Loading Content...
Hartford, Alabama: Rising Home Values and Shifting Ownership Patterns
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Hartford, Alabama, a small community in Geneva County, has experienced significant changes in its housing market over the past decade. With a population of 3,728 in 2022, this city has seen a general trend of decreasing homeownership rates, while average home prices and rent prices have shown an upward trajectory. From 2013 to 2022, the homeownership rate in Hartford declined from 75% to 67%, coinciding with a substantial increase in average home prices.
The average home price in Hartford rose from $107,548 in 2016 to $153,993 in 2022, representing a 43% increase over six years. This inverse relationship suggests that rising home prices may have made homeownership less accessible for some residents. Federal interest rates have played a role in shaping these trends. From 2013 to 2016, historically low interest rates ranging from 0.11% to 0.40% corresponded with stable homeownership rates around 75%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates started to decline more sharply.
The renter population in Hartford has grown from 25% in 2013 to 33% in 2022, accompanied by a steady increase in average rent prices. The average rent rose from $561 in 2013 to $679 in 2022, a 21% increase over nine years. This growth in the renter population and rent prices may be attributed to factors such as the increasing cost of homeownership and changing demographic preferences.
Recent data shows that average home prices in Hartford continued to rise in 2023 and 2024, reaching $157,544 and $158,661 respectively, a modest 3% increase from 2022 to 2024. Concurrently, federal interest rates increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may pose challenges for potential homebuyers in the coming years.
Predictive models forecast that average home prices in Hartford will continue to rise over the next five years, albeit at a more moderate pace. By 2029, average home prices could reach approximately $175,000 to $180,000. Average rent prices are also expected to increase, potentially reaching $750 to $800 per month by 2029. However, these projections may be influenced by various factors such as economic conditions, local development, and population changes.
In summary, Hartford has experienced a shift towards a higher percentage of renters over the past decade, coinciding with rising home prices and rent costs. The inverse relationship between homeownership rates and home prices, coupled with the impact of fluctuating interest rates, has shaped the city's housing market dynamics. As Hartford continues to evolve, these trends will likely play a crucial role in shaping its future housing landscape.
