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Circleville, Ohio: Home Values Soar in the City with a Circular Past
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Circleville, Ohio, a city in Pickaway County with a population of 19,140 in 2022, is renowned for hosting one of the largest pumpkin festivals in the United States. The city has experienced modest growth over the past decade, accompanied by notable changes in its housing market. This analysis examines the trends in homeownership rates, average home prices, and rental market dynamics in Circleville from 2013 to 2024.
The homeownership rate in Circleville has shown a slight downward trend over the past decade, decreasing from 63% in 2013 to 60% in 2022. Conversely, the percentage of renters increased from 37% to 40% during the same period. Despite this shift, average home prices in Circleville have demonstrated a consistent upward trajectory. In 2013, the average home price was $120,249, which rose significantly to $229,762 by 2022, marking a substantial 91% increase over nine years.
The relationship between federal interest rates and homeownership rates in Circleville appears to follow the general trend of lower interest rates encouraging homeownership. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), the homeownership rate remained stable at 61% in 2020. However, as interest rates began to rise in 2022 to 1.68%, there was a slight decrease in homeownership to 60%.
Average rent prices in Circleville have fluctuated over the analyzed period. In 2013, the average rent was $919, which decreased to $803 in 2017, before rising again to $867 in 2022. This represents a net decrease of 5.7% in average rent prices over the nine-year period, despite the increasing population and rising home prices.
In 2023 and 2024, Circleville's housing market continued to experience growth. The average home price in 2023 reached $245,796, a 7% increase from 2022. In 2024, it further increased to $262,805, representing a 6.9% year-over-year growth. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the city.
Based on the historical data and current trends, forecasts for Circleville over the next five years suggest that average home prices are likely to continue their upward trajectory, potentially reaching around $320,000 by 2029, assuming a conservative annual growth rate of 4%. Average rent prices may stabilize and begin to increase more consistently, potentially reaching $950-$1,000 per month by 2029, driven by population growth and increased housing demand. The homeownership rate may continue to face slight downward pressure due to rising home prices and higher interest rates, potentially settling around 58-59% by 2029.
In summary, Circleville has experienced a significant increase in average home prices over the past decade, while maintaining relatively stable homeownership rates. The rental market has seen more variability in prices but a gradual increase in the percentage of renters. The city's housing market appears resilient, with continued growth expected in both home prices and rental rates, though rising interest rates may pose challenges for potential homebuyers in the coming years.
