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Clearfield's Housing Market: Rising Home Values Amidst Declining Population
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Clearfield, situated in Pennsylvania, is a small community with a rich history and a dynamic real estate market. Over the past decade, the city has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in Clearfield has shown slight variations over the years. In 2013, 54% of housing units were owner-occupied. This percentage increased to 59% by 2021, indicating a growing trend towards homeownership. However, in 2022, there was a notable decrease to 52%, suggesting a shift in the market. Concurrently, average home prices have shown a general upward trend. In 2013, the average home price was $76,675, which steadily increased to $123,289 by 2022, representing a significant 60.8% increase over this period.
Federal interest rates have played a role in shaping homeownership trends in Clearfield. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.40%), homeownership rates increased from 54% to 56%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, as interest rates began to rise more sharply from 2017 onwards, reaching 1.68% in 2022, we observed fluctuations in homeownership rates, culminating in the decrease to 52% in 2022.
Rental trends in Clearfield have also shown interesting patterns. The percentage of renter-occupied housing units decreased from 46% in 2013 to 41% in 2021, before increasing to 48% in 2022. Average rent prices have generally increased over this period, albeit with some fluctuations. In 2013, the average rent was $600, which rose to $703 by 2021, representing a 17.2% increase. However, there was a decrease to $645 in 2022, possibly reflecting changes in local economic conditions or housing supply.
Looking at the most recent data, the average home price in Clearfield was $120,894 in 2023 and $120,357 in 2024, showing a slight decrease. This trend coincides with significantly higher federal interest rates of 5.02% in 2023 and 5.33% in 2024, which may be impacting home buying affordability and demand.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Clearfield may experience moderate growth, potentially reaching around $130,000 by 2029. This projection considers historical price trends and the current high-interest rate environment. For average rent prices, we expect a continued upward trend, potentially reaching approximately $750 by 2029, assuming steady population growth and demand for rental properties.
In summary, Clearfield has experienced notable changes in its housing market over the past decade. The most significant trends include the overall increase in average home prices, fluctuations in homeownership rates, and a general upward trend in average rent prices. The interplay between federal interest rates, local economic conditions, and housing supply will likely continue to shape these trends in the coming years.
