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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
East Beechwold, a neighborhood in Columbus, Ohio, has experienced significant changes in its housing market over the past decade. From 2013 to 2022, the area saw a slight increase in homeownership rates alongside a substantial rise in average home prices. This trend demonstrates a positive correlation between homeownership percentage and property values in the neighborhood.
The homeownership rate in East Beechwold increased from 81% in 2013 to 83% in 2022. During this same period, average home prices rose dramatically from $152,692 to $314,533, representing a 106% increase over nine years. The most notable surge in home prices occurred between 2020 and 2021, with a 13% jump from $254,571 to $287,724 in just one year. This substantial growth in property values, coupled with a modest increase in homeownership, suggests a strong and desirable housing market in the area.
Federal interest rates have played a role in shaping homeownership trends in East Beechwold. From 2013 to 2016, interest rates remained historically low, ranging from 0.1% to 0.4%. During this time, homeownership rates in the neighborhood held relatively steady between 76% and 81%. Interestingly, as interest rates began to climb from 2017 onwards, reaching 1.68% in 2022, homeownership rates in East Beechwold actually increased slightly to 83%. This trend implies that local factors may have had a more significant influence on homeownership decisions than national interest rates in this particular neighborhood.
The rental market in East Beechwold has also seen changes over the years. The percentage of renters decreased from 19% in 2013 to 17% in 2022. Average rent prices fluctuated during this period, starting at $1,219 in 2013, reaching a peak of $1,252 in 2014, and then declining to $1,066 in 2022. The neighborhood's population varied as well, hitting a high of 2,887 in 2016 before settling at 2,589 in 2022. These fluctuations in population and rent prices indicate a dynamic rental market that responds to local economic conditions and housing supply.
The growth in average home prices continued in 2023 and 2024. In 2023, the average home price reached $327,787, a 4.2% increase from the previous year. This upward trend persisted in 2024, with prices rising to $346,475, marking a 5.7% increase from 2023. During this time, federal interest rates also saw significant increases, climbing to 5.02% in 2023 and 5.33% in 2024. These rising interest rates may impact future homeownership trends in the neighborhood.
Looking ahead, predictive models suggest that average home prices in East Beechwold will continue to rise over the next five years, although potentially at a slower rate due to higher interest rates. Average rent prices are expected to stabilize or increase moderately, influenced by overall housing market conditions and local economic factors.
In conclusion, East Beechwold has demonstrated resilience in its housing market, with increasing homeownership rates and substantial growth in average home prices over the past decade. The neighborhood has maintained a high proportion of owner-occupied homes despite fluctuations in the rental market and federal interest rates. As we move forward, the interplay between housing prices, interest rates, and demographic shifts will continue to shape the real estate landscape of this Columbus neighborhood.