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Epping, NH: Soaring Home Values Amidst Steady Ownership in a Growing Community
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Epping, located in New Hampshire, is a growing community that has experienced significant changes in its housing market over the past decade. The city has maintained a high rate of homeownership while seeing substantial increases in both average home prices and average rent prices. This analysis will explore the intricate relationships between these factors and their implications for Epping's real estate landscape.
From 2013 to 2022, Epping maintained a consistently high homeownership rate, ranging between 85% and 88%. During this same period, average home prices saw a remarkable increase. In 2013, the average home price was $216,578, which steadily rose to $436,078 by 2022, representing a 101% increase over nine years. This trend suggests that despite rising home prices, Epping residents have continued to prioritize homeownership, possibly due to the area's desirability and economic stability.
Federal interest rates have played a significant role in shaping homeownership trends in Epping. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.11% to 0.40%), homeownership rates in Epping remained stable at around 86%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), homeownership rates showed slight fluctuations but remained resilient, only dipping to 85% in 2019. This suggests that while interest rates influence buying decisions, other factors such as local economic conditions and housing supply also play crucial roles in Epping's homeownership trends.
Renter percentages in Epping have remained relatively low, fluctuating between 12% and 15% from 2013 to 2022. However, average rent prices have seen substantial increases during this period. In 2013, the average rent was $682, which increased to $1,765 by 2022, representing a 159% increase. This significant rise in rent prices, coupled with the city's growing population (from 6,504 in 2013 to 7,180 in 2022), indicates a tightening rental market, possibly driven by increased demand and limited supply of rental properties.
In 2023 and 2024, Epping continued to see growth in average home prices. The average home price reached $468,592 in 2023 and further increased to $494,394 in 2024, representing a 7.5% and 5.5% year-over-year increase, respectively. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Looking ahead, predictive models suggest that average home prices in Epping are likely to continue their upward trajectory over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by the city's growing population and the high cost of homeownership, which may push more residents towards renting.
In summary, Epping has demonstrated a robust housing market characterized by high homeownership rates and steadily increasing property values. The significant rise in both average home prices and rent prices, coupled with population growth, indicates strong demand for housing in the area. While higher interest rates may moderate price growth, the overall trend suggests continued appreciation in Epping's real estate market, presenting both opportunities and challenges for residents and potential homebuyers in the coming years.
