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Grant Creek: Rising Home Values and Fluctuating Ownership in Missoula's Dynamic Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Grant Creek, a neighborhood in Missoula, Montana, has experienced significant changes in homeownership rates and housing prices over the past decade. This analysis explores the trends in ownership percentages, average home prices, and average rent prices, providing insights into the local real estate market dynamics.
The homeownership rate in Grant Creek has fluctuated over the years, with a general trend towards higher ownership in recent years. In 2013, the neighborhood had a 70% homeownership rate, which decreased to 63% by 2019. However, there was a notable increase to 74% in 2022, indicating a shift towards more owner-occupied housing.
Average home prices in Grant Creek have shown a consistent upward trend. In 2010, the average home price was $321,553, which steadily increased to $424,780 by 2019. The market then experienced a significant surge, with average home prices reaching $689,972 in 2022. This represents a substantial 115% increase over the 12-year period.
The relationship between federal interest rates and homeownership rates in Grant Creek shows some correlation. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates increased from 63% in 2019 to 75% in 2020. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in Grant Creek have generally mirrored the inverse of homeownership rates. The renter-occupied percentage increased from 30% in 2013 to 37% in 2019, before decreasing to 26% in 2022. Average rent prices have shown some fluctuation but with an overall upward trend. In 2013, the average rent was $1,129, which increased to $1,191 by 2017. After a slight dip, it reached $1,088 in 2022. These changes in rent prices and renter percentages may be influenced by the neighborhood's population growth, which increased from 3,065 in 2013 to 3,353 in 2022.
As of 2024, the average home price in Grant Creek has reached $734,328, representing a 6.4% increase from the 2023 average of $708,655. This continued appreciation occurs despite the federal interest rate rising to 5.33% in 2024, up from 5.02% in 2023. These figures indicate a robust housing market that has maintained growth even in the face of higher borrowing costs.
Looking ahead, predictive models suggest that the upward trend in average home prices is likely to continue over the next five years, albeit potentially at a more moderate pace due to the current higher interest rate environment. Average rent prices are also expected to increase, driven by ongoing population growth and the overall appreciation of the local real estate market.
In summary, Grant Creek has demonstrated a strong housing market with increasing homeownership rates and consistently rising average home prices. The neighborhood has shown resilience to changes in interest rates, maintaining growth even as rates have increased. The interplay between ownership and rental markets, coupled with population growth, suggests a dynamic and evolving real estate landscape in this Missoula neighborhood.
