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Ozark, Arkansas: Rising Home Values Amidst Stable Ownership Rates
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
Ozark, located in Arkansas, is a vibrant community with a population of 9,462 as of 2022. This charming city, spanning 7.93 square miles, has experienced notable shifts in homeownership rates and housing prices over the past decade.
The homeownership rate in Ozark has fluctuated between 2013 and 2022, with a general downward trend. In 2013, the homeownership rate stood at 72%, reaching its peak of 73% in 2014. However, by 2021, it had decreased to 66%, before slightly recovering to 71% in 2022. This trend coincides with changes in average home prices, which have shown a steady increase. Average home prices rose from $92,721 in 2016 to $142,396 in 2022, representing a significant 53.6% increase over six years.
The relationship between federal interest rates and homeownership rates in Ozark presents an interesting dynamic. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 1.83%, homeownership rates experienced some fluctuation but generally trended downward. This suggests that factors beyond interest rates, such as local economic conditions or housing supply, may have played a more significant role in homeownership trends in Ozark.
Renter percentages in Ozark have generally increased as average rent prices rose. The percentage of renters grew from 28% in 2013 to 34% in 2021, before decreasing to 29% in 2022. During this period, average rent prices increased from $601 in 2013 to $685 in 2022, a 14% rise. The population of Ozark has remained relatively stable, fluctuating between 9,256 and 10,212 residents from 2010 to 2022, which may have contributed to the moderate increase in rental demand and prices.
In 2023 and 2024, Ozark's housing market continued to show growth. The average home price reached $150,126 in 2023 and further increased to $154,571 in 2024, representing a 3% year-over-year growth. Concurrently, federal interest rates rose to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the area.
Looking ahead, predictive models suggest that average home prices in Ozark may continue to rise over the next five years, potentially reaching around $175,000 by 2029. This projection is based on the historical growth rate observed from 2016 to 2024. Average rent prices are also expected to increase, potentially reaching approximately $800 per month by 2029, following the trend of gradual increases seen in recent years.
In summary, Ozark has experienced a general decline in homeownership rates despite rising home values, suggesting a complex interplay of economic factors beyond just housing prices. The rental market has seen moderate growth in both demand and prices. With continued increases in home prices and interest rates, the coming years may present challenges for potential homebuyers in Ozark, potentially further impacting the balance between homeownership and renting in this Arkansas community.
