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Rising Home Values and High Ownership in Dry Run, Ohio: A Decade of Housing Market Stability
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Dry Run, located in Ohio, is a small but growing community spanning 4.76 square miles. This suburban enclave has experienced notable changes in its housing market over the past decade, characterized by high homeownership rates and fluctuating average home and rent prices.
Homeownership in Dry Run has remained consistently high, with minimal fluctuation between 96% and 98% from 2013 to 2022. This stability in ownership rates coincides with a steady increase in average home prices. In 2013, the average home price was $285,357, which rose to $471,308 by 2022, representing a significant 65% increase over nine years. This upward trend in home values likely contributed to the sustained high rates of homeownership, as residents may have been incentivized to retain their properties in a growing market.
The relationship between federal interest rates and homeownership rates in Dry Run appears to have had minimal impact on the overall ownership landscape. Despite fluctuations in interest rates, from a low of 0.08% in 2021 to 1.68% in 2022, the homeownership rate remained steady at 97%. This suggests that other factors, such as local economic conditions or the desirability of the area, may have played a more significant role in maintaining high ownership levels.
Renter percentages in Dry Run have remained consistently low, ranging from 1% to 3% between 2013 and 2022. Average rent prices, however, have shown considerable volatility. In 2013, the average rent was $1,111, which spiked dramatically to $3,232 in 2015 and 2016. Subsequently, rent prices decreased to $1,616 in 2019 before rising again to $1,522 in 2022. This fluctuation in rent prices does not appear to have significantly impacted the low percentage of renters, possibly due to the limited rental inventory in a predominantly owner-occupied community.
As of 2024, the average home price in Dry Run has reached $519,598, continuing the upward trend observed in previous years. This represents a 10.4% increase from the 2023 average of $499,290. Concurrently, the federal interest rate stands at 5.33% in 2024, up slightly from 5.02% in 2023, indicating a tightening monetary policy environment.
Looking ahead, based on historical trends and current market conditions, we can project that average home prices in Dry Run may continue to appreciate, albeit at a potentially slower rate due to higher interest rates. A conservative estimate suggests average home prices could reach approximately $575,000 to $600,000 by 2029. Rent prices, given their historical volatility, are more challenging to predict but may stabilize around $1,800 to $2,000 per month, assuming no major economic disruptions.
In summary, Dry Run's housing market is characterized by exceptionally high homeownership rates, steadily increasing average home prices, and a small but persistent rental market with fluctuating rent prices. The community's resilience in maintaining high ownership levels, even amidst changing economic conditions, suggests a strong local housing market and desirable living conditions. As the area continues to grow, balancing the needs of long-term homeowners with those seeking rental options will be crucial for maintaining the community's appeal and accessibility.
