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Greenville, Ohio: Home Values Rise Amid Declining Rents
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, a charming city in Ohio, has experienced notable shifts in its housing market over the past decade. This analysis explores the dynamics between homeownership rates, average home prices, and average rent prices in Greenville, offering insights into the city's real estate landscape.
Greenville's homeownership rate has shown resilience, with a slight increase from 57% in 2014 to 59% in 2022. During this period, average home prices have demonstrated significant volatility. The city saw a sharp rise in average home prices from $90,750 in 2012 to $113,724 in 2015, followed by a decline to $90,871 in 2017. However, since 2017, there has been a consistent upward trend in average home prices.
The relationship between federal interest rates and homeownership rates in Greenville presents an interesting picture. Despite historically low interest rates between 2014 and 2021, ranging from 0.08% to 1.83%, Greenville's homeownership rate remained relatively stable. This suggests that factors beyond interest rates, such as local economic conditions or housing supply, may have played a significant role in homeownership decisions in the city.
Renter percentages in Greenville have fluctuated slightly, peaking at 43% in 2015 and 2016 before settling at 41% in 2022. Average rent prices have shown a general upward trend, increasing from $577 in 2013 to $642 in 2022, representing an 11.3% increase over this period. This rise in rent prices occurred despite a slight decrease in population from 15,747 in 2013 to 15,211 in 2022, indicating potential factors such as improved rental property quality or increased demand for rental units in specific areas of the city.
In 2023, Greenville's average home price reached $148,238, a substantial 4.9% increase from 2022. This upward trend continued into 2024, with average home prices rising to $155,927. Concurrently, federal interest rates climbed to 5.02% in 2023 and further to 5.33% in 2024, marking a significant shift from the low-interest environment of previous years.
Looking ahead, based on recent trends, Greenville's average home prices are projected to continue their upward trajectory over the next five years, potentially reaching around $180,000 by 2029. Average rent prices are also expected to increase, albeit at a more moderate pace, potentially reaching approximately $700 per month by 2029. These projections assume continued economic stability and steady population growth in Greenville.
In summary, Greenville's housing market has demonstrated resilience and growth, with homeownership rates remaining stable despite fluctuations in home prices and interest rates. The consistent rise in both home prices and rent since 2017 suggests a strengthening real estate market in the city. As Greenville continues to evolve, these housing trends will play a crucial role in shaping the city's future development and community dynamics.
