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Gravois Mills: High Homeownership Amidst 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
Gravois Mills, a small town in Missouri, has experienced significant changes in its housing market and demographics over the past decade. This analysis examines the trends in homeownership, average home prices, and average rent prices, providing insights into the local real estate landscape.
Homeownership in Gravois Mills has remained relatively stable, with a slight decrease in recent years. In 2013, the homeownership rate stood at 89%, and it maintained this level through 2021. However, by 2022, there was a slight dip to 88%. Despite this minor decrease, Gravois Mills continues to have a high rate of homeownership compared to many other areas.
Average home prices in Gravois Mills have shown a significant upward trend. In 2012, the average home price was $166,218. By 2022, this figure had more than doubled to $349,558, representing a 110% increase over a decade. The most dramatic rise occurred between 2020 and 2021, with average home prices jumping from $242,666 to $312,258, a 29% increase in just one year.
The relationship between federal interest rates and homeownership rates in Gravois Mills appears to follow the general trend observed nationwide. From 2013 to 2021, when interest rates were historically low (ranging from 0.08% to 1.83%), homeownership rates remained stable at around 89-91%. This stability during a period of low interest rates suggests that affordable financing options may have helped maintain high levels of homeownership in the town.
Renter percentages in Gravois Mills have fluctuated slightly but remained relatively low. In 2013, renters made up 11% of the housing market. This percentage decreased to 8% in 2015 but rose again to 12% by 2022. The average rent prices have shown an overall increasing trend. In 2016, the average rent was $458, which increased to $537 by 2021, representing a 17% increase over five years. However, there was a slight decrease to $496 in 2022.
Looking at the most recent data, the average home price in Gravois Mills for 2023 was $336,413, showing a slight decrease from 2022. However, in 2024, the average home price has risen again to $342,618. This recent data indicates a continuing trend of home value appreciation, albeit at a slower pace than the dramatic increases seen in previous years. It's worth noting that the federal interest rate has also increased significantly, reaching 5.33% in 2024, which may impact future homebuying trends.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Gravois Mills to continue their upward trajectory, albeit at a more moderate pace. Based on historical data and current market conditions, average home prices could potentially reach around $400,000 by 2029. For average rent prices, the forecast suggests a continued gradual increase, potentially reaching approximately $600 per month by 2029, assuming current trends persist.
In summary, Gravois Mills has maintained a high rate of homeownership despite significant increases in average home prices. The town has experienced substantial appreciation in property values, particularly in recent years. While rental rates have remained relatively low, there has been a gradual increase in both the percentage of renters and average rent prices. These trends, combined with fluctuating interest rates, paint a picture of a dynamic housing market in this small Missouri town.
