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Rising Home Values and High Ownership Rates: Stockton, Alabama's Resilient Housing Market
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Stockton, Alabama, is a small community located in Baldwin County. This charming locality has experienced fluctuations in its population and housing market over the past decade. The ownership percentage has remained consistently high, while average home prices have shown a steady upward trend. Average rent prices, although limited in data, have displayed some variability.
The homeownership rate in Stockton has remained notably high throughout the years, with a slight downward trend visible from 2013 to 2019. In 2013, the ownership rate stood at 95%, gradually decreasing to 86% by 2019. However, there was a slight rebound in recent years, with the rate reaching 89% in 2022. Interestingly, this trend coincides with the trajectory of average home prices in the area. The average home price in Stockton has seen a consistent increase from $105,961 in 2010 to $237,918 in 2022, representing a substantial growth of 124% over this period.
The relationship between federal interest rates and homeownership rates in Stockton shows some correlation. As interest rates remained low from 2010 to 2015, ranging from 0.1% to 0.13%, the homeownership rate stayed above 90%. However, as interest rates began to rise from 2016 onwards, reaching 1.68% in 2022, there was a slight decrease in homeownership rates, although they remained relatively high compared to national averages.
The renter percentage in Stockton has shown an inverse relationship to the homeownership rate, naturally increasing as homeownership decreased. The renter percentage rose from 5% in 2013 to 14% in 2019, before settling at 11% in 2022. Average rent prices, available from 2015 onwards, show some fluctuation. The average rent was $674 in 2015, peaked at $675 in 2016 and 2018, and then decreased to $597 in 2022. This trend doesn't directly correlate with the renter percentage, suggesting other factors, such as local economic conditions or housing supply, may be influencing rent prices.
In 2023 and 2024, the average home prices in Stockton continued their upward trajectory, reaching $247,242 in 2023 and $248,999 in 2024. This represents a 4.3% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting housing affordability and market dynamics.
Looking ahead, based on historical trends and current market conditions, we can project continued growth in average home prices for Stockton over the next five years. If the current rate of appreciation continues, average home prices could potentially reach around $275,000 to $300,000 by 2029. Average rent prices, which have shown more variability, may stabilize or see modest increases, potentially reaching $650 to $700 per month in the same timeframe.
In summary, Stockton has maintained a strong homeownership culture despite rising home prices. The community has seen significant appreciation in property values, with average home prices more than doubling from 2010 to 2022. While there has been a slight increase in renters, the percentage remains relatively low. The interplay between federal interest rates, home prices, and ownership rates suggests a resilient housing market in this Alabama community.
