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Port Henry: Rising Home Values Amidst Demographic Shifts
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Port Henry, located in New York state, is a small community with a rich history and a dynamic real estate market. Over the past decade, the city has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions.
The homeownership rate in Port Henry has shown a general trend of stability with slight fluctuations. In 2013, the homeownership rate stood at 81%, gradually decreasing to 71% in 2015. However, it rebounded in subsequent years, reaching 78% in 2021 before settling at 75% in 2022. This overall stability in homeownership is noteworthy, especially when considering the changes in average home prices during the same period.
Average home prices in Port Henry have demonstrated a consistent upward trend, particularly in recent years. In 2010, the average home price was $74,364, and it remained relatively stable until 2015 when it began a steady climb. By 2020, the average home price had risen to $97,667, representing a significant increase of 31.3% over the decade. This upward trend accelerated further, with prices reaching $126,901 in 2022, marking a substantial 70.6% increase from 2010 levels.
The relationship between federal interest rates and homeownership rates in Port Henry shows some correlation. For instance, the period of low interest rates from 2013 to 2016 (ranging from 0.09% to 0.4%) coincided with a slight increase in homeownership rates from 71% to 73%. However, the homeownership rate continued to rise even as interest rates increased in subsequent years, suggesting that other local factors may have played a significant role in housing decisions.
Rental trends in Port Henry have shown some volatility. The percentage of renters increased from 19% in 2013 to a peak of 29% in 2015, before gradually declining to 22% in 2021 and slightly rising to 24% in 2022. Average rent prices have fluctuated considerably during this period. In 2013, the average rent was $863, rising to $974 in 2017, but then declining sharply to $657 in 2018. By 2022, the average rent had further decreased to $626, representing a 27.5% drop from 2013 levels. These fluctuations in rent prices and renter percentages may be influenced by changes in the local job market, population shifts, and overall economic conditions.
Looking at the most recent data, the average home price in Port Henry continued its upward trajectory, reaching $133,730 in 2023 and further increasing to $137,626 in 2024. This represents a 8.5% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homebuying trends.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Port Henry will continue to rise, albeit at a potentially slower rate due to higher interest rates. Average rent prices, which have been decreasing in recent years, may stabilize or potentially increase slightly as the rental market adjusts to changing economic conditions and housing demand.
In summary, Port Henry has experienced a relatively stable homeownership rate with a strong upward trend in average home prices over the past decade. The rental market has shown more volatility, with decreasing average rents in recent years. The interplay between interest rates, home prices, and rental trends will likely continue to shape the local real estate market in the coming years, with a potential for more moderate growth in home prices and stabilization in the rental market.
