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Exeter, Missouri: Rising Home Values Amidst Changing Ownership Patterns
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
Exeter, Missouri, is a small community that has experienced fluctuations in population and housing dynamics over the past decade. The city has seen shifts in homeownership rates and changes in average home and rent prices, reflecting broader economic trends and local market conditions. Homeownership rates in Exeter have shown a general upward trend, with some fluctuations. In 2013, the homeownership rate was 71%, which dipped slightly to 68% in 2017 before rising to 77% in 2021. This increase in homeownership coincided with a rise in average home prices. In 2018, the average home price was $106,322, which steadily increased to $163,535 by 2022, representing a 53.8% increase over four years. This trend suggests that despite rising home prices, more residents were able to enter the housing market, possibly due to favorable economic conditions or local initiatives promoting homeownership.
The relationship between federal interest rates and homeownership rates in Exeter follows a generally inverse pattern. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 1.68%, homeownership rates tended to increase. The peak homeownership rate of 77% in 2021 coincided with a very low federal interest rate of 0.08%. This aligns with the well-established trend that lower interest rates typically encourage homeownership by making mortgages more affordable.
Renter percentages in Exeter have shown a corresponding decline as homeownership increased. The percentage of renters decreased from 32% in 2017 to 23% in 2021. Interestingly, average rent prices have not followed a consistent trend. The average rent was $560 in 2013, dropped to $513 in 2015, then rose to $682 in 2021, before decreasing again to $537 in 2022. These fluctuations in rent prices don't seem to correlate strongly with the declining renter population, suggesting that other factors, such as local economic conditions or housing supply, may have influenced rent prices.
In 2023 and 2024, Exeter continued to see growth in average home prices. The average home price reached $169,021 in 2023 and further increased to $175,368 in 2024. This represents a 7.2% 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.
Looking ahead, based on the historical data and current trends, we can forecast potential 5-year trends for average home and rent prices in Exeter. If the current trajectory continues, average home prices could potentially reach around $200,000 by 2029. However, the sharp increase in interest rates might slow down this growth. For rent prices, given their historical volatility, a precise prediction is challenging. However, if the trend of the past few years continues, average rent prices might stabilize around $600-$700 per month.
In summary, Exeter has experienced a notable increase in homeownership rates and average home prices over the past decade, despite recent rises in interest rates. The rental market has shown more volatility, with decreasing renter percentages but fluctuating rent prices. The coming years may see a moderation in home price growth due to higher interest rates, while rent prices might stabilize.
