Loading Content...
Hallsville's Rising Home Values and Declining Ownership: A Decade of Change
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Hallsville, a neighborhood in Manchester, New Hampshire, has experienced significant changes in its housing market over the past decade. The area has seen a notable shift towards renting, accompanied by a substantial increase in average home prices and fluctuating rent costs. This analysis examines these trends and their implications for the neighborhood's future.
The homeownership rate in Hallsville has decreased markedly from 36% in 2013 to 27% in 2022. This decline coincides with a dramatic rise in average home prices, which increased from $148,940 in 2013 to $320,456 in 2022, representing a 115% increase over nine years. The most significant annual increase occurred between 2020 and 2021, with average home prices rising from $239,230 to $280,802, a 17.4% jump in just one year.
Federal interest rates have played a role in homeownership trends. From 2013 to 2016, historically low interest rates ranging from 0.09% to 0.4% corresponded with relatively stable homeownership rates of 34-38% in Hallsville. However, as interest rates began to rise more significantly from 2017 onwards, reaching 1.68% in 2022, homeownership rates declined to 27%. This suggests that increasing interest rates may have contributed to reduced affordability of homeownership for Hallsville residents.
The renter population in Hallsville has grown from 63% in 2013 to 73% in 2022. Interestingly, average rent prices have not shown a consistent upward trend like home prices. Average rent peaked at $1,089 in 2015 and has since fluctuated, reaching $1,012 in 2022. This relative stability in rent prices, combined with rising home prices, may have contributed to the shift towards renting. The neighborhood's population has also grown from 4,605 in 2013 to 5,383 in 2022, potentially increasing demand for rental properties.
In 2023 and 2024, the housing market in Hallsville continued its upward trajectory. Average home prices reached $347,077 in 2023 and further increased to $370,013 in 2024, representing a substantial 15.5% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, the highest levels in over a decade.
Looking ahead, predictive models suggest that average home prices in Hallsville may continue to rise over the next five years, potentially reaching around $450,000 by 2029 if current trends persist. Rent prices, which have been more volatile, are predicted to stabilize and potentially increase moderately, possibly reaching an average of $1,100-$1,200 per month by 2029.
In summary, Hallsville has experienced a significant shift towards renting, driven by rapidly increasing home prices and rising interest rates. The neighborhood has seen substantial population growth and a marked increase in housing values. These trends suggest a changing demographic landscape, with potential implications for community development and housing policies in the coming years.
