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Raymondville, Missouri: Home Values Rise Amid Fluctuating Ownership Rates
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Raymondville, a town in Missouri, has experienced notable fluctuations in its housing market and demographic composition over the past decade. This analysis explores the trends in homeownership, average home prices, and average rent prices, providing insights into the local real estate landscape.
The homeownership rate in Raymondville has shown significant variability from 2013 to 2022. In 2013, 75% of residents were homeowners. This percentage peaked at 86% in 2017 before declining to 77% by 2022. Concurrently, average home prices have demonstrated a steady upward trend. From 2016 to 2022, average home prices rose from $109,949 to $178,675, representing a substantial 62.5% increase over six years.
The relationship between federal interest rates and homeownership rates in Raymondville presents an interesting dynamic. Despite historically low interest rates from 2013 to 2021, ranging from 0.08% to 1.83%, homeownership rates fluctuated rather than consistently increasing. This suggests that local factors may have had a more significant influence on homeownership trends than national interest rates during this period.
Renter percentages in Raymondville have inversely mirrored homeownership rates, ranging from a low of 14% in 2017 to 23% in 2022. Average rent prices have shown volatility, with notable increases and decreases. In 2013, the average rent was $462, rising to $554 in 2017, before decreasing to $478 in 2022. This fluctuation in rent prices does not appear to correlate directly with changes in the renter population, indicating that other local economic factors may be influencing rental costs.
Moving to more recent data, the average home price in Raymondville continued its upward trajectory, reaching $182,942 in 2023 and $185,521 in 2024. This represents a 2.3% increase from 2022 to 2023 and a further 1.4% increase from 2023 to 2024. Notably, federal interest rates have also risen significantly, standing at 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homebuying activity.
Looking ahead, based on the trends observed, we can project that average home prices in Raymondville may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. A conservative estimate might place average home prices around $200,000 by 2029. Average rent prices, which have been more volatile, may stabilize or see modest increases, potentially reaching around $525 per month by 2029.
In summary, Raymondville's housing market has been characterized by rising average home prices, fluctuating homeownership rates, and volatile average rent prices. The town has maintained a strong majority of homeowners despite these changes, with recent data showing continued growth in property values. The interplay between local economic conditions, population changes, and broader economic factors will likely continue to shape Raymondville's housing landscape in the coming years.
