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Celina, Ohio: A Decade of Rising Home Values and Stable Ownership
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
Celina, Ohio, a vibrant city situated in Mercer County, has experienced notable shifts in its housing market over the past decade. This charming Midwestern community, known for its proximity to Grand Lake St. Marys, has seen fluctuations in homeownership rates and housing prices that reflect broader economic trends and local dynamics.
The homeownership rate in Celina has remained relatively stable, hovering around 65-68% between 2013 and 2022. However, there have been subtle changes that correspond with fluctuations in average home prices. In 2013, the homeownership rate stood at 67%, with an average home price of $123,901. As home prices increased to $156,048 by 2020, the homeownership rate dipped slightly to 66%. Interestingly, despite a significant jump in average home prices to $192,871 in 2022, the homeownership rate held steady at 65%, suggesting a resilient local housing market.
Federal interest rates have played a role in shaping Celina's homeownership landscape. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.09% to 0.4%, which coincided with a slight decrease in homeownership from 67% to 64%. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, the homeownership rate in Celina actually increased slightly to 65%. This trend suggests that local factors, such as job market stability and community appeal, may have offset the potential negative impact of rising interest rates on homeownership.
Rental trends in Celina have shown an interesting pattern in relation to average rent prices. In 2013, the renter-occupied percentage was 33%, with an average rent of $691. By 2022, the renter percentage had increased slightly to 35%, while the average rent remained stable at $691. This stability in rent prices, despite fluctuations in between years (reaching a peak of $723 in 2021), may have contributed to the sustained demand for rental properties. The city's growing population, which increased from 11,983 in 2013 to 12,550 in 2022, likely supported the rental market's resilience.
Looking at the most recent data, 2023 saw average home prices in Celina rise to $203,483, with interest rates climbing to 5.02%. In 2024, the average home price further increased to $213,188, while interest rates slightly rose to 5.33%. These figures indicate a continuing upward trend in home values, despite the higher cost of borrowing.
Applying predictive models to forecast the next five years, we anticipate that average home prices in Celina will continue to rise, albeit at a more moderate pace. By 2029, average home prices could potentially reach around $250,000 to $270,000, assuming consistent economic growth and sustained local demand. Average rent prices are expected to follow a similar upward trajectory, potentially reaching $750 to $800 per month by 2029, reflecting the city's growing population and housing demand.
In summary, Celina's housing market has demonstrated resilience and steady growth over the past decade. The city has maintained a relatively stable homeownership rate despite rising home prices and fluctuating interest rates. The rental market has shown remarkable price stability, even as the renter population has slightly increased. With continued population growth and economic development, Celina is poised for further expansion in its housing sector, making it an attractive location for both homeowners and renters in the coming years.
