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Livermore, Kentucky: Home Values Double Amid Market Fluctuations
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Livermore, a city in Kentucky, has experienced significant changes 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 Livermore has shown a general upward trend from 2013 to 2017, followed by a slight decline in recent years. In 2013, 74% of residents owned their homes, which increased to 79% by 2017. However, by 2022, this figure had decreased to 72%. Concurrently, average home prices have shown a consistent upward trajectory. In 2013, the average home price was $48,370, which more than doubled to $114,181 by 2022, representing a substantial 136% increase over this period.
The relationship between federal interest rates and homeownership rates in Livermore follows a generally inverse pattern. As interest rates remained low from 2013 to 2016 (ranging from 0.11% to 0.40%), homeownership rates increased from 74% to 79%. However, as interest rates began to rise more sharply from 2017 onwards, reaching 1.68% in 2022, homeownership rates started to decline, settling at 72% by 2022.
Renter percentages in Livermore have fluctuated inversely to homeownership rates, ranging from a low of 21% in 2016-2017 to a high of 28% in 2021-2022. Average rent prices have shown a more volatile trend. They peaked at $614 in 2015, then experienced a general decline, reaching $378 by 2022. This 38% decrease in average rent prices occurred despite the increase in the renter population percentage, suggesting other factors such as local economic conditions or housing supply changes may have influenced rental market dynamics.
In 2023 and 2024, Livermore's housing market showed signs of a slight cooling. The average home price decreased from $114,181 in 2022 to $112,183 in 2023, and further to $106,258 in 2024. This represents a 7% decline over two years. Concurrently, federal interest rates increased significantly, reaching 5.02% in 2023 and 5.33% in 2024, which likely contributed to the softening of home prices.
Looking ahead, based on recent trends, it's projected that average home prices in Livermore may continue to experience a slight downward adjustment over the next five years, potentially stabilizing around $100,000 by 2029. Average rent prices, which have been declining, might see a modest increase as the rental market adjusts to changing economic conditions, potentially reaching around $400 by 2029.
In summary, Livermore's housing market has demonstrated resilience and growth over the past decade, with significant increases in average home prices despite recent fluctuations in homeownership rates. The inverse relationship between interest rates and homeownership is evident, while the rental market has shown unique dynamics with decreasing prices despite increased demand. The recent cooling in home prices, coupled with rising interest rates, suggests a period of market adjustment ahead.
