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Hollister, Missouri: Rising Home Values and Ownership Trends in an Ozarks Tourist Hub
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
Hollister, Missouri, a city in the Ozark Mountains with a population of 10,612 as of 2022, has experienced significant changes in its housing market over the past decade. From 2013 to 2022, homeownership rates in Hollister increased from 64% to 69%, while average home prices more than doubled from $139,321 to $273,490, representing a 96% increase. This substantial growth in home values suggests strong demand for housing in the area.
The relationship between federal interest rates and homeownership rates in Hollister presents an interesting pattern. Despite low interest rates between 2013 and 2021 (0.08% to 0.14%), homeownership rates initially decreased from 64% in 2013 to 58% in 2015. However, from 2020 onwards, homeownership rates climbed to 69% by 2022, even as interest rates began to rise. This indicates that factors beyond interest rates, such as local economic conditions or housing supply, may have influenced homeownership trends in Hollister.
Renter percentages in Hollister decreased from 36% in 2013 to 31% in 2022, inversely related to homeownership rates. Average rent prices increased modestly from $803 in 2013 to $816 in 2022, a 1.6% rise. The relatively stable rent market, combined with decreasing renter percentages, may indicate a preference for homeownership in the community or a limited supply of rental properties.
In 2023 and 2024, Hollister's housing market continued to evolve. Average home prices reached $284,058 in 2023 and further increased to $289,137 in 2024, representing a 5.7% growth from 2022 to 2024. This growth occurred despite a significant rise in federal interest rates, which jumped to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for new homebuyers.
Looking ahead, predictive models suggest that Hollister's housing market will likely continue its upward trajectory. Over the next five years, average home prices are projected to increase by approximately 15-20%, potentially reaching around $340,000 by 2029. Average rent prices are expected to follow a similar trend, with a predicted increase of 10-15% over the same period, potentially reaching around $940 per month.
In summary, Hollister's housing market has demonstrated remarkable resilience and growth over the past decade. The significant increase in homeownership rates, coupled with substantial growth in average home prices, reflects the city's attractiveness to potential homeowners. While rent prices have remained relatively stable, the decreasing percentage of renters suggests a shift towards homeownership in the community. As Hollister continues to evolve, these trends indicate a robust and dynamic housing market that is likely to remain attractive to both residents and investors in the coming years.
