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Hartsdale: Rising Home Values Amidst Increasing Homeownership
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Hartsdale, located in New York, is a vibrant community with a population of 7,292 as of 2022. This charming suburb, spanning just 0.85 square miles, has experienced notable shifts in homeownership rates and housing prices over the past decade. The area has maintained a strong preference for owner-occupied housing, with a general trend of increasing homeownership rates and rising average home prices.
The homeownership rate in Hartsdale has shown a steady increase from 83% in 2016 to 89% in 2022. This upward trend in homeownership coincides with a significant rise in average home prices. In 2016, the average home price was $435,723, which climbed to $575,085 by 2022, representing a 32% increase over six years. This correlation suggests that despite rising prices, Hartsdale residents have maintained a strong desire for homeownership, possibly due to the area's desirability and potential for property value appreciation.
Federal interest rates have played a crucial role in shaping homeownership trends in Hartsdale. The period from 2010 to 2015 saw historically low interest rates, hovering around 0.1% to 0.18%. During this time, homeownership rates remained relatively stable, around 84-86%. As interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, Hartsdale surprisingly saw an increase in homeownership to 89%. This trend suggests that local factors, such as the area's attractiveness and strong housing market, may have outweighed the impact of rising interest rates on homeownership decisions.
The rental market in Hartsdale has experienced fluctuations in both percentage of renters and average rent prices. The percentage of renters peaked at 17% in 2016 when the average rent was $2,487. However, by 2022, the renter population had decreased to 11%, with average rent at $2,039. This decline in the renter population, despite lower average rents, could be attributed to the increasing preference for homeownership in the area or changes in the local job market affecting housing choices.
In 2023 and 2024, Hartsdale's housing market continued its upward trajectory. The average home price in 2023 reached $627,039, a substantial 9% increase from 2022. This trend persisted into 2024, with average home prices climbing further to $663,344. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, the continued rise in home prices suggests a robust demand for housing in Hartsdale.
Looking ahead, predictive models forecast a continued increase in both average home and rent prices over the next five years. Average home prices are expected to maintain their upward trajectory, potentially reaching or exceeding $750,000 by 2029. Rent prices, which have shown more volatility, are predicted to stabilize and gradually increase, possibly surpassing $2,200 per month within the same timeframe.
In summary, Hartsdale has demonstrated a resilient and growing housing market characterized by increasing homeownership rates and rising property values. The community has shown a strong preference for owner-occupied housing, even in the face of rising home prices and interest rates. This trend, coupled with the forecasted increases in both home and rent prices, suggests that Hartsdale will likely continue to be a desirable residential area with a robust real estate market in the coming years.
