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Home Values Double in S. Marketview Heights: A Decade of Growth Despite Population Decline
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
S. Marketview Heights, a neighborhood in Rochester, New York, has experienced significant changes in its housing market over the past decade. From 2013 to 2022, homeownership rates increased slightly from 23% to 27%, while average home prices saw substantial growth. The average home price more than doubled from $34,134 in 2013 to $84,326 in 2022, representing a 147% increase over nine years and indicating strong property value appreciation.
The relationship between federal interest rates and homeownership rates in S. Marketview Heights shows some correlation. As interest rates remained historically low from 2013 to 2020, ranging between 0.08% and 0.4%, homeownership rates in the neighborhood gradually increased from 23% to 25%. This trend aligns with the general principle that lower interest rates make homeownership more accessible due to reduced borrowing costs.
Renter percentages in S. Marketview Heights decreased slightly from 77% in 2013 to 73% in 2022, inversely mirroring the modest rise in homeownership. Average rent prices showed an overall upward trend during this period, albeit with some fluctuations. The average rent increased from $742 in 2013 to $860 in 2022, representing a 15.9% rise. Notably, the neighborhood's population decreased from 3,419 in 2013 to 2,383 in 2022, which may have influenced rental market dynamics.
Recent data shows that the average home price in S. Marketview Heights for 2023 was $78,830, indicating a slight decrease from 2022. However, in 2024, the average home price rebounded to $85,573, surpassing the 2022 level. This recent uptick occurred despite the federal interest rate rising to 5.33% in 2024, which typically would be expected to cool the housing market.
Applying predictive models to forecast 5-year trends, continued growth in average home prices for S. Marketview Heights is anticipated, albeit at a more moderate pace. The neighborhood's average home prices have shown resilience and strong appreciation over the past decade, suggesting this trend may continue. For rent prices, a steady increase is expected over the next five years, reflecting the overall upward trajectory observed since 2013.
In conclusion, S. Marketview Heights has experienced significant appreciation in average home values, a slight increase in homeownership rates, and moderate growth in average rent prices over the past decade. The neighborhood's housing market has demonstrated resilience and growth despite population decreases, indicating underlying strength in the local real estate market. The recent rebound in average home prices, even in the face of rising interest rates, suggests potential for continued growth in the coming years.
