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Queen City's Rising Home Values: A Decade of Volatility and Growth
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
Queen City, a neighborhood in Independence, Missouri, has experienced significant changes in its real estate market and demographics over the past decade. This area has seen notable fluctuations in homeownership rates and housing prices, reflecting broader economic trends and local market conditions. The homeownership rate in Queen City has shown substantial variability, with a general upward trend in recent years. In 2013, the homeownership rate was 47%, but by 2022, it had increased significantly to 76%. This rise in homeownership coincided with a steady increase in average home prices. In 2013, the average home price was $60,553, and by 2022, it had risen to $159,981, representing a 164% increase over this period. The relationship between federal interest rates and homeownership rates in Queen City appears to follow expected patterns. As interest rates remained low from 2013 to 2020, ranging from 0.08% to 0.4%, homeownership rates generally increased. The most significant jump in homeownership occurred between 2020 and 2021, rising from 70% to 76%, coinciding with historically low interest rates of 0.08% in 2021.
Renter percentages in Queen City have inversely mirrored homeownership trends. In 2013, renters occupied 52% of housing units, but this percentage decreased to 24% by 2022. Average rent prices have shown moderate fluctuations over this period. In 2013, the average rent was $507, rising to $534 in 2016 and 2017, before settling at $521 in 2022. The population of Queen City has experienced significant changes, peaking at 1,424 residents in 2013 and declining to 776 by 2022, which may have influenced rental market dynamics.
In 2023, the average home price in Queen City reached $171,369, continuing the upward trend observed in previous years. The federal interest rate in 2023 was 5.02%, marking a significant increase from the low rates of the early 2020s. Moving into 2024, the average home price has further increased to $178,742, while the federal interest rate has slightly risen to 5.33%. These higher interest rates may impact future homeownership trends and housing affordability in the neighborhood.
Looking ahead, based on historical trends and current market conditions, average home prices in Queen City are expected to continue rising over the next five years, potentially reaching around $220,000 by 2029. Average rent prices may also see a moderate increase, potentially reaching $575-$600 per month in the same timeframe. However, these projections could be influenced by various factors, including economic conditions, local development, and population changes.
In summary, Queen City has experienced a significant shift towards homeownership in recent years, accompanied by substantial increases in average home prices. The rental market has seen more modest changes in pricing despite decreasing renter percentages. The neighborhood's declining population and recent rises in interest rates will likely play crucial roles in shaping future real estate trends in this dynamic Independence, Missouri community.
