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Manville, NJ: Rising Home Values and Ownership Rates Amidst Market 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
Manville, located in Somerset County, New Jersey, is a small community with a rich industrial history. This charming town, spanning just 2.45 square miles, has experienced notable shifts in homeownership rates and property values over the past decade. The trends in Manville show a clear increase in homeownership, rising average home prices, and fluctuating average rent prices.
The homeownership rate in Manville has seen a significant upward trend, correlating strongly with the rise in average home prices. In 2013, 65% of residents were homeowners, with the average home price at $233,461. By 2022, the homeownership rate had increased to 76%, while the average home price rose to $375,940. This represents a 17% increase in homeownership and a 61% increase in average home prices over this period. The most dramatic shift occurred between 2019 and 2022, with homeownership jumping from 66% to 76%, coinciding with a steep rise in average home prices from $273,582 to $375,940.
Federal interest rates have played a crucial role in shaping homeownership trends in Manville. The period from 2013 to 2020 saw historically low interest rates, ranging from 0.09% to 0.38%. This environment of cheap financing likely contributed to the steady increase in homeownership during this time. The sharp rise in homeownership between 2019 and 2022, from 66% to 76%, occurred despite a slight increase in interest rates from 2.16% to 1.68%, suggesting other factors such as changing housing preferences or local economic conditions may have been at play.
The renter population in Manville has correspondingly decreased as homeownership rates climbed. In 2013, 35% of residents were renters, with the average rent at $1,417. By 2022, the renter percentage had dropped to 24%, while the average rent increased to $1,587. This represents a 31% decrease in the renter population and a 12% increase in average rent over this period. Interestingly, despite the decreasing renter population, average rent prices have generally trended upward, possibly due to increased demand for the limited rental stock available or improvements in rental property quality.
In 2023 and 2024, Manville has continued to see growth in average home prices, reaching $404,376 in 2023 and $435,393 in 2024. This represents a 7.5% increase from 2022 to 2023 and a further 7.7% increase from 2023 to 2024. These price increases have occurred despite a significant rise in federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024. This suggests a strong local housing market that has remained resilient in the face of higher borrowing costs.
Looking ahead, predictive models forecast continued growth in both average home prices and average rent prices over the next five years. Average home prices are projected to reach approximately $525,000 by 2029, representing a 20.6% increase from 2024 levels. Average rent prices are expected to climb to around $1,900 by 2029, a 19.7% increase from 2022 figures. These projections assume a continuation of current trends and stable economic conditions.
In summary, Manville has experienced a significant shift towards homeownership over the past decade, accompanied by substantial increases in average home prices. Despite rising interest rates in recent years, the local housing market has shown remarkable strength. The renter population has decreased, but average rent prices have continued to rise. These trends paint a picture of a changing community with an increasingly stable population of homeowners and a competitive housing market that shows no signs of slowing down in the near future.
