Loading Content...
Conway, NH: Rising Home Values and Ownership in a Scenic Mountain Valley
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Conway, New Hampshire, a charming community in the scenic White Mountains region, has experienced notable fluctuations in homeownership rates and housing prices over the past decade. From 2013 to 2022, Conway saw a general increase in homeownership, coupled with a significant rise in average home prices. Concurrently, average rent prices have shown a moderate upward trend, reflecting the dynamic nature of the local housing market.
The relationship between homeownership rates and average home prices in Conway reveals an interesting pattern. In 2013, the homeownership rate stood at 67%, with an average home price of $173,067. As homeownership rates increased to 77% by 2022, average home prices saw a substantial rise to $380,028. This represents a 10 percentage point increase in homeownership and a 119.6% increase in average home prices over the nine-year period. The most dramatic surge in home prices occurred between 2020 and 2022, with values jumping from $253,852 to $380,028, a 49.7% increase in just two years.
Federal interest rates have played a significant role in shaping homeownership trends in Conway. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. During this time, homeownership rates in Conway increased from 67% to 74%. As interest rates began to rise from 2017 to 2019, reaching 2.16% in 2019, homeownership rates remained relatively stable, fluctuating between 70% and 75%. The sharp drop in interest rates in 2020 and 2021 to near-zero levels coincided with a renewed increase in homeownership, reaching 75% in 2021 and peaking at 77% in 2022.
Renter percentages and average rent prices in Conway have shown an inverse relationship to homeownership rates. As the percentage of renters decreased from 33% in 2013 to 23% in 2022, average rent prices increased from $974 to $984. However, this overall trend masks some year-to-year fluctuations. For instance, the average rent peaked at $1,119 in 2021 when the renter percentage was 25%, before declining to $984 in 2022 as the renter percentage further decreased to 23%. These changes may be influenced by factors such as housing availability and local economic conditions.
In 2023 and 2024, Conway experienced continued growth in average home prices, reaching $404,832 in 2023 and $415,474 in 2024. This represents a 6.5% increase from 2022 to 2023 and a further 2.6% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting future homeownership trends and housing affordability in the area.
Looking ahead, predictive models suggest that average home prices in Conway may continue to rise over the next five years, albeit at a more moderate pace compared to the rapid increases seen in recent years. Average rent prices are also expected to show a gradual upward trend, reflecting ongoing demand for rental properties in the area. However, the rate of increase for both home prices and rents may be tempered by factors such as higher interest rates and potential economic fluctuations.
In summary, Conway has experienced a notable increase in homeownership rates and a significant rise in average home prices over the past decade. The inverse relationship between homeownership and renter percentages, coupled with the influence of federal interest rates, has shaped the local housing market dynamics. As the community moves forward, it will likely continue to see evolving trends in housing prices and ownership patterns, reflecting broader economic conditions and local market factors.
