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Fisk, Missouri: Home Values and Ownership Trends in a Fluctuating Market
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
Fisk, Missouri, is a small urban community located in Butler County. With a land area of just 0.32 square miles, it's a compact city that has experienced fluctuating population and housing trends over the past decade. The city has seen a general decline in homeownership rates, coupled with rising average home prices and rent costs.
Homeownership in Fisk has shown a downward trend since 2013. In 2013, the homeownership rate was 86%, but it decreased to 69% by 2022. This decline coincided with a rise in average home prices. Although home price data is limited, we can see that the average home price increased from $107,846 in 2021 to $116,063 in 2022, representing a 7.6% increase in just one year.
The relationship between federal interest rates and homeownership rates in Fisk appears to follow the general trend observed nationwide. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 0.4%, homeownership rates initially remained high but gradually declined. This suggests that factors other than interest rates, such as local economic conditions or housing availability, may have played a more significant role in the city's homeownership trends.
The percentage of renters in Fisk has increased from 13% in 2013 to 32% in 2022. This rise in renters corresponds with an increase in average rent prices. The average rent price rose from $574 in 2013 to $752 in 2022, a 31% increase over nine years. The most significant jump occurred between 2017 and 2018, when average rent increased from $550 to $773, a 40.5% rise in a single year.
In 2023, the average home price in Fisk reached $118,728, showing continued growth in the real estate market. However, in 2024, there was a slight decrease to $116,934. This minor dip coincides with higher federal interest rates, which stood at 5.02% in 2023 and increased to 5.33% in 2024. These higher interest rates may be contributing to a cooling effect on home prices.
Looking ahead, based on the recent trends and current economic conditions, we can predict that average home prices in Fisk may experience modest growth or stabilization over the next five years. The high interest rates could potentially slow down price appreciation. For rent prices, the trend suggests continued increases, albeit at a potentially slower rate than seen in recent years. The growing renter population may sustain demand for rental properties, supporting gradual rent price growth.
In summary, Fisk has experienced a shift from a predominantly homeowner community to one with an increasing renter population. This change has been accompanied by rising home values and rent prices. The interplay between federal interest rates, local economic factors, and housing market dynamics will likely continue to shape Fisk's real estate landscape in the coming years.
