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North End, Manchester: Rising Home Values and Shifting Ownership in a 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
North End, a neighborhood in Manchester, New Hampshire, has experienced significant changes in its housing market over the past decade. This analysis focuses on the trends in homeownership rates, average home prices, and rent prices from 2013 to 2024, with projections extending to 2029. Homeownership rates in North End have shown notable fluctuations. In 2013, 72% of homes were owner-occupied. This percentage declined to 61% by 2017, indicating a shift towards a renter-oriented market. However, a reversal occurred from 2018 onwards, with homeownership rates climbing back to 69% by 2022. This trend coincided with substantial increases in average home prices, which rose from $241,471 in 2013 to $448,992 in 2022, marking an 86% increase over this period.
The relationship between federal interest rates and homeownership rates in North End reveals interesting patterns. Despite historically low interest rates between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates initially declined. Conversely, as interest rates gradually increased from 2017 to 2019 (1% to 2.16%), homeownership rates began to recover. This suggests that factors beyond interest rates, such as local economic conditions and housing supply, played significant roles in shaping homeownership trends in the neighborhood.
Renter percentages and average rent prices in North End have also shown notable trends. The percentage of renter-occupied units increased from 28% in 2013 to a peak of 39% in 2017, before declining to 31% by 2022. Average rent prices demonstrated steady growth during this period, rising from $1,078 in 2013 to $1,450 in 2022, a 34.5% increase. The population growth from 8,535 in 2013 to 9,293 in 2022 likely contributed to the upward pressure on both home prices and rents.
In 2023 and 2024, North End's real estate market continued its upward trajectory. Average home prices reached $484,417 in 2023 and further increased to $512,428 in 2024, representing a 14.1% rise over two years. This growth occurred despite federal interest rates climbing to 5.02% in 2023 and 5.33% in 2024, suggesting strong underlying demand in the neighborhood.
Looking ahead, predictive models forecast continued growth in both average home prices and rents over the next five years. Average home prices are projected to surpass $600,000 by 2029, while average rents are expected to exceed $1,700 per month. These projections are based on historical trends and assume continued economic stability and demand for housing in the area.
In summary, North End has demonstrated resilience and growth in its housing market. The neighborhood has experienced a resurgence in homeownership rates since 2018, coupled with substantial increases in average home prices. Despite fluctuations in federal interest rates, local market dynamics appear to have been the primary drivers of housing trends. The consistent rise in both home prices and rents, even in the face of higher interest rates, indicates strong demand for housing in this Manchester neighborhood.
