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Rising Home Values and Ownership: Glasford'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
Glasford, located in Illinois, is a small community with a rich history and a population that has fluctuated over the years. As of 2022, the village had 1,509 residents, showcasing its intimate, close-knit nature. Homeownership has been a prominent feature of Glasford, with ownership rates consistently high throughout the observed period. The village has also experienced notable changes in average home prices and average rent prices, reflecting broader economic trends and local market dynamics.
The trend in homeownership in Glasford has been remarkably strong, with the percentage of owner-occupied homes reaching as high as 91% in 2016 and 2022. This high rate of ownership has persisted despite fluctuations in average home prices. For instance, in 2013, when the ownership rate was 84%, the average home price was $116,518. By 2022, with a 91% ownership rate, the average home price had increased to $162,651. This suggests that even as home prices rose, Glasford residents maintained a strong preference for homeownership.
Federal interest rates appear to have influenced homeownership rates in Glasford, albeit with some lag. For example, when interest rates were historically low between 2013 and 2015 (ranging from 0.11% to 0.13%), homeownership rates in Glasford increased from 84% to 90%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, it's worth noting that Glasford's homeownership rates remained high even as interest rates began to rise in later years, suggesting other local factors may also play a significant role in maintaining high ownership levels.
The rental market in Glasford has been relatively small but dynamic. In 2013, 16% of housing units were renter-occupied, with an average rent of $764. By 2022, the percentage of renters had decreased to 9%, while the average rent had slightly decreased to $755. This inverse relationship between renter percentage and average rent prices could be attributed to various factors, including increased homeownership opportunities or changes in local housing policies.
Looking at the most recent data, average home prices in Glasford continued to rise, reaching $166,800 in 2023 and $175,114 in 2024. This upward trend occurred despite a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. This suggests a strong local housing market that has maintained momentum even in the face of potentially less favorable financing conditions.
Applying predictive models to forecast 5-year trends, we can anticipate continued growth in average home prices in Glasford. Based on the historical data and current market conditions, average home prices could potentially reach around $200,000 by 2029. For average rent prices, the trend suggests a more modest increase, potentially reaching approximately $800 per month in the same timeframe. However, these projections should be considered in the context of broader economic factors and local market dynamics.
In summary, Glasford has demonstrated a consistently high rate of homeownership, with average home prices showing steady growth over the years. The community has maintained its strong preference for owner-occupied housing despite fluctuations in federal interest rates and increasing home prices. The rental market, while smaller, has shown interesting dynamics with decreasing renter percentages and relatively stable average rent prices. As Glasford moves forward, it appears poised to continue its trend of strong homeownership and gradually appreciating property values.
