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Greenfield, Missouri: Home Values Surge Amid Shifting Ownership Trends
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
Greenfield, Missouri, a small community, has witnessed notable changes in its housing market over the past decade. The city's homeownership rate declined from 68% in 2013 to 62% in 2022, coinciding with a significant increase in average home prices. In 2022, the average home price reached $91,450, marking an 18.7% increase from the previous year's $77,026.
The relationship between federal interest rates and homeownership rates in Greenfield shows a correlation. From 2013 to 2020, when interest rates remained low (0.08% to 0.40%), homeownership rates stayed relatively stable between 65% and 69%. However, as interest rates rose sharply to 1.68% in 2022, homeownership dropped to 62%, suggesting that higher borrowing costs may have impacted home buying decisions.
Renter percentages in Greenfield increased from 32% in 2013 to 38% in 2022, accompanied by a rise in average rent prices. The average monthly rent grew from $476 in 2013 to $555 in 2022, a 16.6% increase over nine years. During this period, the city's population fluctuated, reaching a low of 1,344 in 2014 and a high of 1,765 in 2019, potentially influencing rental demand and prices.
In 2023, Greenfield's average home price reached $96,423, a 5.4% increase from 2022, with the federal interest rate at 5.02%. By 2024, the average home price further increased to $103,462, representing a 7.3% annual increase, while the federal interest rate rose to 5.33%, continuing the upward trend seen in recent years.
Looking ahead, projections based on recent trends suggest that average home prices in Greenfield may continue to rise over the next five years, potentially reaching around $130,000 by 2029 if the current growth rate persists. Average rent prices could also see a steady increase, potentially reaching approximately $650 per month by 2029 if the current trajectory continues.
In summary, Greenfield has experienced a gradual shift towards renting, with homeownership rates declining and rental percentages increasing. Average home prices have shown significant growth, especially in recent years, while rent prices have also increased steadily. The rise in federal interest rates appears to have influenced homeownership rates, potentially making home purchases less affordable for some residents. These trends suggest a changing housing landscape in Greenfield, with implications for both current and future residents.
