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Oakwood Park, Missouri: Rising Home Values and Dynamic 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
Oakwood Park, located in Missouri, is a small community that has experienced significant changes in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, providing insights into the dynamic real estate landscape of this village. The homeownership rate in Oakwood Park has fluctuated over the years, with a notable increase from 79% in 2019 to 90% in 2021, before declining to 76% in 2022. Concurrently, average home prices have shown a steady upward trend. In 2019, the average home price was $168,896, which increased to $234,212 by 2022, representing a substantial 38.7% growth over three years.
Federal interest rates have played a significant role in shaping homeownership trends. From 2019 to 2021, interest rates dropped from 2.16% to 0.08%, which likely contributed to the spike in homeownership rates during this period. However, as interest rates rose sharply to 1.68% in 2022, we observed a corresponding decrease in homeownership rates from 90% to 76%.
Renter percentages and average rent prices have also shown interesting trends. The percentage of renters increased from 13% in 2013 to 22% in 2022, with some fluctuations in between. Average rent prices experienced a dramatic rise, particularly in recent years. From 2013 to 2019, average rent increased moderately from $444 to $486. However, there was a significant jump to $797 in 2020, followed by further increases to $1,108 in 2021 and $1,188 in 2022. This sharp rise in rent prices coincided with the village's population growth from 121 in 2019 to 142 in 2022, suggesting increased demand for rental properties.
In 2023 and 2024, the housing market in Oakwood Park continued to evolve. The average home price reached $248,239 in 2023 and further increased to $254,750 in 2024, showing a continued upward trend. Simultaneously, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions and affordability.
Looking ahead, predictive models suggest that average home prices in Oakwood Park may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase, driven by population growth and demand for housing in the area.
In summary, Oakwood Park has experienced significant changes in its housing market, characterized by fluctuating homeownership rates, steadily increasing average home prices, and a sharp rise in average rent prices. The interplay between federal interest rates, population growth, and housing demand has shaped these trends, creating a dynamic and evolving real estate landscape in this Missouri community.
