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Hamersville, Ohio: Rising Home Values Amidst Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Hamersville, located in Ohio, is a small community with a rich history and a dynamic real estate market. Over the past decade, this village has experienced notable fluctuations in homeownership rates and housing prices, reflecting broader economic trends and local market conditions.
The homeownership rate in Hamersville has remained relatively stable, with a slight decline observed in recent years. In 2013, the village boasted an 85% homeownership rate, which gradually decreased to 81% by 2022. This minor shift coincides with interesting trends in average home prices. The average home price in Hamersville has seen significant growth, rising from $97,007 in 2010 to $207,128 in 2022, representing a substantial increase of 113.5% over this period.
The relationship between federal interest rates and homeownership rates in Hamersville follows a generally expected pattern. As interest rates remained low from 2010 to 2021, ranging from 0.08% to 0.4%, homeownership rates stayed relatively high, above 80%. However, the slight decrease in homeownership from 85% in 2013 to 81% in 2022 may be attributed to rising home prices outpacing income growth, making homeownership less attainable for some residents despite low interest rates.
Renter percentages in Hamersville have shown a corresponding increase as homeownership rates declined. The percentage of renters rose from 15% in 2013 to 19% in 2022. Interestingly, average rent prices in the village have experienced significant fluctuations. The median rent peaked at $1,157 in 2014 before declining to $777 in 2022, a decrease of 32.8%. This trend suggests that while more residents are renting, the rental market has become more affordable, possibly due to increased rental supply or economic factors affecting the local housing market.
In 2023 and 2024, Hamersville continued to see growth in average home prices. The average home price reached $210,034 in 2023 and further increased to $220,421 in 2024, representing a 5% rise over this two-year period. This growth occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Looking ahead, predictive models suggest that average home prices in Hamersville may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices, which have been declining, may stabilize or see modest increases as the rental market adjusts to changing demand and economic conditions.
In summary, Hamersville has experienced a slight decrease in homeownership rates coupled with substantial growth in average home prices over the past decade. The rental market has seen an increase in the percentage of renters, while average rent prices have become more affordable. The village's real estate market demonstrates resilience and adaptability to changing economic conditions, with continued growth in home values even in the face of rising interest rates.
