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Rising Home Values and Ownership in Battlefield, Missouri: A Suburban Housing Market Analysis
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
Battlefield, Missouri, a small but growing community in Greene County, has experienced significant changes in its housing market over the past decade. This analysis focuses on the fluctuations in homeownership rates, average home prices, and average rent prices, revealing interesting trends and potential future developments.
The homeownership rate in Battlefield has shown a slight downward trend from 2013 to 2022, with some fluctuations. In 2013, the homeownership rate was 84%, which gradually decreased to 77% by 2019, before rebounding to 81% in 2022. Concurrent with these changes, average home prices have steadily increased. In 2013, the average home price was $135,987, which rose significantly to $266,789 by 2022, representing a substantial 96% increase over this period.
Federal interest rates have played a role in shaping homeownership trends in Battlefield. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.4%), homeownership rates remained relatively high, above 80%. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, there was a slight dip in homeownership rates, though they remained robust at 81% in 2022. This suggests that while rising interest rates may have had some impact, other factors such as local economic conditions and housing supply also influenced homeownership rates.
The renter population in Battlefield has shown a corresponding increase as homeownership rates declined. In 2013, only 16% of the population were renters, which increased to a peak of 23% in 2019 before slightly decreasing to 19% in 2022. Interestingly, average rent prices have not shown a consistent upward trend despite the increase in renter population. In 2013, the average rent was $904, which peaked at $994 in 2015 before fluctuating and settling at $899 in 2022. This suggests that rental supply has generally kept pace with demand, helping to maintain relatively stable rent prices.
Looking at the most recent data, the average home price in Battlefield continued its upward trend, reaching $280,807 in 2023 and further increasing to $286,475 in 2024. This represents a 7.4% increase from 2022 to 2024. Concurrently, federal interest rates have risen significantly, from 1.68% in 2022 to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homebuying activities and potentially slow down the rapid home price appreciation seen in recent years.
Applying predictive models to forecast 5-year trends, it is anticipated that average home prices in Battlefield will continue to rise, albeit at a potentially slower rate due to higher interest rates. The average home price could reach approximately $320,000 to $340,000 by 2029. Average rent prices are expected to remain relatively stable with modest increases, potentially reaching $950 to $1,000 per month by 2029, assuming continued balance between rental supply and demand.
In summary, Battlefield has experienced a slight shift from homeownership to renting over the past decade, with a recent reversal of this trend. Average home prices have shown substantial growth, while rent prices have remained relatively stable. The interplay between federal interest rates, local economic conditions, and housing supply will continue to shape the city's housing market in the coming years. The recent significant increases in interest rates may moderate the rapid home price appreciation, potentially making homeownership more challenging for some residents in the near future.
