Loading Content...
Rising Home Values and High Ownership Rates: Centerport's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Centerport, located in New York, is a charming coastal community known for its scenic harbor views and rich maritime history. This small town, covering just 2.21 square miles, has experienced interesting trends in homeownership and housing prices over the past decade. The city has maintained a consistently high rate of owner-occupied housing, while average home prices and average rent have shown notable fluctuations.
The homeownership rate in Centerport has remained remarkably stable, with a slight upward trend over the years. In 2013, 93% of housing units were owner-occupied, and this percentage increased to 95% by 2022. This high rate of homeownership has persisted despite significant changes in average home prices. The average home price in Centerport rose from $537,839 in 2010 to $731,949 in 2022, representing a 36% increase over 12 years. Interestingly, the most substantial growth occurred between 2019 and 2022, with average home prices surging from $603,419 to $731,949, a 21% increase in just three years.
The relationship between federal interest rates and homeownership rates in Centerport appears to follow the general trend of lower interest rates encouraging homeownership. From 2013 to 2022, as interest rates remained relatively low, ranging from 0.11% to 1.68%, the homeownership rate in Centerport increased from 93% to 95%. This aligns with the principle that lower interest rates make mortgages more affordable, potentially encouraging more people to buy homes.
The percentage of renters in Centerport has remained consistently low, decreasing from 7% in 2013 to 5% in 2022. Despite this low percentage, average rent prices have shown considerable volatility. In 2013, the average rent was $2,170, which decreased to $1,461 in 2016, before rising again to $2,139 in 2022. This fluctuation in average rent prices, despite the low and decreasing percentage of renters, could be attributed to factors such as changes in the local economy, housing demand, or the limited supply of rental properties in the area.
As of 2024, the average home price in Centerport has reached $809,467, marking a significant increase from the 2022 figure of $731,949. This represents a 10.6% rise in just two years. The federal interest rate for 2024 stands at 5.33%, which is notably higher than the 1.68% rate in 2022. Despite this increase in interest rates, the average home prices have continued to climb, suggesting strong demand for housing in the area.
Looking ahead, based on the historical data and current trends, we can forecast potential 5-year trends for average home and rent prices in Centerport. If the current trajectory continues, average home prices could potentially reach or exceed $900,000 by 2029. However, this growth may be moderated by the higher interest rates, which could slow down the pace of price increases. For average rent prices, assuming the current stability continues, we might expect them to remain in the $2,100 to $2,300 range over the next five years, with potential for slight increases in line with inflation and overall housing market trends.
In summary, Centerport has maintained an exceptionally high rate of homeownership, reaching 95% in recent years, despite significant increases in average home prices. The community has shown resilience in its housing market, with home values appreciating substantially, especially in recent years. While the rental market represents a small portion of the housing in Centerport, it has experienced notable fluctuations in average rent prices. The continued rise in home prices, even in the face of increasing interest rates, suggests a strong and desirable housing market in this coastal New York community.
