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Gloversville's Housing Market: Rising Home Values Amid Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Gloversville, a city in New York state, has experienced significant shifts in its housing market over the past decade. Located in Fulton County with zip code 12078, this small city of just over 5 square miles has seen fluctuations in homeownership rates, average home prices, and average rent prices that reflect broader economic trends and local dynamics.
The homeownership rate in Gloversville has shown a gradual increase from 2013 to 2018, rising from 45% to 53%. However, this trend reversed in recent years, with the rate dropping to 47% by 2022. Concurrently, average home prices have experienced substantial growth. In 2013, the average home price was $92,241, which remained relatively stable until 2016. From 2017 onwards, there was a marked increase, with prices reaching $141,932 by 2022, representing a 53.8% rise over this period.
The relationship between federal interest rates and homeownership rates in Gloversville appears to follow general economic principles. As interest rates remained low from 2013 to 2016, hovering around 0.1%, homeownership rates increased. However, as rates began to rise from 2017 onwards, reaching 1.68% in 2022, the homeownership rate started to decline, suggesting that higher borrowing costs may have deterred potential buyers.
Renter percentages in Gloversville have fluctuated inversely to homeownership rates, decreasing from 55% in 2013 to 47% in 2018, before rising again to 53% by 2022. Average rent prices have shown an overall upward trend, increasing from $779 in 2013 to $883 in 2019, a 13.3% rise. However, there was a slight decrease to $791 in 2022, possibly influenced by the city's slight population decline from 15,472 in 2013 to 15,113 in 2022.
In 2023 and 2024, Gloversville's housing market continued to evolve. The average home price in 2023 reached $147,150, a 3.7% increase from 2022. By 2024, it further climbed to $155,231, representing a 5.5% year-over-year growth. This occurred despite federal interest rates rising to 5.02% in 2023 and 5.33% in 2024, suggesting strong local demand or other factors offsetting the impact of higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in Gloversville may continue to rise, potentially reaching around $175,000 to $185,000 by 2029. Average rent prices could also see an upward trend, possibly increasing to the $900-$950 range over the next five years. These projections assume a continuation of current economic conditions and local market trends.
In summary, Gloversville has experienced a shift from increasing homeownership to a recent trend favoring renting, alongside substantial growth in average home prices. The interplay between interest rates, housing affordability, and local economic factors has shaped these trends. As the city moves forward, the housing market appears poised for continued growth, with both home prices and rents expected to rise, potentially impacting the balance between owners and renters in the coming years.
