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Cartersville's Home Values and Ownership: A Decade of Growth
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
Cartersville, Georgia, a vibrant city in Bartow County, has experienced significant changes in its housing market over the past decade. Known for its rich history and growing community, Cartersville has seen notable trends in homeownership rates, average home prices, and rent prices from 2013 to 2022.
From 2013 to 2022, Cartersville witnessed a substantial increase in homeownership rates. The percentage of owner-occupied homes rose from 57% in 2013 to 68% in 2022, marking an 11 percentage point increase. This rise in homeownership coincided with a significant increase in average home prices. In 2013, the average home price in Cartersville was $109,617, and by 2022, it had more than doubled to $301,097. This trend suggests a strong correlation between rising home values and increasing homeownership rates in the city.
The relationship between federal interest rates and homeownership rates in Cartersville follows an established pattern. From 2013 to 2016, when interest rates were consistently low (ranging from 0.11% to 0.40%), homeownership rates remained stable at 57%. As interest rates began to rise from 2017 to 2019 (1.00% to 2.16%), homeownership rates saw a slight increase to 58-59%. Interestingly, despite the sharp drop in interest rates in 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates in Cartersville continued to climb, reaching 62% in 2020 and 66% in 2021. This suggests that other factors, such as local economic conditions or housing market dynamics, may have played a significant role in driving homeownership during this period.
The renter percentage in Cartersville has shown an inverse relationship to homeownership rates, decreasing from 43% in 2013 to 32% in 2022. Despite this decrease, average rent prices have generally trended upward. In 2013, the average rent was $939, and it increased to $1,118 by 2021. However, there was a notable drop in 2022 to $942, which could be attributed to various local market factors or policy changes. The overall upward trend in rent prices, despite a decreasing renter population, may indicate a growing demand for higher-quality rental properties or reflect the overall increase in property values in the area.
In 2023 and 2024, Cartersville's housing market continued to show strength. The average home price in 2023 reached $310,726, a 3.2% increase from 2022. In 2024, the average home price further increased to $316,842, representing a 2% growth from the previous year. These price increases occurred despite relatively high federal interest rates of 5.02% in 2023 and 5.33% in 2024, suggesting a robust local housing market that has remained resilient in the face of higher borrowing costs.
Looking ahead, based on the historical data and current trends, we can forecast the following 5-year trends for Cartersville: Average home prices are likely to continue their upward trajectory, albeit at a potentially slower pace due to higher interest rates. We might expect average home prices to reach around $350,000 to $375,000 by 2029. Average rent prices may stabilize or see moderate increases, potentially reaching $1,200 to $1,300 per month by 2029, assuming the trend of increasing property values continues.
In summary, Cartersville has experienced a significant shift towards homeownership over the past decade, accompanied by substantial increases in average home prices. The rental market has seen a decrease in the percentage of renters, but average rent prices have generally trended upward until a recent dip. The city's housing market has shown resilience in the face of fluctuating interest rates, suggesting a strong local economy and desirable living conditions. As Cartersville continues to grow and evolve, these housing trends will play a crucial role in shaping the city's future development and community composition.
