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Ozark, Alabama: Rising Home Values and Stable Ownership in a Military-Influenced City
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Ozark, Alabama, a charming city in Dale County, has demonstrated remarkable resilience in its housing market over the past decade. Known for its rich history and close-knit community, Ozark has experienced steady growth in home values and rental prices, while maintaining a relatively stable homeownership rate. This analysis examines the trends in Ozark's housing market from 2013 to 2024, focusing on homeownership rates, average home prices, and rental trends.
From 2013 to 2022, Ozark's homeownership rate remained relatively stable, fluctuating between 64% and 66%. During this period, the city witnessed a significant increase in average home prices. In 2013, the average home price was $91,761, which rose to $129,497 by 2022, representing a substantial 41% increase over nine years. This upward trend in home values continued into 2023 and 2024, with prices reaching $140,248 and $143,575 respectively, marking a further 10.9% rise from 2022 to 2024.
The relationship between federal interest rates and homeownership rates in Ozark presents an interesting dynamic. From 2013 to 2016, when interest rates were exceptionally low (ranging from 0.09% to 0.40%), Ozark's homeownership rate slightly increased from 64% to 66%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, as interest rates began to rise more sharply from 2017 onwards, Ozark's homeownership rate remained relatively stable, suggesting that other local factors may have influenced housing decisions.
Rental trends in Ozark also showed notable changes during this period. The percentage of renters fluctuated slightly between 34% and 36% from 2013 to 2022. Average rent prices demonstrated an overall increasing trend, rising from $668 in 2013 to $760 in 2022, marking a 13.8% increase. This rise in rent prices occurred despite a slight decrease in population from 17,961 in 2013 to 17,414 in 2022, indicating that factors beyond population growth, such as housing supply and local economic conditions, may have influenced rental costs.
The years 2023 and 2024 saw continued growth in Ozark's housing market, with average home prices reaching $140,248 and $143,575 respectively. This growth occurred alongside a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting affordability for prospective homebuyers.
Based on historical trends and current market conditions, projections for Ozark's housing market over the next five years suggest continued growth in both home prices and rent. Average home prices could potentially reach around $160,000 to $170,000 by 2029, assuming a similar growth rate to recent years. Average rent prices might increase to approximately $850-$900 per month in the same timeframe, factoring in historical increases and market dynamics.
In conclusion, Ozark has demonstrated resilience in its housing market, with steadily increasing home values and rent prices over the past decade. The city has maintained a relatively stable homeownership rate despite fluctuations in interest rates and a slight decline in population. The recent sharp increases in both home prices and interest rates suggest a dynamic market that prospective residents and investors should watch closely in the coming years.
