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Dover, Florida: Rising Home Values and Shifting Ownership in a Small Community
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
Dover, Florida is a small community located in Hillsborough County, covering an area of 2.6 square miles. This rural enclave has experienced fluctuations in its population and housing market over the past decade. The city has seen a general trend of increasing average home prices, while ownership rates and average rent prices have shown more variability.
The homeownership rate in Dover has fluctuated over the years, showing a general upward trend from 2015 to 2022. In 2015, the ownership rate was 42%, which increased to 50% by 2022. This rise in homeownership coincided with a significant increase in average home prices. In 2015, the average home price was $188,972, which steadily climbed to $415,901 by 2022, representing a 120% increase over seven years.
Federal interest rates have played a role in homeownership trends in Dover. From 2015 to 2020, interest rates remained relatively low, ranging from 0.13% to 2.16%. This period saw fluctuations in homeownership rates, with a low of 42% in 2015 and 2016, rising to 55% in 2019, before settling at 50% in 2022. The low interest rates during this period likely contributed to the overall increase in homeownership, as they made mortgages more affordable for potential buyers.
Renter percentages in Dover have shown an inverse relationship to homeownership rates, naturally decreasing as homeownership increased. The renter percentage peaked at 58% in 2015 and 2016, corresponding with the lowest homeownership rates. As for average rent prices, they showed an upward trend from 2013 to 2017, rising from $758 to $968. However, there was a notable decrease in 2019, with average rent dropping to $790, before gradually increasing again to $840 by 2022.
In 2023 and 2024, Dover continued to see growth in average home prices. The average home price reached $425,313 in 2023 and further increased to $433,493 in 2024. This represents a 4.2% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and housing market dynamics.
Looking ahead, predictive models suggest that Dover's housing market will continue to evolve. Average home prices are projected to maintain their upward trajectory, potentially reaching around $480,000 by 2029. Average rent prices are also expected to increase, albeit at a more moderate pace, potentially reaching approximately $950 by 2029. These projections assume continued economic stability and gradual population growth in the area.
In summary, Dover has experienced notable changes in its housing market over the past decade. The community has seen a general trend towards increased homeownership, accompanied by significant growth in average home prices. While rent prices have fluctuated, they've shown an overall upward trend. The interplay between federal interest rates, homeownership rates, and housing prices continues to shape the local real estate landscape, with projections indicating further growth in both home values and rent prices in the coming years.
