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Madill, Oklahoma: Rising Home Values and Ownership Rates Despite Interest Rate Fluctuations
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Madill, a city in Oklahoma, has experienced notable fluctuations in homeownership rates and housing prices over the past decade. This analysis explores the trends in ownership percentages, average home prices, and average rent prices in Madill, providing insights into the local real estate market dynamics.
The homeownership rate in Madill has shown significant variability from 2013 to 2022. In 2013, 72% of residents owned their homes, but this percentage declined to a low of 56% in 2018. However, the trend reversed in recent years, with homeownership increasing to 68% by 2022. This resurgence in homeownership coincides with a substantial rise in average home prices. The average home price in Madill grew from $79,016 in 2010 to $148,389 in 2022, representing an impressive 87.8% increase over 12 years.
The relationship between federal interest rates and homeownership rates in Madill appears to follow established patterns. During periods of low interest rates, such as from 2013 to 2016 when rates were below 0.5%, homeownership rates remained relatively stable around 65-72%. As interest rates began to rise from 2017 onwards, reaching 1.83% in 2018, homeownership rates initially declined to their lowest point of 56%. However, despite further increases in interest rates, homeownership rates rebounded, suggesting other local factors may have influenced this trend.
Renter percentages in Madill have generally moved inversely to homeownership rates. The percentage of renters increased from 28% in 2013 to a peak of 44% in 2018, before declining to 32% in 2022. Average rent prices have shown an overall upward trend, rising from $592 in 2013 to $673 in 2022, an increase of 13.7%. Interestingly, the highest average rent of $681 was recorded in 2019, coinciding with a period of higher renter occupancy.
In 2023 and 2024, Madill's housing market continued to show growth. The average home price reached $158,663 in 2023 and further increased to $161,432 in 2024, representing a 8.8% rise from 2022 to 2024. This growth occurred despite federal interest rates climbing to 5.02% in 2023 and 5.33% in 2024, suggesting strong local demand for housing in Madill.
Looking ahead, based on the observed trends, we can project that average home prices in Madill may continue to rise over the next five years, potentially reaching around $180,000 to $190,000 by 2029. Average rent prices could also see a moderate increase, possibly reaching $720 to $750 per month in the same period. However, these projections assume relatively stable economic conditions and continued local growth.
In summary, Madill has experienced a resurgence in homeownership rates in recent years, accompanied by significant growth in average home prices. Despite fluctuations in federal interest rates, the local housing market has shown resilience and consistent appreciation. The rental market has also seen steady growth in prices, although renter percentages have decreased from their peak. These trends suggest a robust and dynamic real estate market in Madill, with potential for continued growth in both home values and rental rates in the coming years.
