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Meredith, NH: Soaring Home Values Amidst Strong Ownership Trends
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
Meredith, located in New Hampshire, is a picturesque community with a rich history and scenic beauty. The city has experienced fluctuations in homeownership rates and significant changes in average home and rent prices over the years. From 2013 to 2022, the overall trend shows a slight increase in homeownership, while average home prices have risen substantially, and average rent prices have shown moderate growth.
The homeownership rate in Meredith has seen a gradual increase from 68% in 2013 to 71% in 2022. This trend coincides with a dramatic rise in average home prices, which grew from $279,392 in 2013 to $608,524 in 2022, representing a remarkable 117.8% increase. The relationship between homeownership rates and average home prices suggests that despite the significant price appreciation, residents have maintained a strong desire for homeownership in the area.
Federal interest rates have played a crucial role in shaping homeownership trends in Meredith. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%, which likely contributed to the relatively stable homeownership rates during this time. As interest rates began to rise from 2017 to 2019, reaching 2.16% in 2019, there was a slight dip in homeownership to 61%. However, the subsequent drop in interest rates to 0.08% in 2021 coincided with a sharp increase in homeownership to 71%, demonstrating the impact of favorable financing conditions on homebuying decisions.
Renter percentages in Meredith have fluctuated inversely to homeownership rates, decreasing from 32% in 2013 to 29% in 2022. Average rent prices have shown moderate growth, rising from $1,274 in 2013 to $1,218 in 2022, an overall increase of 4.2%. Interestingly, there was a peak in average rent prices in 2014 at $1,486, followed by a general downward trend. This trend in rent prices, combined with the city's population growth from 3,839 in 2013 to 4,684 in 2022, suggests that the rental market has remained relatively stable despite the increasing population.
In 2023, the average home price in Meredith reached $635,044, with interest rates at 5.02%. Moving into 2024, the average home price has further increased to $654,581, while interest rates have risen slightly to 5.33%. These figures indicate a continued upward trajectory in home values, even in the face of higher borrowing costs.
Looking ahead, predictive models suggest that average home prices in Meredith are likely to continue their upward trend over the next five years, potentially reaching or exceeding $750,000 by 2029. Average rent prices are expected to show moderate growth, possibly reaching around $1,500 by 2029, assuming current economic conditions and population growth trends persist.
In summary, Meredith has demonstrated a strong housing market with increasing homeownership rates and substantial growth in average home prices. The inverse relationship between homeownership and rental rates, coupled with the moderate growth in average rent prices, indicates a balanced and dynamic real estate market. The city's ability to maintain high homeownership rates despite rising home prices suggests a robust local economy and continued desirability of the area for residents.
