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Greenville, NH: Rising Home Values Amidst Declining Ownership Rates
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Greenville, New Hampshire: A Small Town's Evolving Housing Market Greenville, a small community in New Hampshire, has experienced significant changes in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, providing insights into the dynamic real estate landscape of this New England town. Homeownership rates in Greenville have shown a slight decline from 76% in 2013 to 73% in 2022. During this same period, average home prices have demonstrated a substantial upward trend. In 2019, the average home price was $199,093, which increased to $306,492 by 2022, representing a significant 54% growth in just three years.
The relationship between federal interest rates and homeownership rates in Greenville reveals interesting patterns. In 2013, when the homeownership rate was at 76%, the federal interest rate was 0.11%. As interest rates remained low through 2020 (0.38%), homeownership rates fluctuated but generally remained above 70%. However, despite historically low interest rates in 2020 and 2021 (0.08%), homeownership rates did not increase significantly, suggesting other factors were influencing the housing market in Greenville.
The renter population in Greenville has shown variability, with the percentage of renters increasing from 24% in 2013 to 27% in 2022. Concurrently, average rent prices have risen steadily. In 2013, the average rent was $763, which increased to $1,135 by 2022, marking a 49% increase over nine years. This rise in rent prices occurred despite fluctuations in the town's population, which decreased from 2,297 in 2013 to 2,225 in 2022.
Recent data shows that the average home price in Greenville reached $333,508 in 2023 and further increased to $342,226 in 2024, representing a continued upward trend in home values. Simultaneously, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and market dynamics.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in both average home prices and rent prices in Greenville. Based on the historical data and current trends, average home prices could potentially reach around $400,000 by 2029, while average rent prices might approach $1,400 per month. However, these projections should be considered in light of potential economic changes and local market factors.
In summary, Greenville has experienced a slight decline in homeownership rates alongside substantial increases in both average home prices and rent prices over the past decade. The recent sharp rise in federal interest rates, coupled with the ongoing increase in housing costs, may present challenges for potential homebuyers in the coming years. The rental market has also seen significant price appreciation, which could impact housing affordability for renters in this New Hampshire community.
