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Mayville's Housing Market: Rising Home Values and Stable Ownership in a Small New York Village
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
Mayville, located in New York state, is a charming community with a rich history and a population of 3,809 as of 2022. This small village has experienced fluctuating homeownership rates and housing prices over the past decade, reflecting broader economic trends and local market dynamics. Homeownership in Mayville has remained relatively stable, with a slight increase from 79% in 2013 to 80% in 2022. During this period, average home prices have shown a significant upward trend. In 2013, the average home price was $130,365, which steadily increased to $227,937 by 2022, representing a remarkable 74.8% increase over nine years. This substantial rise in home values, coupled with the consistent homeownership rate, suggests that Mayville has maintained its appeal to homeowners despite rising prices.
The relationship between federal interest rates and homeownership rates in Mayville appears to follow established trends. For instance, when interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership rates remained high, fluctuating between 79% and 82%. This aligns with the general principle that lower interest rates tend to encourage homeownership by making mortgages more affordable.
Renter percentages in Mayville have shown minor fluctuations, ranging from 17% to 21% between 2013 and 2022. Average rent prices have increased over this period, rising from $440 in 2013 to $560 in 2022, a 27.3% increase. This growth in rent prices, while significant, has been less dramatic than the increase in home prices. The relatively stable renter population suggests that despite rising rents, Mayville continues to offer rental options that attract a consistent portion of the population.
In 2023 and 2024, Mayville saw further increases in average home prices. The average home price reached $236,548 in 2023 and slightly increased to $236,596 in 2024. This represents a 3.8% increase from 2022 to 2023 and a marginal 0.02% increase from 2023 to 2024. Notably, federal interest rates also rose significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which may have contributed to the slowing of home price growth.
Looking ahead, based on the observed trends, we can forecast continuing but potentially moderating growth in both home prices and rents over the next five years. Average home prices may continue to rise, possibly reaching around $260,000 to $280,000 by 2029, assuming a more modest annual growth rate of 2-3%. Average rent prices could potentially increase to the $600-$650 range in the same period, reflecting a similar growth trajectory.
In summary, Mayville has demonstrated resilience in its housing market, maintaining high homeownership rates despite significant increases in home prices. The rental market has also shown steady growth, albeit at a slower pace than home prices. The recent slowdown in home price appreciation, coupled with rising interest rates, suggests a potential shift towards a more balanced market in the coming years. These trends indicate that Mayville continues to be an attractive location for both homeowners and renters, with a dynamic housing market that reflects both local conditions and broader economic factors.
