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Home Values Soar as Ownership Fluctuates in Cincinnati's Madisonville
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Madisonville's Housing Market: A Decade of Growth and Change Madisonville, a neighborhood in Cincinnati, Ohio, has witnessed significant changes in its real estate market over the past decade. This analysis examines the trends in homeownership rates, average home prices, and average rent prices in Madisonville, providing insights into the evolving dynamics of the local housing market.
Homeownership rates in Madisonville have fluctuated over the years, showing a general downward trend from 2013 to 2019, followed by a recent uptick. In 2013, the homeownership rate stood at 63%, gradually declining to 53% by 2019. However, this trend reversed in recent years, with homeownership rising to 61% in 2022. Concurrently, average home prices in Madisonville have shown a consistent upward trajectory. In 2013, the average home price was $76,251, which more than doubled to $210,532 by 2022, representing a substantial increase in property values over this period.
The relationship between federal interest rates and homeownership rates in Madisonville reflects broader economic trends. As interest rates remained low from 2013 to 2016, hovering around 0.1% to 0.4%, homeownership rates actually declined from 63% to 55%. However, as interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, homeownership rates stabilized and then increased to 61%. This suggests that other local factors, such as job market conditions and neighborhood development, may have played a more significant role in homeownership decisions than interest rates alone.
Renter percentages in Madisonville have mirrored the inverse of homeownership trends, increasing from 37% in 2013 to a peak of 47% in 2019, before declining to 39% in 2022. Average rent prices have shown considerable volatility during this period. In 2013, the average rent was $517, rising to $837 in 2016, then fluctuating before reaching $1,118 in 2022. This represents a significant 116% increase in average rent prices over the decade, outpacing the growth rate of average home prices.
The most recent data for 2023 and 2024 shows continued growth in average home prices in Madisonville. In 2023, the average home price reached $218,314, and in 2024, it further increased to $235,701. This represents a 7.5% year-over-year increase from 2023 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and market dynamics.
Looking ahead, based on current trends and economic indicators, we can project continued growth in both average home prices and rent prices in Madisonville over the next five years. Average home prices are expected to maintain their upward trajectory, potentially reaching around $280,000 to $300,000 by 2029. Average rent prices may continue to rise as well, possibly exceeding $1,400 per month within the same timeframe. However, these projections are subject to various economic factors and local market conditions.
In summary, Madisonville has experienced a notable increase in property values and rental costs over the past decade, with recent years showing a resurgence in homeownership rates. The neighborhood's real estate market has demonstrated resilience and growth, with average home prices more than doubling since 2013. The interplay between homeownership rates, property values, and rental markets reflects the dynamic nature of Madisonville's housing landscape, pointing towards a trend of increasing property values and potentially stabilizing homeownership rates in the coming years.
