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Glasgow Village: Fluctuating Home Values and Ownership Rates in a Small Missouri Community
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
Glasgow Village, located in Missouri, is a small community spanning just 0.96 square miles. Over the past decade, this area has experienced significant shifts in its housing market dynamics, with notable changes in homeownership rates, average home prices, and average rent prices.
The homeownership rate in Glasgow Village has shown a considerable decline from 2013 to 2022. In 2013, 40% of housing units were owner-occupied. This percentage dropped to its lowest point of 24% in 2018 before rebounding slightly to 36% in 2022. Concurrently, average home prices have shown an upward trend. From 2015 to 2022, average home prices increased from $30,362 to $74,587, representing a substantial 145.7% increase over seven years.
The relationship between federal interest rates and homeownership rates in Glasgow Village appears to follow the general trend where lower interest rates typically encourage homeownership. For instance, as interest rates remained low between 2015 and 2017 (ranging from 0.13% to 1%), the community saw a significant drop in homeownership from 40% to 27%. This counterintuitive trend might suggest other local factors influencing homeownership decisions during this period.
The percentage of renters in Glasgow Village has increased from 59% in 2013 to 64% in 2022. During this period, average rent prices have fluctuated. In 2013, the average rent was $1,015, which increased to $1,088 in 2019 before decreasing to $936 in 2022. This represents a 7.8% decrease in average rent prices from 2013 to 2022, despite the increase in the renter population.
In 2023 and 2024, Glasgow Village experienced a shift in its housing market. Average home prices decreased from $74,587 in 2022 to $69,801 in 2023, and further to $63,184 in 2024. This represents a 15.3% decrease over two years. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, potentially influencing the decline in home prices.
Looking ahead, based on recent trends, it's projected that average home prices in Glasgow Village may continue to decrease over the next five years, potentially stabilizing around $55,000 by 2029. Average rent prices, which have shown volatility, may stabilize or slightly increase, potentially reaching around $1,100 by 2029.
In summary, Glasgow Village has experienced a significant shift from homeownership to renting over the past decade, with a recent reversal of the trend in home prices. The community has seen substantial increases in average home values from 2015 to 2022, followed by a notable decrease in 2023 and 2024. These changes, coupled with fluctuations in average rent prices and rising interest rates, suggest a dynamic and evolving housing market in this small Missouri community.
