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Greenwood, Missouri: Suburban Home Values Double Amid Strong Ownership Culture
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
Greenwood, Missouri, is a small city located in Jackson County with a population of 6,321 as of 2022. This community has experienced steady growth over the past decade, with a notable increase in homeownership rates and fluctuating average home and rent prices.
The homeownership rate in Greenwood has remained relatively stable, with a slight increase from 87% in 2019 to 89% in 2022. During this same period, average home prices have shown a significant upward trend. In 2019, the average home price was $232,491, which rose to $324,117 by 2022, representing a substantial 39.4% increase over just three years. This trend suggests a strong local real estate market and growing demand for homes in Greenwood.
Federal interest rates have played a role in shaping homeownership trends in Greenwood. From 2019 to 2021, interest rates dropped from 2.16% to 0.08%, which likely contributed to the increased homeownership rate from 87% to 89% during this period. Lower interest rates typically make mortgages more affordable, encouraging home purchases. However, as interest rates began to rise again in 2022 to 1.68%, the homeownership rate remained stable at 89%, indicating a resilient local housing market.
The renter population in Greenwood has fluctuated slightly, with the percentage of renters decreasing from 13% in 2019 to 11% in 2022. Despite this decrease, average rent prices have shown an overall upward trend. In 2019, the average rent was $1,527, which increased to $1,618 in 2021, representing a 6% rise. However, there was a notable decrease in 2022, with average rent dropping to $1,293. This decrease might be attributed to various factors, including changes in local housing policies or economic conditions.
As of 2024, the average home price in Greenwood has reached $341,444, showing continued growth from previous years. The federal interest rate in 2024 stands at 5.33%, which is significantly higher than in recent years. This increase in interest rates may impact future homebuying trends, potentially slowing down the rate of price appreciation or affecting affordability for new homebuyers.
Looking ahead, predictive models suggest that average home prices in Greenwood are likely to continue their upward trajectory over the next five years, albeit at a potentially slower pace due to higher interest rates. Average rent prices may stabilize or show moderate increases as the rental market adjusts to changes in demand and overall economic conditions.
In summary, Greenwood has demonstrated a strong and growing housing market with increasing homeownership rates and rising average home prices. The city has maintained a high proportion of owner-occupied homes, even as property values have appreciated significantly. While rent prices have fluctuated, the overall trend has been upward, reflecting the city's desirability and economic growth. The recent increase in interest rates may introduce new dynamics to the housing market, potentially affecting future trends in both homeownership and rental markets.
