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Reynoldsburg's Soaring Home Values: A Decade of Growth in Ohio's Vibrant 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
Reynoldsburg, Ohio, a suburban city in Franklin County, has experienced significant changes in its housing market over the past decade. With a population of 51,923 in 2022 and a land area of 11.2 square miles, this community has seen notable shifts in homeownership rates, average home prices, and average rent prices.
The homeownership rate in Reynoldsburg has shown a gradual increase over the years, rising from 58% in 2013 to 62% in 2022. This upward trend in homeownership has coincided with a substantial increase in average home prices. In 2013, the average home price in Reynoldsburg was $120,322. By 2022, this figure had more than doubled to $266,593, representing a remarkable 121.6% increase over nine years.
The relationship between federal interest rates and homeownership rates in Reynoldsburg appears to follow the general trend observed nationally. As interest rates remained low between 2013 and 2021, ranging from 0.08% to 1.83%, homeownership rates in the city increased from 58% to 62%. This aligns with the principle that lower interest rates tend to encourage homeownership by making mortgages more affordable.
Conversely, the percentage of renters in Reynoldsburg has slightly decreased over the years, from 41% in 2013 to 38% in 2022. Despite this decrease, average rent prices have shown a steady increase. In 2013, the average rent was $1,026 per month. By 2022, it had risen to $1,158, an increase of 12.9% over nine years. This upward trend in rent prices, despite a decreasing renter population, suggests a growing demand for rental properties in the area.
In 2023 and 2024, the housing market in Reynoldsburg continued to evolve. The average home price in 2023 reached $278,528, and in 2024 it further increased to $289,239. These figures represent a 4.5% and 3.8% year-over-year increase, respectively. Notably, federal interest rates also saw a significant rise during this period, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends.
Looking ahead, based on the historical data and current trends, we can project continued growth in both average home prices and rent prices over the next five years. Average home prices could potentially reach around $350,000 by 2029, assuming a conservative annual growth rate of 4%. Similarly, average rent prices might increase to approximately $1,350 per month by 2029, based on a projected annual growth rate of 3%.
In summary, Reynoldsburg has experienced a steady increase in homeownership rates alongside significant growth in average home prices. While the renter population has slightly decreased, average rent prices have continued to rise. The city's housing market appears robust, with potential for further growth in both home values and rental rates in the coming years.
