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Fishersville's Housing Market: Rising Home Values and Shifting Ownership in a Growing Virginia 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
Fishersville, located in Virginia, is a growing community that has experienced significant changes in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices in Fishersville, providing insights into the local real estate market dynamics. From 2013 to 2022, Fishersville saw a gradual shift in its homeownership landscape. The homeownership rate decreased from 81% in 2013 to 68% in 2022, a 13 percentage point decline. Concurrently, average home prices rose substantially from $226,900 in 2012 to $365,466 in 2022, representing a 61% increase over a decade. This inverse relationship between homeownership rates and average home prices suggests that rising property values may have made homeownership less accessible for some residents.
The federal interest rate trends have likely played a role in shaping homeownership patterns in Fishersville. From 2013 to 2016, interest rates remained below 0.5%, which typically encourages homeownership due to more affordable financing options. During this period, homeownership rates in Fishersville remained relatively stable, ranging from 73% to 81%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, we observed a corresponding decline in homeownership rates, dropping from 75% in 2017 to 68% in 2022.
As homeownership rates declined, the percentage of renters in Fishersville increased from 19% in 2013 to 32% in 2022. This shift was accompanied by a rise in average rent prices. In 2013, the average rent was $962, and by 2022, it had increased to $1,341, representing a 39% increase. The growing renter population, which expanded from 1,923 to 3,950 individuals between 2013 and 2022, likely contributed to the upward pressure on rent prices due to increased demand for rental properties.
Looking at the most recent data, the average home price in Fishersville was $364,958 in 2023 and $371,571 in 2024, showing a continued upward trend. The federal interest rate increased significantly to 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing market dynamics.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Fishersville will continue to rise, potentially reaching around $425,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,600 per month within the same timeframe. These projections are based on historical trends and current market conditions.
In summary, Fishersville has experienced a notable shift in its housing market over the past decade. The decline in homeownership rates, coupled with rising average home prices and increasing rental demand, suggests a changing landscape for residents. The interplay between federal interest rates, property values, and housing affordability will likely continue to shape the local real estate market in the coming years.
