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Glass Heritage City Millville Sees Home Values Rise Despite Interest Rate Fluctuations
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Millville, a city in New Jersey, has experienced notable shifts in its housing market over the past decade. This analysis examines the trends in homeownership rates, average home prices, and average rent prices in Millville from 2013 to 2022, providing insights into the city's real estate dynamics.
The homeownership rate in Millville has shown a gradual increase over the years, rising from 63% in 2013 to 66% in 2022. This upward trend in homeownership coincides with fluctuations in average home prices. In 2013, the average home price in Millville was $135,183, which decreased slightly to $132,184 in 2018. However, from 2018 onwards, there was a significant upturn in average home prices, reaching $202,477 by 2022. This represents a substantial increase of 49.7% over just four years.
The relationship between federal interest rates and homeownership rates in Millville presents an interesting dynamic. Despite the general economic principle that lower interest rates encourage homeownership, Millville's data shows a unique pattern. From 2013 to 2016, when interest rates were extremely low (ranging from 0.09% to 0.4%), homeownership rates remained relatively stable. Interestingly, as interest rates began to rise more sharply from 2017 (1%) to 2022 (1.68%), Millville's homeownership rate actually increased from 61% to 66%. This suggests that local factors may have played a more significant role in driving homeownership than national interest rate trends during this period.
Regarding rental trends, the percentage of renters in Millville has remained relatively stable, fluctuating between 33% and 36% from 2013 to 2022. Average rent prices, however, have shown more volatility. In 2013, the average rent was $874, which increased to $1,087 by 2018, representing a 24.4% rise. Interestingly, there was a sharp decline in average rent to $907 in 2019, followed by a rebound to $1,027 by 2022. This fluctuation in rent prices, especially the decrease in 2019, could be attributed to various local economic factors or changes in the rental market supply.
In 2023 and 2024, Millville's housing market continued its upward trajectory. The average home price in 2023 reached $216,426, a 6.9% increase from 2022. By 2024, it further rose to $228,717, marking a 5.7% increase from the previous year. This continued growth occurred despite rising federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially impacting mortgage affordability.
Looking ahead, predictive models suggest that Millville's housing market will likely continue its growth trajectory over the next five years. Average home prices are projected to increase steadily, potentially reaching around $270,000 by 2029. Rent prices are also expected to rise, albeit at a more moderate pace, potentially reaching an average of $1,200 per month by 2029.
In summary, Millville has demonstrated a resilient and growing housing market. The consistent increase in homeownership rates, coupled with rising average home prices, indicates a strong demand for property ownership in the city. The rental market, while showing some fluctuations, has remained relatively stable in terms of occupancy rates. The continued growth in home prices, even in the face of rising interest rates, suggests a robust local real estate market that may be driven by factors beyond just national economic trends.
