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Edwardsville's Rising Home Values and Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Edwardsville, located in Pennsylvania, is a small community with a rich history and a dynamic real estate market. Over the past decade, this borough has experienced significant shifts in homeownership rates and housing prices, reflecting broader economic trends and local market conditions.
The homeownership rate in Edwardsville has shown considerable fluctuation since 2013. Starting at 34% in 2013, it reached a peak of 46% in 2021 before declining to 37% in 2022. This volatility in homeownership rates corresponds with notable changes in average home prices. In 2013, the average home price was $72,394, which remained relatively stable until 2019 when it began a sharp upward trajectory. By 2022, the average home price had risen to $124,810, representing a substantial 72% increase from 2013 levels.
The relationship between federal interest rates and homeownership rates in Edwardsville presents an interesting dynamic. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 0.4%), homeownership rates did not consistently increase as might be expected. For instance, when interest rates were at their lowest in 2021 (0.08%), homeownership peaked at 46%. However, as interest rates began to rise in 2022 to 1.68%, homeownership dropped to 37%, suggesting a potential correlation between rising rates and decreased homeownership.
Rental trends in Edwardsville show a complex picture. The percentage of renters decreased from 66% in 2013 to 54% in 2021, before increasing again to 63% in 2022. Average rent prices have shown significant volatility, starting at $548 in 2013, peaking at $929 in 2017, and then settling at $812 in 2022. This represents a 48% increase in average rent from 2013 to 2022, despite fluctuations in between. The population has remained relatively stable during this period, increasing slightly from 4,848 in 2013 to 4,925 in 2022, which suggests that changes in rent prices are more likely influenced by market factors than population pressure.
In 2023 and 2024, Edwardsville's housing market continued its upward trend. The average home price reached $132,539 in 2023 and further increased to $139,306 in 2024. This represents a 11.6% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Looking ahead, based on the trends observed, we can forecast potential scenarios for the next five years. Average home prices in Edwardsville could continue to rise, potentially reaching around $160,000 by 2029 if the current growth rate persists. However, this growth may be moderated by high interest rates. Average rent prices might stabilize or increase moderately, possibly reaching $900-$950 by 2029, assuming economic conditions remain stable and housing supply keeps pace with demand.
In summary, Edwardsville has experienced significant changes in its housing market over the past decade. The most notable trends include the substantial increase in average home prices, particularly since 2019, and the fluctuating but overall upward trend in average rent prices. These changes, coupled with the volatility in homeownership rates, reflect a dynamic real estate market that responds to both local conditions and broader economic factors such as interest rates.
