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Glenns Ferry, Idaho: Rising Home Values Amidst Stable Ownership in a Small City
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Glenns Ferry, a small city in Idaho, has experienced notable fluctuations in its housing market over the past decade. This analysis examines the trends in homeownership rates, average home prices, and average rent prices, revealing interesting patterns in the city's real estate landscape.
The homeownership rate in Glenns Ferry has shown some variability but has generally remained stable. In 2013, 69% of housing units were owner-occupied. This rate dipped slightly to 63% in 2019 before rebounding to 69% in 2022. Simultaneously, average home prices have seen a significant upward trend. In 2013, the average home price was $69,906, which steadily increased to $264,181 by 2022, representing a remarkable 278% increase over this period.
Federal interest rates have played a role in shaping homeownership trends in Glenns Ferry. From 2013 to 2020, interest rates remained relatively low, hovering between 0.09% and 0.38%. This period coincided with the city's stable homeownership rates, likely due to more affordable financing options. However, as interest rates began to rise sharply in 2022 to 1.68%, the homeownership rate interestingly increased to 69%, suggesting other local factors may have influenced this trend.
Rental trends in Glenns Ferry have shown some fluctuation. The percentage of renter-occupied units increased from 31% in 2013 to 37% in 2019, before decreasing back to 31% in 2022. Average rent prices have been volatile, rising from $736 in 2013 to a peak of $877 in 2015, then decreasing to $706 in 2022. This trend doesn't consistently align with the city's population changes, which saw a decline from 1,110 in 2013 to 1,143 in 2022, suggesting other factors influence rental prices in the area.
In 2023 and 2024, Glenns Ferry's housing market showed signs of stabilization. The average home price slightly decreased to $255,430 in 2023 before rising to $263,872 in 2024. This occurred as federal interest rates reached 5.02% in 2023 and 5.33% in 2024, potentially influencing buyer behavior and market dynamics.
Looking ahead, predictive models suggest a continued but moderate increase in average home prices over the next five years, potentially reaching around $300,000 by 2029. Average rent prices are expected to stabilize and potentially see modest increases, possibly reaching $750-$800 per month in the same timeframe.
In summary, Glenns Ferry has experienced significant growth in average home prices despite relatively stable homeownership rates. The rental market has shown more volatility, both in occupancy rates and prices. Recent higher interest rates and a slight cooling in home prices suggest a potential shift towards a more balanced market in the coming years.
