Loading Content...
Rising Home Values and Ownership Fluctuations in Perrysville, Ohio: A Decade of Real Estate Dynamics
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Perrysville, located in Ohio, is a small community with a rich history and dynamic real estate market. Over the past decade, the village has experienced fluctuations in homeownership rates, average home prices, and average rent prices, reflecting broader economic trends and local market conditions. The homeownership rate in Perrysville has shown some variability but has generally remained high. In 2013, the homeownership rate stood at 82%, and by 2022, it maintained the same level at 82%. However, there were fluctuations in between, with the rate dropping to 73% in 2019 before rebounding. Average home prices have shown a consistent upward trend, increasing from $107,458 in 2010 to $209,838 in 2022, representing a significant 95% increase over this period.
The relationship between federal interest rates and homeownership rates in Perrysville aligns with well-established trends. For instance, when interest rates were at historic lows between 2010 and 2016 (ranging from 0.1% to 0.4%), homeownership rates remained relatively stable around 82%. As interest rates began to rise from 2017 onwards, there was a slight decrease in homeownership rates, dropping to 77% in 2018 when the federal interest rate reached 1.83%.
Renter percentages in Perrysville have shown an inverse relationship to homeownership rates. In 2013, the renter-occupied percentage was 18%, and it remained at this level in 2022. However, there were fluctuations in between, with the highest renter percentage recorded at 27% in 2019. Average rent prices have generally increased over time, rising from $628 in 2013 to $740 in 2022, representing an 18% increase. It's worth noting that the population of Perrysville has fluctuated over the years, potentially influencing rental demand and prices.
In 2023 and 2024, Perrysville has continued to see growth in average home prices. The average home price in 2023 reached $222,286, and in 2024 it further increased to $236,420. This represents a 12.6% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and market dynamics.
Looking ahead, based on historical trends and current market conditions, we can forecast potential 5-year trends for average home and rent prices in Perrysville. Assuming a continuation of the current growth rate, average home prices could potentially reach around $300,000 by 2029. For average rent prices, if the current trend continues, they could potentially increase to approximately $850 per month in the next five years.
In summary, Perrysville has maintained a relatively high homeownership rate despite fluctuations in the housing market. The village has seen significant growth in average home prices over the past decade, with this trend continuing into 2023 and 2024. Rent prices have also shown an upward trend, albeit at a slower pace. The interplay between federal interest rates, homeownership rates, and housing prices continues to shape the real estate landscape in this Ohio village.
