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Rising Home Values and Ownership in Ozark, Missouri: A Decade of Growth in the Heart of the Ozarks
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
Ozark, a vibrant city in Missouri, has experienced significant growth and development in recent years. Located in Christian County, this suburban community has seen a steady increase in population and homeownership rates, coupled with fluctuating housing and rental markets. The city's homeownership percentage has shown an upward trend, while average home prices and average rent have generally increased over time, albeit with some variations.
The homeownership rate in Ozark has demonstrated a consistent upward trend, rising from 69% in 2013 to 73% in 2022. This increase in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price in Ozark was $149,714, which steadily climbed to $285,851 by 2022, representing a remarkable 91% increase over this period. The most significant jump occurred between 2020 and 2022, with average home prices surging from $209,134 to $285,851, a 37% increase in just two years.
Federal interest rates have played a crucial role in shaping homeownership trends in Ozark. The period from 2013 to 2016 saw historically low interest rates, hovering around 0.1% to 0.4%. This favorable lending environment likely contributed to the increase in homeownership from 69% to 70% during this time. As interest rates began to rise more significantly from 2017 onwards, reaching 2.16% by 2019, the homeownership rate continued to climb, reaching 71% in 2019 and 2020. This trend suggests that other factors, such as local economic conditions and housing market dynamics, may have outweighed the impact of rising interest rates on homeownership in Ozark.
The rental market in Ozark has shown interesting trends in relation to the city's growth. The percentage of renters decreased slightly from 30% in 2013 to 27% in 2022. Despite this decrease, average rent prices have generally increased over the years, with some fluctuations. In 2013, the average rent was $839, which rose to $901 by 2021, representing a 7.4% increase. However, there was a slight dip in 2022, with average rent dropping to $889. This trend could be attributed to the growing population, which increased from 25,575 in 2013 to 30,084 in 2022, potentially creating more demand for rental properties despite the overall shift towards homeownership.
Looking at the most recent data, the average home price in Ozark reached $294,825 in 2023 and further increased to $298,028 in 2024. This represents a continued upward trend in home values, although the rate of increase has slowed compared to the rapid growth seen in previous years. Concurrently, federal interest rates have risen significantly, reaching 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and housing affordability in the city.
Applying predictive models to forecast 5-year trends, it's anticipated that average home prices in Ozark will continue to rise, albeit at a more moderate pace. Based on historical data and current market conditions, average home prices could potentially reach around $340,000 to $360,000 by 2029. For average rent prices, the forecast suggests a steady increase, potentially reaching $950 to $1,000 per month by 2029, assuming continued population growth and economic stability in the region.
In summary, Ozark has experienced a notable increase in homeownership rates and average home prices over the past decade, with a particularly sharp rise in home values between 2020 and 2022. The rental market has seen more modest growth in prices, with some recent fluctuations. The city's growing population and changing economic conditions, including rising interest rates, will likely continue to shape these trends in the coming years. As Ozark continues to evolve, its housing market remains dynamic, reflecting the city's ongoing development and appeal to both homeowners and renters.
