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Housing Market Dynamics in Leetsdale: A Decade of Change
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Leetsdale, located in Pennsylvania, has experienced notable shifts in its housing market over the past decade. This small community has seen fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Leetsdale has shown a variable trend over the years. In 2013, the homeownership rate was 57%, which increased to a peak of 64% in 2017. However, this trend reversed in recent years, with the rate declining to 52% by 2022. Interestingly, this fluctuation in homeownership coincided with changes in average home prices. From 2013 to 2022, average home prices in Leetsdale increased significantly, rising from $79,786 to $143,497, representing an impressive 79.9% increase over nine years.
The relationship between federal interest rates and homeownership rates in Leetsdale appears to follow expected patterns. As interest rates remained low from 2013 to 2016, hovering between 0.09% and 0.4%, homeownership rates increased from 57% to 63%. However, as interest rates began to rise more sharply from 2017 onwards, reaching 1.68% in 2022, homeownership rates started to decline, dropping to 52% by 2022.
Renter percentages in Leetsdale have shown an inverse relationship to homeownership rates, naturally. The proportion of renters decreased from 43% in 2013 to 36% in 2017, before climbing back up to 48% by 2022. Average rent prices have generally increased over this period, rising from $744 in 2013 to $1,068 in 2022, a 43.5% increase. This trend in rent prices seems to correlate with the borough's population changes, which peaked at 1,287 in 2016 before declining to 1,125 in 2022.
Looking at the most recent data, average home prices in Leetsdale reached $141,884 in 2023 and further increased to $146,050 in 2024. This represents a steady upward trend in home values. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and market dynamics.
Applying predictive models to forecast 5-year trends, we can expect average home prices in Leetsdale to continue their upward trajectory, potentially reaching around $160,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $1,200 per month within the same timeframe, assuming current economic conditions and local market factors remain relatively stable.
In summary, Leetsdale has experienced a shift from increasing homeownership rates to a recent trend favoring renting. This change has occurred alongside significant increases in both average home prices and rent prices. The interplay between federal interest rates, local population changes, and housing market dynamics has shaped these trends, creating a complex and evolving housing landscape in this Pennsylvania borough.
