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Marysville, California: Gold Rush City's Housing 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
Marysville, California, located in Yuba County, is a small city with a rich history dating back to the Gold Rush era. This city of approximately 3.58 square miles has experienced fluctuations in homeownership rates and housing prices over the past decade. The trends in ownership percentages, average home prices, and average rent prices reveal an evolving real estate landscape in Marysville.
The homeownership rate in Marysville has shown notable variation from 2013 to 2022. In 2013, the homeownership rate stood at 42%, but by 2019, it had increased significantly to 49%. However, this upward trend reversed in 2022, with the rate dropping back to 42%. Concurrent with these changes, average home prices in Marysville have experienced substantial growth. In 2013, the average home price was $141,522, which more than doubled to $386,013 by 2022, representing a 172.8% increase over this period.
The relationship between federal interest rates and homeownership rates in Marysville appears to follow expected patterns. As interest rates remained low from 2013 to 2016, hovering around 0.1%, homeownership rates remained stable at 41-42%. When interest rates began to rise in 2017, reaching 1.83% by 2018, homeownership rates also increased, peaking at 49% in 2019. This suggests that Marysville residents may have been motivated to purchase homes before interest rates climbed further.
Renter percentages in Marysville have fluctuated inversely to homeownership rates. In 2013, 58% of residents were renters, a figure that remained relatively stable until 2018 when it dropped to 56%. By 2019, the renter percentage had decreased further to 51%, coinciding with the peak in homeownership. However, by 2022, the renter percentage rebounded to 58%. Average rent prices have shown some volatility, peaking at $929 in 2015 before declining to $839 in 2019. By 2022, the average rent had increased again to $940, representing a 12% increase from the 2019 low.
In 2023, the average home price in Marysville experienced a slight decline to $375,192, a 2.8% decrease from 2022. However, 2024 has seen a modest recovery, with prices rising to $383,737. This recent trend occurs against the backdrop of significantly higher federal interest rates, which stood at 5.02% in 2023 and increased further to 5.33% in 2024. These higher interest rates may be contributing to a moderation in home price growth.
Looking ahead, predictive models suggest that average home prices in Marysville may continue to increase moderately over the next five years, potentially reaching around $420,000 by 2029. This projection assumes a steady economic environment and continued population growth. Average rent prices are also expected to rise, potentially reaching approximately $1,100 by 2029, reflecting ongoing demand for rental properties in the area.
In summary, Marysville's real estate market has demonstrated resilience and growth over the past decade, with significant increases in average home prices despite fluctuations in homeownership rates. The recent moderation in price growth, coupled with higher interest rates, suggests a potential shift towards a more balanced market. As the city continues to evolve, both homeowners and renters will likely face a dynamic housing landscape in the coming years.
