Loading Content...
Reynoldsville, PA: Home Values Rise as Ownership Declines
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Reynoldsville, located in Pennsylvania, is a small community with a rich history and a population of 2,551 as of 2022. This charming borough has experienced significant shifts in its housing market over the past decade, with notable changes in homeownership rates, average home prices, and average rent prices.
The homeownership rate in Reynoldsville has seen a gradual decline from 2013 to 2022. In 2013, 61% of residents owned their homes, but by 2022, this figure had decreased to 52%. Despite this downward trend in ownership, average home prices in the borough have generally increased over the same period. In 2013, the average home price was $87,138, and by 2022, it had risen to $105,796, representing a 21.4% increase over nine years.
Federal interest rates have played a significant role in shaping homeownership trends in Reynoldsville. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. During this period, homeownership rates fluctuated but remained above 50%. However, as interest rates began to rise more sharply in 2022 (1.68%) and 2023 (5.02%), homeownership rates stabilized around 52-53%, suggesting that higher interest rates may have deterred some potential buyers.
The renter population in Reynoldsville has grown correspondingly with the decline in homeownership. In 2013, 39% of residents were renters, which increased to 48% by 2022. Average rent prices have shown some volatility but have generally trended upward. In 2013, the average rent was $602, and by 2022, it had increased to $675, representing a 12.1% rise. The highest average rent during this period was recorded in 2021 at $711.
Looking at the most recent data, the average home price in Reynoldsville decreased slightly from $105,796 in 2022 to $101,404 in 2023, a 4.2% decline. However, in 2024, there was a modest recovery with the average home price rising to $103,110, a 1.7% increase from the previous year. This recent trend coincides with federal interest rates reaching 5.33% in 2024, the highest level in over a decade.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Reynoldsville will continue to experience moderate growth. Assuming stable economic conditions and a gradual normalization of interest rates, we project average home prices could reach approximately $115,000 to $120,000 by 2029. For average rent prices, the forecast suggests a continued upward trend, potentially reaching $750 to $800 per month within the next five years, driven by increasing demand for rental properties and overall inflation.
In summary, Reynoldsville has experienced a shift towards a more renter-dominated housing market over the past decade, with homeownership rates declining and renter percentages increasing. Despite this trend, both average home prices and average rent prices have generally increased, reflecting the overall appreciation of the local real estate market. The interplay between federal interest rates, homeownership rates, and housing prices continues to shape the borough's housing landscape, with recent data showing a slight recovery in home prices amidst historically high interest rates.
