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Greenway Fields: A Haven of High Homeownership and 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
Greenway Fields, a charming neighborhood in Kansas City, Missouri, is characterized by its tree-lined streets, historic homes, and remarkably high homeownership rates. This analysis examines the trends in homeownership and average home prices in the area from 2013 to 2024, highlighting the neighborhood's stability and desirability. Greenway Fields has maintained an exceptionally high rate of homeownership, ranging from 96% to 99% between 2013 and 2022. This strong preference for homeownership is reflected in the significant increase in average home prices during the same period. In 2013, the average home price was $305,753, which rose to $514,749 by 2022, representing a substantial 68% growth over nine years. This appreciation in home values likely contributed to the sustained high rates of homeownership, as residents benefited from growing equity in their properties. Federal interest rates have played a role in shaping homeownership trends in Greenway Fields. From 2013 to 2016, interest rates remained historically low, hovering around 0.1% to 0.4%. During this period, homeownership rates in the neighborhood were consistently high, ranging from 97% to 99%. The low interest rates likely made mortgage financing more attractive and affordable for potential buyers, supporting the already strong homeownership culture in the area.
The rental market in Greenway Fields has remained minimal, with renter-occupied units comprising only 1% to 3% of the housing stock between 2013 and 2022. This low rental occupancy rate has remained stable despite fluctuations in the neighborhood's population, which ranged from 791 in 2012 to a peak of 1,072 in 2017. The limited rental market suggests that Greenway Fields has maintained its character as a predominantly owner-occupied community.
In 2023, the average home price in Greenway Fields slightly decreased to $514,692, a marginal 0.01% drop from the previous year. However, 2024 has seen a rebound, with average home prices rising to $532,176, a 3.4% increase from 2023. This growth is occurring despite higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024, potentially indicating strong underlying demand for homes in the neighborhood.
Looking ahead, predictive models suggest that average home prices in Greenway Fields are likely to continue their upward trajectory over the next five years. Based on historical trends and current market conditions, average home prices are expected to potentially reach around $600,000 by 2029. The rental market is expected to remain limited, with renter occupancy rates likely staying below 5% of the total housing units.
In summary, Greenway Fields has demonstrated remarkable stability in its housing market, characterized by consistently high homeownership rates and steadily increasing average home prices. The neighborhood has maintained its appeal to homeowners despite fluctuations in interest rates and population. The minimal rental market and continued appreciation in home values suggest that Greenway Fields will likely remain a sought-after area for those looking to own homes in Kansas City for the foreseeable future.
