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Nixa, Missouri: Stable Homeownership Amidst Rising Home Values
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
DATA SOURCE
United States Census Bureau: American Community Survey Data (ACS)
Zillow: Zillow Home Value Index (ZHVI)
Nixa, Missouri, a vibrant city located in Christian County, has experienced significant growth and development over the past decade. Known for its excellent school system and proximity to Springfield, Nixa has become an attractive destination for families and professionals alike. The city has maintained a strong homeownership rate, consistently above 68%, while average home prices and rent have shown notable fluctuations over the years.
Homeownership in Nixa has remained relatively stable, with a slight increase from 68% in 2016 to 71% in 2022. This trend coincides with a substantial rise in average home prices, which grew from $171,815 in 2016 to $296,039 in 2022, representing a 72% increase over six years. The city's steady population growth, from 30,099 in 2016 to 32,597 in 2022, likely contributed to the increased demand for housing and subsequent price appreciation.
Federal interest rates have played a significant role in shaping homeownership trends in Nixa. The period from 2010 to 2015 saw historically low interest rates, ranging from 0.09% to 0.18%, which likely supported the high homeownership rates observed during this time. As interest rates began to rise gradually from 2016 onwards, reaching 1.68% in 2022, homeownership rates in Nixa remained resilient, suggesting strong local economic factors and continued demand for housing in the area.
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The rental market in Nixa has also experienced changes, with the percentage of renters fluctuating between 29% and 32% from 2013 to 2022. Average rent prices have shown an overall upward trend, increasing from $859 in 2014 to $919 in 2022, a 7% rise over eight years. This modest growth in rent prices, compared to the more dramatic increase in home prices, may have contributed to the relatively stable renter population in the city.
In 2023 and 2024, Nixa's housing market continued to evolve. The average home price in 2023 reached $305,321, a 3.1% increase from 2022. Interestingly, 2024 saw a slight decrease to $305,265, indicating a potential stabilization in the market. This trend occurred alongside a significant rise in federal interest rates, which jumped to 5.02% in 2023 and further increased to 5.33% in 2024, potentially impacting homebuying decisions.
Looking ahead, predictive models suggest that Nixa's housing market may experience moderate growth over the next five years. Average home prices are projected to increase by approximately 2-3% annually, potentially reaching around $340,000 by 2029. Rent prices are expected to follow a similar trajectory, with an estimated annual growth of 1.5-2%, potentially reaching an average of $1,000 per month by 2029.
In summary, Nixa has maintained a strong homeownership base despite significant increases in home prices over the past decade. The city's ability to sustain high homeownership rates in the face of rising prices and fluctuating interest rates speaks to its economic resilience and desirability as a residential area. While the rental market has seen more modest growth, it remains an important component of Nixa's housing landscape. As the city continues to grow, balancing affordable housing options with rising property values will be crucial for maintaining its diverse and thriving community.
