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Corryville: Rising Home Values and Declining Ownership in a University-Adjacent Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Corryville, a neighborhood adjacent to the University of Cincinnati, has experienced significant changes in its housing market from 2013 to 2024. The area has seen a notable decline in homeownership rates coupled with a substantial increase in average home prices. This inverse relationship reflects broader economic trends and local developments that have reshaped the neighborhood's housing landscape.
The homeownership rate in Corryville decreased from 11% in 2013 to 7% in 2022. Concurrently, the average home price more than doubled, rising from $105,354 in 2013 to $223,622 in 2022, marking a 112% increase over nine years. This trend suggests that rising property values may be making homeownership less accessible for residents in the neighborhood.
Federal interest rates have played a crucial role in shaping homeownership trends in Corryville. From 2013 to 2016, interest rates remained low, between 0.1% and 0.4%, and homeownership rates were relatively stable at 10% to 12%. However, as interest rates rose more sharply from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined more rapidly, falling to 7% in 2022. This trend aligns with the general principle that higher interest rates can make mortgages less affordable, potentially discouraging homeownership.
As homeownership declined, the rental market in Corryville expanded. The percentage of renters increased from 89% in 2013 to 93% in 2022. This shift towards renting was accompanied by a steady increase in average rent prices, rising from $885 per month in 2013 to $1,023 in 2022, a 15.6% increase over nine years. The population growth in Corryville, from 3,196 in 2013 to 4,500 in 2022, likely contributed to the increased demand for rental properties and the subsequent rise in rent prices.
In 2023 and 2024, the housing market in Corryville continued to evolve. The average home price reached $233,032 in 2023 and further increased to $245,286 in 2024, representing year-over-year growth rates of 4.2% and 5.3%, respectively. These price increases occurred despite significantly higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. The Corryville housing market has shown resilience in terms of price appreciation, even in the face of these high interest rates.
Predictive models suggest that average home prices in Corryville may continue to rise over the next five years, although potentially at a slower rate due to the current high interest rate environment. Average rent prices are also expected to increase, driven by the neighborhood's growing population and the trend towards renting. However, the rate of increase may moderate as the market adjusts to economic conditions and potential new housing developments.
In conclusion, Corryville has experienced a clear trend of declining homeownership and rising home prices over the past decade. The rental market has expanded, with both the percentage of renters and average rent prices increasing. These trends, influenced by factors such as population growth, rising property values, and fluctuating interest rates, illustrate the significant transformation in Corryville's housing landscape.
