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Carlisle's Surging Home Values: A Decade of Change in Independence, Missouri
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
Carlisle, a neighborhood in Independence, Missouri, has experienced significant changes in its real estate market over the past decade. From 2013 to 2022, the area witnessed a substantial shift in homeownership rates and property values, reflecting broader economic trends and local market dynamics. The homeownership rate in Carlisle declined from 61% in 2013 to 49% in 2022. This decrease coincided with a dramatic increase in average home prices, which rose from $27,979 in 2013 to $105,056 in 2022, representing a 275% increase over nine years. This trend persisted despite historically low federal interest rates between 2013 and 2020, ranging from 0.08% to 0.4%, suggesting that rapidly increasing home prices may have outweighed the potential benefits of low interest rates for prospective homebuyers.
As homeownership declined, the percentage of renters in Carlisle increased from 39% in 2013 to 51% in 2022. This shift was accompanied by significant fluctuations in average rent prices. The average rent rose from $785 in 2013 to $1,032 in 2022, a 31.5% increase. However, this growth was not linear, with notable variations such as a sharp drop to $484 in 2016 before rebounding to $1,114 in 2019. These fluctuations may be attributed to changes in housing supply, local economic conditions, and shifting demographics within the neighborhood.
In 2023 and 2024, Carlisle's real estate market continued its upward trajectory. The average home price reached $116,694 in 2023 and further increased to $124,754 in 2024, marking an 18.75% rise from 2022 to 2024. This growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Looking ahead, predictive models suggest that average home prices in Carlisle may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by the growing renter population and the overall appreciation of property values in the area.
In summary, Carlisle has experienced a notable shift from a predominantly owner-occupied neighborhood to one with a more balanced mix of owners and renters. This transition has been marked by substantial increases in both average home prices and rent prices, reflecting the area's changing real estate dynamics and broader economic trends. The continued rise in property values, despite higher interest rates, suggests ongoing demand for housing in this Independence, Missouri neighborhood.
