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Meador Park: Rising Home Values and Shifting Ownership in Springfield's Resilient Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Meador Park, a neighborhood in Springfield, Missouri, has experienced significant changes in its housing market over the past decade. This area has seen fluctuations in homeownership rates, along with steady increases in average home prices and varying trends in average rent prices.
The homeownership rate in Meador Park has shown a notable trend over the years. In 2013, 44% of residents owned their homes. This percentage decreased to 37% by 2016, indicating a shift towards renting. However, the trend reversed in recent years, with homeownership rising to 43% in 2022. This fluctuation coincides with changes in average home prices, which have seen a significant upward trajectory. In 2010, the average home price was $89,811, and by 2022, it had more than doubled to $180,831, representing a 101% increase over 12 years.
Federal interest rates have played a crucial role in shaping homeownership trends in Meador Park. The period from 2013 to 2016, when homeownership rates declined, coincided with historically low interest rates ranging from 0.09% to 0.40%. Despite these low rates, the decreasing homeownership during this period suggests that other factors, such as rising home prices, may have outweighed the benefits of low-cost financing. The recent uptick in homeownership rates from 2020 to 2022 occurred despite rising interest rates, possibly indicating increased buyer confidence or improved economic conditions in the area.
Renter percentages in Meador Park have mirrored the inverse of homeownership trends. The proportion of renters increased from 56% in 2013 to a peak of 63% in 2016, before decreasing to 57% in 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $778, rising to $814 in 2016. However, rent prices experienced fluctuations, dropping to $758 in 2018 before increasing again to $884 in 2021, and then surprisingly decreasing to $732 in 2022. This volatility in rent prices, combined with the neighborhood's growing population from 5,397 in 2013 to 6,042 in 2022, suggests a complex rental market influenced by various factors including housing supply and local economic conditions.
Looking at the most recent data, the average home price in Meador Park reached $194,311 in 2023 and further increased to $202,880 in 2024. This represents a 12.2% increase from 2022 to 2024, indicating a continuing strong upward trend in home values. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homebuying activity and could potentially slow the rate of home price appreciation.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Meador Park will continue to rise, albeit at a potentially slower pace due to higher interest rates. By 2029, average home prices could reach approximately $240,000 to $250,000, assuming a more moderate annual growth rate of 3-4%. For rent prices, the forecast suggests a potential stabilization and gradual increase, with average rents potentially reaching $850 to $900 by 2029, factoring in historical volatility and the neighborhood's growing population.
In summary, Meador Park has experienced a dynamic housing market over the past decade. The neighborhood has seen a recent resurgence in homeownership, substantial increases in average home prices, and fluctuating rent prices. The interplay between federal interest rates, local economic factors, and population growth has shaped these trends. As we look to the future, continued appreciation in home values is expected, albeit potentially at a more moderate pace, while the rental market may see gradual increases and stabilization.
