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Colebrook, NH: Home Values Double Amid Population Decline
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Colebrook, a small community in New Hampshire, has experienced significant changes in its housing market over the past decade. This analysis examines trends in homeownership, average home prices, and average rent prices, revealing interesting patterns and potential future directions for the local real estate landscape. From 2013 to 2022, Colebrook observed fluctuations in homeownership rates, with an overall increasing trend. The homeownership rate rose from 69% in 2013 to a peak of 75% in 2018, before settling at 70% in 2022. This upward trajectory in homeownership coincided with a substantial increase in average home prices. The average home price more than doubled from $96,693 in 2013 to $202,272 in 2022, representing a 109% increase over the decade.
The relationship between federal interest rates and homeownership rates in Colebrook shows some intriguing patterns. As interest rates remained low from 2013 to 2016, around 0.1%, homeownership rates initially decreased slightly from 69% to 67%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates actually increased, peaking at 75% in 2018 before settling at 70% in 2022. This suggests that local factors may have had a stronger influence on homeownership than interest rates alone.
Renter percentages in Colebrook have shown an inverse relationship to homeownership rates. The proportion of renters decreased from 31% in 2013 to 25% in 2018, before rising slightly to 30% in 2022. Average rent prices, however, have seen a steady increase over this period. The average rent grew from $558 in 2013 to $707 in 2022, representing a 27% increase. This rise in rent prices occurred despite fluctuations in the local population, which decreased from 2,330 in 2013 to 1,799 in 2022.
In 2023 and 2024, Colebrook's housing market continued its upward trajectory. The average home price reached $221,184 in 2023 and further increased to $227,541 in 2024, marking a 12.5% growth over two years. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, predictive models suggest that both average home prices and rent prices in Colebrook are likely to continue their upward trends over the next five years. Based on historical data and current market conditions, average home prices could potentially reach around $275,000 by 2029, while average rent prices might approach $800 per month. These projections assume a continuation of current economic conditions and local market trends.
In summary, Colebrook has experienced a notable increase in homeownership rates and a substantial rise in average home prices over the past decade. Despite fluctuations in the local population, rent prices have also shown a steady upward trend. The resilience of the housing market, even in the face of rising interest rates, suggests a strong local demand for homeownership. As the community moves forward, these trends indicate a potentially robust and growing real estate market in Colebrook.
