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Glens Falls Housing Market: Steady Ownership Amid Rising Home Values
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Glens Falls, a small city in upstate New York, has experienced significant changes in its housing market from 2013 to 2024. Known for its vibrant arts scene and proximity to the Adirondack Mountains, Glens Falls has seen a notable increase in average home values alongside a slight decrease in homeownership rates. This analysis examines these trends and their implications for the city's housing landscape.
From 2013 to 2022, Glens Falls witnessed a marginal decline in homeownership, dropping from 53% to 51%. Concurrently, average home prices in the city rose substantially, increasing from $139,056 in 2013 to $217,605 in 2022, marking a 56.5% increase. This inverse relationship between homeownership rates and housing prices suggests that rising property values may have made homeownership less accessible for some residents.
Federal interest rate trends have likely influenced homeownership rates in Glens Falls. Between 2013 and 2016, interest rates remained very low, ranging from 0.1% to 0.4%, during which time homeownership rates in Glens Falls remained relatively stable at around 50-51%. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% by 2022, homeownership rates stabilized at 51%, indicating that higher interest rates may have deterred some potential buyers.
Renter percentages in Glens Falls have remained relatively stable, fluctuating between 47% and 49% from 2013 to 2022. Average rent prices have shown a general upward trend, increasing from $894 in 2013 to $905 in 2022, with some fluctuations in between. The highest average rent was recorded in 2021 at $979, coinciding with a slight dip in the renter percentage to 48%. This suggests that as rent prices peaked, some renters may have been priced out of the market or chosen to pursue homeownership.
In 2023 and 2024, Glens Falls continued to see growth in average home prices, reaching $228,101 in 2023 and $237,549 in 2024. This represents a further 9.2% increase from 2022 to 2024. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying affordability and market dynamics.
Looking ahead, predictive models suggest that average home prices in Glens Falls may continue to rise over the next five years, potentially reaching around $275,000 by 2029 if current trends persist. Average rent prices are also expected to increase, potentially approaching $1,100 per month by 2029. However, these projections are subject to various economic factors and market conditions.
In summary, Glens Falls has experienced a gradual decline in homeownership rates alongside substantial increases in average home prices over the past decade. Renter percentages have remained relatively stable, with modest increases in average rent prices. The recent sharp rise in interest rates, combined with continued growth in home prices, may present challenges for potential homebuyers in the coming years. These trends reflect the evolving nature of Glens Falls' housing market and its responsiveness to broader economic conditions.
