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Goffstown, NH: Rising Home Values and Ownership Rates Amid Market Volatility
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
Goffstown, located in New Hampshire, is a vibrant community that has experienced significant changes in its housing market over the past decade. The city has seen a notable increase in homeownership rates, coupled with fluctuating average home prices and average rent costs. This analysis will explore these trends and their relationships to provide a comprehensive view of Goffstown's housing landscape.
From 2013 to 2022, Goffstown witnessed a substantial rise in homeownership rates, increasing from 74% to 91%. This trend coincided with a significant appreciation in average home prices, which grew from $200,856 in 2013 to $406,617 in 2022, representing a 102.4% increase. The relationship between these two factors suggests that despite rising home values, residents of Goffstown have been increasingly able and willing to invest in homeownership.
The trend in homeownership rates appears to have been influenced by federal interest rates. From 2013 to 2016, when interest rates were historically low, hovering between 0.11% and 0.40%, homeownership in Goffstown increased from 74% to 77%. This period of low interest rates likely made mortgages more accessible, encouraging home purchases. As interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership continued to climb, reaching 91% in 2022. This suggests that other local factors, such as a strong job market or desirable community attributes, may have played a role in sustaining the trend towards homeownership despite rising interest rates.
Conversely, the percentage of renters in Goffstown decreased from 26% in 2013 to just 9% in 2022. This decline in renters coincided with fluctuations in average rent prices. Average rent peaked at $1,338 in 2015 and then gradually decreased to $1,165 in 2022, a 12.9% reduction. The declining renter population, from 1,431 in 2013 to 459 in 2022, may have contributed to the downward pressure on rent prices, as landlords competed for a shrinking pool of potential tenants.
In 2023 and 2024, Goffstown's housing market continued to evolve. Average home prices reached $436,005 in 2023 and further increased to $458,573 in 2024, representing a 12.8% growth over two years. This rise occurred despite federal interest rates climbing to 5.02% in 2023 and 5.33% in 2024, indicating strong local demand for housing that outweighed the potential dampening effect of higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in Goffstown may continue to rise over the next five years, potentially reaching around $550,000 by 2029 if current trends persist. Average rent prices, however, may stabilize or experience modest growth, potentially reaching approximately $1,250 by 2029, assuming the trend of decreasing renter population reverses and demand for rental properties increases.
In summary, Goffstown has experienced a significant shift towards homeownership, with a corresponding decrease in the renter population. Average home prices have shown strong appreciation, particularly in recent years, while average rent prices have moderated. The resilience of the housing market in the face of rising interest rates suggests a robust local economy and strong demand for housing in this New Hampshire community. These trends paint a picture of a desirable area with a growing preference for homeownership among its residents.
