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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Littleville, Alabama, a small town in Colbert County, has experienced fluctuations in its homeownership rates and housing market over the past decade. This charming community has maintained a relatively high rate of homeownership, with a trend towards increasing owner-occupied housing in recent years. Average home prices have shown modest growth, while average rent prices have experienced some volatility.
The homeownership rate in Littleville has generally remained strong, with a slight upward trend in recent years. In 2013, 75% of housing units were owner-occupied. This percentage increased to 78% in 2014, then fluctuated between 71% and 79% over the following years. By 2022, the homeownership rate stabilized at 77%. This trend suggests a growing preference for homeownership in the community. Interestingly, the increase in homeownership coincided with a period of historically low federal interest rates, which remained below 1% from 2009 to 2016. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, Littleville's homeownership rate remained resilient, indicating other factors may be influencing this trend.
The rental market in Littleville has shown inverse trends to homeownership rates. In 2013, 25% of housing units were renter-occupied. This percentage decreased to 22% in 2014, then fluctuated between 21% and 29% in subsequent years. By 2022, the renter-occupied rate settled at 23%. Average rent prices have shown some volatility over the years. In 2013, the average rent was $779, which increased to $844 in 2015. However, there was a significant drop to $663 in 2017, followed by a gradual increase to $731 in 2021, before settling at $680 in 2022. These fluctuations in rent prices may be influenced by changes in local economic conditions and housing supply.
As of 2023 and 2024, significant changes have been observed in both average home prices and interest rates. The average home price in Littleville reached $138,198 in 2023 and further increased to $140,915 in 2024, indicating a growing real estate market. Concurrently, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024. This combination of rising home prices and higher interest rates may impact future homeownership trends in the town.
Looking ahead, predictive models suggest that average home prices in Littleville are likely to continue their upward trajectory over the next five years. Based on the recent growth rate, average home prices could potentially reach around $150,000 by 2029. Average rent prices are also expected to increase moderately, potentially reaching $750-$800 per month in the same timeframe. However, these predictions should be considered in the context of broader economic factors and local market conditions.
In summary, Littleville has maintained a strong homeownership rate despite fluctuations in the housing market. The town has seen a recent increase in average home prices, while rent prices have shown some volatility. The interplay between federal interest rates, homeownership rates, and housing prices will likely continue to shape Littleville's real estate landscape in the coming years.