Loading Content...
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Fawn Grove, located in Pennsylvania, is a small community with a rich history and a dynamic real estate market. Over the past decade, this charming borough has experienced notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local developments.
The homeownership rate in Fawn Grove has shown a general upward trend, increasing from 75% in 2015 to 84% in 2022. This rise in homeownership coincides with significant growth in average home prices. In 2015, the average home price in Fawn Grove was $224,768, which steadily increased to $339,530 by 2022, representing a substantial 51% increase over seven years. This trend suggests a strong correlation between rising home values and increasing homeownership rates in the borough.
Federal interest rates have played a crucial role in shaping homeownership trends in Fawn Grove. The period from 2015 to 2021 saw historically low interest rates, ranging from 0.13% to 0.08%. These low rates likely contributed to the increased homeownership, as they made mortgages more affordable for potential buyers. For instance, the homeownership rate jumped from 77% in 2018 to 81% in 2019, coinciding with a period of relatively low interest rates of 1.83% and 2.16% respectively.
As homeownership rates increased, the percentage of renters in Fawn Grove decreased from 25% in 2015 to 16% in 2022. Interestingly, despite this decline in the renter population, average rent prices have shown an overall upward trend. The average rent increased from $883 in 2015 to $1,207 in 2022, a 37% increase. This rise in rent prices, despite a shrinking renter population, could be attributed to factors such as improved rental property quality or a shortage of available rental units in the area.
In 2023, the average home price in Fawn Grove reached $358,026, with federal interest rates climbing to 5.02%. As of 2024, the average home price has further increased to $372,448, while interest rates have slightly risen to 5.33%. These figures indicate a continuing trend of rising home values, even in the face of higher interest rates, suggesting strong demand in the Fawn Grove housing market.
Looking ahead, predictive models suggest that average home prices in Fawn Grove are likely to continue their upward trajectory over the next five years. Based on historical trends, we can anticipate average home prices potentially reaching the $400,000 to $450,000 range by 2029. Average rent prices are also expected to increase, potentially surpassing $1,400 per month within the same timeframe.
In summary, Fawn Grove has experienced a significant increase in homeownership rates and average home prices over the past decade. The correlation between low interest rates and increased homeownership is evident, as is the inverse relationship between homeownership and the renter population. Despite a decrease in the percentage of renters, average rent prices have continued to rise. The recent data from 2023 and 2024 confirms the ongoing strength of the local real estate market, with both home prices and interest rates on an upward trend. These patterns suggest a robust and growing housing market in Fawn Grove, with continued appreciation in both home values and rental rates expected in the coming years.