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Concord, Missouri: Rising Home Values Amidst Stable Ownership Rates
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
Concord, Missouri, is a vibrant suburban community located in St. Louis County. With a population of 19,829 in 2022, this area has experienced steady growth and development over the past decade. Concord has maintained a high rate of homeownership, typically above 85%, while average home prices and average rent prices have shown an overall upward trend.
The homeownership rate in Concord has remained relatively stable, with a slight fluctuation between 85% and 87% from 2013 to 2022. During this period, average home prices have shown a consistent upward trend. In 2013, the average home price was $172,639, and by 2022, it had risen to $288,839, representing a substantial increase of 67.3% over nine years. This strong appreciation in home values likely contributed to the sustained high rate of homeownership in the area.
The relationship between federal interest rates and homeownership rates in Concord appears to have had minimal impact on the overall homeownership trend. Despite fluctuations in interest rates, the area maintained a high and stable rate of homeownership. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), the homeownership rate remained steady at 86-87%. This suggests that other factors, such as the desirability of the area and local economic conditions, may have played a more significant role in maintaining high homeownership rates.
Renter percentages in Concord have remained relatively low, ranging from 13% to 15% between 2013 and 2022. Average rent prices have shown some volatility but generally trended upward. In 2013, the average rent was $1,100, which increased to $1,185 by 2020, representing a 7.7% increase. However, there was a slight dip to $1,149 in 2022. The low percentage of renters coupled with the area's growing population (from 18,407 in 2013 to 19,829 in 2022) may have contributed to the overall increase in average rent prices due to limited rental inventory.
In 2023 and 2024, Concord continued to see growth in average home prices. The average home price reached $305,197 in 2023 and further increased to $315,745 in 2024, representing a 9.3% increase from 2022 to 2024. This growth occurred despite rising federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, indicating strong demand for housing in the area.
Looking ahead, based on the historical trends and current market conditions, we can expect the average home prices in Concord to continue their upward trajectory over the next five years, albeit potentially at a more moderate pace due to higher interest rates. Average rent prices are also likely to increase, driven by the area's consistently low vacancy rates and growing population. However, the rate of increase may be tempered by the high rate of homeownership, which limits the rental market size.
In summary, Concord has demonstrated a robust housing market characterized by high homeownership rates, steadily increasing average home prices, and a relatively stable rental market. The area's ability to maintain these trends despite fluctuations in interest rates and economic conditions suggests a strong local economy and continued desirability as a residential location.
