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Hampton: Coastal Community's Home Values and Ownership Trends
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
Hampton, New Hampshire, is a coastal community in Rockingham County known for its beaches and historic downtown. The town has experienced significant changes in its housing market over the past decade. Homeownership rates have generally increased, while average home prices have risen substantially and average rent prices have fluctuated.
The homeownership rate in Hampton increased from 74% in 2013 to 78% in 2022. This coincided with a substantial increase in average home prices, which rose from $267,188 in 2013 to $527,278 in 2022, representing a 97.3% increase. The most significant jump occurred between 2020 and 2021, with a 16.6% increase in just one year.
Federal interest rates have played a crucial role in shaping homeownership trends. From 2013 to 2020, historically low interest rates, ranging from 0.09% to 0.38%, likely contributed to increasing homeownership rates. The homeownership rate peaked at 82% in 2019 when interest rates were still relatively low at 2.16%.
The rental market in Hampton has shown inverse trends compared to homeownership. The percentage of renters decreased from 26% in 2013 to 22% in 2022. Average rent prices have generally decreased, from $1,524 in 2013 to $1,406 in 2022, a 7.7% reduction. This trend could be due to changes in local rental regulations or shifts in available rental property types.
Recent data shows the average home price in Hampton continued to rise, reaching $561,082 in 2023 and $588,272 in 2024, representing year-over-year increases of 6.4% and 4.8% respectively. Federal interest rates have also risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher rates may impact future homeownership trends, potentially slowing the rate of increase in home prices.
Predictive models forecast that average home prices in Hampton will continue to rise over the next 5 years, potentially reaching approximately $700,000 by 2029, though at a slower rate due to higher interest rates. Average rent prices may stabilize or slightly increase, potentially reaching around $1,500 per month by 2029.
In conclusion, Hampton has seen a significant shift towards homeownership over the past decade, with substantial increases in average home prices. The rental market has contracted, with decreasing renter percentages and average rent prices. Recent interest rate increases may moderate these trends, but the overall trajectory suggests continued growth in the housing market of this coastal community.
