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Coldwater, Ohio: Rising Home Values and Ownership Trends Amidst Interest Rate Fluctuations
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Coldwater, Ohio, is a small community located in Mercer County. This charming village has seen interesting shifts in its housing market over the past decade. The ownership percentage has fluctuated, while average home prices have generally trended upward. Average rent prices have also experienced notable changes, reflecting the dynamic nature of the local real estate market.
The homeownership rate in Coldwater has shown some variability over the years. In 2013, the ownership rate stood at 82%, dropping to 76% in 2016 before rebounding to 83% in 2021. Interestingly, this fluctuation coincided with changes in average home prices. From 2013 to 2021, average home prices increased significantly, rising from $145,984 to $219,643, representing a 50.5% increase. This trend suggests that despite rising home prices, Coldwater maintained a relatively high rate of homeownership.
Federal interest rates have played a role in shaping homeownership trends in Coldwater. As interest rates remained low from 2013 to 2016, hovering around 0.1%, the village saw a slight decrease in homeownership. However, as rates began to rise from 2016 onwards, reaching 1.68% in 2022, homeownership rates actually increased. This counterintuitive trend might be attributed to other local economic factors or housing market conditions specific to Coldwater.
Renter percentages in Coldwater have mirrored the inverse of homeownership rates, ranging from 18% in 2013 to a peak of 24% in 2016, before settling back to 22% in 2022. Average rent prices have shown considerable volatility. In 2013, the average rent was $667, which increased to $1,419 in 2017, a dramatic 112.7% jump. However, rent prices then decreased, reaching $671 in 2022, nearly returning to 2013 levels. This fluctuation in rent prices doesn't show a clear correlation with the percentage of renters, suggesting that other factors, such as local economic conditions or housing supply, may have influenced rental rates.
Looking at more recent data, average home prices in Coldwater continued to rise, reaching $253,619 in 2023 and $260,799 in 2024. This represents a 9.3% increase from 2022 to 2024. Concurrently, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership rates and housing affordability in the village.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Coldwater will continue to rise, albeit at a more moderate pace. Based on historical data and current economic conditions, we project that average home prices could reach approximately $290,000 by 2029. For rent prices, given their historical volatility, we expect them to stabilize and gradually increase, potentially reaching an average of around $800 per month by 2029.
In summary, Coldwater has experienced notable fluctuations in its housing market over the past decade. Despite rising home prices, the community has maintained a relatively high rate of homeownership. Rent prices have shown significant volatility, while not directly correlating with renter percentages. The recent sharp increase in interest rates, coupled with steadily rising home prices, may present new challenges for potential homebuyers in the coming years. However, the village's consistent population growth and resilient housing market suggest a stable outlook for both homeowners and renters in Coldwater.
