Loading Content...
Rising Home Values and Ownership: Gilbertsville's Evolving 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
Gilbertsville, Pennsylvania, is a charming suburban community located in Montgomery County. With a population of 7,359 in 2022, this small but growing area has experienced significant changes in homeownership rates and housing prices over the past decade. The city has maintained a high rate of owner-occupied housing, consistently above 70%, while average home prices and rent have shown steady increases.
The homeownership rate in Gilbertsville has remained relatively stable, with slight fluctuations between 2013 and 2022. In 2013, the owner-occupied rate was 78%, which dipped slightly to 74% in 2018 before recovering to 79% by 2022. This trend aligns with the movement in average home prices, which saw a steady increase from $257,088 in 2013 to $435,569 in 2022, representing a substantial 69% growth over this period. The consistency in high homeownership rates despite rising prices suggests a strong local economy and desirable living conditions in Gilbertsville.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2020, interest rates remained historically low, ranging from 0.09% to 2.16%. This period coincided with the steady homeownership rates in Gilbertsville, as low interest rates made mortgages more accessible. The slight dip in ownership to 74% in 2018 occurred when interest rates rose to 1.83%, potentially making home purchases less affordable for some residents.
Renter percentages in Gilbertsville have inversely mirrored homeownership rates, ranging from 21% to 26% between 2013 and 2022. The average rent prices have shown an overall upward trend, increasing from $930 in 2013 to $989 in 2022, with some fluctuations in between. Notably, there was a peak in average rent at $1,053 in 2021, coinciding with a lower renter percentage of 21%. This suggests that as rents increased, some renters may have transitioned to homeownership, taking advantage of the still-low interest rates at that time.
In 2023 and 2024, Gilbertsville has seen continued growth in average home prices, reaching $451,588 in 2023 and $464,591 in 2024. This represents a 6.7% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher rates may impact future homeownership trends and affordability in the area.
Looking ahead, predictive models suggest that average home prices in Gilbertsville will continue to rise over the next five years, potentially reaching around $550,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $1,200 per month within the same timeframe. These projections are based on historical trends and assume continued economic growth and demand for housing in the area.
In summary, Gilbertsville has maintained a strong homeownership market despite rising home prices, with a consistent owner-occupied rate above 70%. The relationship between federal interest rates and homeownership has been evident, with low rates supporting high ownership levels. As the community continues to grow, both home prices and rents are expected to increase, reflecting the area's desirability and economic stability.
