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Home Values Soar in Harrison, Independence: A Neighborhood Transformed
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Harrison, a neighborhood in Independence, Missouri, has undergone significant changes in its housing market over the past decade. This area has experienced notable shifts in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in Harrison has shown a remarkable increase in recent years. In 2013, only 24% of residents owned their homes, but by 2022, this figure had risen to 45%. This substantial growth in homeownership coincides with a dramatic rise in average home prices. In 2013, the average home price in Harrison was $15,561. By 2022, it had soared to $79,692, representing a remarkable 412% increase over nine years.
The relationship between federal interest rates and homeownership rates in Harrison reveals an interesting pattern. Despite historically low interest rates between 2013 and 2021 (ranging from 0.08% to 0.14%), homeownership rates remained relatively stable, hovering around 24-26%. However, as interest rates began to rise in 2022 to 1.68%, homeownership paradoxically increased to 45%. This suggests that local factors, such as improved economic conditions or changing neighborhood dynamics, may have played a more significant role in driving homeownership than national interest rate trends.
Renter percentages in Harrison have shown a corresponding decline as homeownership increased. In 2013, 76% of residents were renters, but by 2022, this had decreased to 54%. Average rent prices, however, have experienced significant volatility. From 2013 to 2019, average rents remained relatively stable, ranging from $234 to $258 per month. A dramatic shift occurred in 2020, with average rents jumping to $765, further increasing to $826 by 2022. This substantial rise in rent prices coincided with a population increase from 192 in 2020 to 405 in 2022, suggesting increased demand for rental properties in the area.
In 2023 and 2024, the upward trend in average home prices continued, reaching $85,776 and $90,968, respectively. This represents a 14% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, hitting 5.02% in 2023 and 5.33% in 2024. Despite these higher rates, the housing market in Harrison has remained robust, indicating strong local demand and potentially limited housing supply.
Looking ahead, predictive models suggest that average home prices in Harrison may continue to rise over the next five years, potentially reaching around $120,000 by 2029. This projection is based on the consistent upward trend observed since 2013. Average rent prices are also expected to increase, potentially stabilizing around $900-$950 per month. However, these projections assume continued population growth and stable economic conditions.
In summary, Harrison has undergone significant changes in its housing market over the past decade. The neighborhood has seen a substantial increase in homeownership rates, coupled with dramatic rises in both average home prices and rent prices. The resilience of the housing market in the face of rising interest rates suggests strong local demand and potentially limited housing supply. As Harrison continues to evolve, these trends are likely to shape the neighborhood's character and affordability in the coming years.
