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Hartsburg's Housing Boom: Average Home Values Double as Ownership Soars to 90%
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Hartsburg, a small town in Missouri, has experienced notable shifts in its housing landscape over the past decade. This quaint community, covering just 0.22 square miles, has seen significant changes in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local developments.
The ownership percentage in Hartsburg has shown a strong upward trend, particularly in recent years. In 2013, 79% of residents were homeowners. This figure remained relatively stable until 2020 when it began to climb steadily, reaching 90% by 2022. This increase in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price in Hartsburg was $165,295. By 2022, this figure had more than doubled to $354,205, representing a 114% increase over nine years.
The relationship between federal interest rates and homeownership rates in Hartsburg appears to follow the well-established trend of lower interest rates encouraging higher homeownership. For instance, as interest rates remained low from 2013 to 2016 (ranging from 0.09% to 0.4%), homeownership rates in Hartsburg stayed consistently high at around 79-81%. Interestingly, even as interest rates began to rise from 2017 onwards, Hartsburg's homeownership rate continued to increase, suggesting other local factors may have been at play.
Conversely, the percentage of renters in Hartsburg has decreased over time, dropping from 21% in 2013 to just 10% in 2022. This decline in renters has been accompanied by fluctuations in average rent prices. In 2013, the average rent was $827. It decreased to $534 in 2018 before rising sharply to $1,194 in 2021, and then settling at $855 in 2022. These fluctuations may be attributed to changes in the local rental market and the decreasing number of rental units available as more properties transition to owner-occupied status.
Looking at the most recent data, the average home price in Hartsburg continued to rise in 2023, reaching $363,865, and further increased to $367,096 in 2024. This upward trend has persisted despite the Federal interest rate rising to 5.02% in 2023 and 5.33% in 2024, suggesting a robust local housing market that has remained resilient in the face of higher borrowing costs.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Hartsburg will continue to increase, albeit at a potentially slower rate due to higher interest rates. We project that by 2029, the average home price could reach approximately $425,000 to $450,000. For rent prices, the forecast suggests a moderate increase, potentially reaching an average of $1,000 to $1,100 per month by 2029, assuming the current trends in population growth and homeownership rates continue.
In summary, Hartsburg has experienced a significant increase in homeownership rates and average home prices over the past decade, with a corresponding decrease in the renter population. The town's housing market has shown resilience in the face of rising interest rates, with home prices continuing to appreciate. These trends reflect a growing preference for homeownership in this small Missouri town, potentially driven by local economic factors and the appeal of small-town living.
