average rent prices experienced an overall increase. In 2013, the average rent was $552, and by 2022, it had risen to $597, representing an increase of approximately 8.2%. It's worth noting that the city's population decreased from 3,173 in 2013 to 2,797 in 2022, which may have influenced the rental market dynamics.
Looking at the most recent data, in 2023, the average home price in Campbell was $80,323, showing a slight decrease from 2022. As of 2024, the average home price has further decreased to $74,399. This recent downward trend in home prices coincides with a significant increase in federal interest rates, which rose from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be contributing to the cooling of the housing market in Campbell.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Campbell may continue to experience moderate fluctuations. If interest rates remain high, we might see a period of stabilization or slight decline in home prices before they potentially start to rise again. For average rent prices, the forecast suggests a continued gradual increase, potentially reaching around $650-$700 by 2029, assuming current economic conditions and population trends persist.
In summary, Campbell's housing market has shown resilience and adaptability over the past decade. The most important discoveries include the overall increase in homeownership rates despite recent declines, the significant rise in average home prices from 2013 to 2022, and the recent cooling of the market coinciding with higher interest rates. The rental market has seen steady growth in average rent prices, even as the city's population has decreased. These trends reflect the complex interplay of local and national economic factors shaping Campbell's housing landscape.
