Loading Content...
Rising Home Values and Ownership in Ringwood: A Decade of Housing Market Evolution
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Ringwood, a small community in Illinois, has experienced notable shifts in its housing market over the past decade. The city has seen a general trend towards increased homeownership, rising average home prices, and fluctuating average rent costs. These changes reflect broader economic conditions and local housing market dynamics.
The homeownership rate in Ringwood has shown a steady increase from 2013 to 2022. In 2013, 85% of residents owned their homes, and this percentage grew consistently, reaching 89% by 2022. This upward trend in homeownership coincided with a significant rise in average home prices. In 2013, the average home price was $239,287, and it climbed to $399,110 by 2022, representing a substantial 66.8% increase over nine years.
The relationship between federal interest rates and homeownership rates in Ringwood appears to follow the general economic principle that lower interest rates tend to encourage homeownership. From 2013 to 2020, interest rates remained relatively low, ranging from 0.11% to 2.16%. During this period, homeownership rates increased from 85% to 87%. The continued rise in homeownership to 89% by 2022, despite a slight increase in interest rates to 1.68%, suggests other factors may have also influenced this trend.
Conversely, the percentage of renters in Ringwood decreased from 15% in 2013 to 10% in 2022. Despite this decline in the renter population, average rent prices showed an overall upward trend. In 2013, the average rent was $1,190, which decreased to $757 in 2015 but then rose steadily, reaching $1,635 by 2022. This represents a 37.4% increase in average rent from 2013 to 2022, despite the shrinking renter population.
In 2023 and 2024, the housing market in Ringwood continued to evolve. The average home price reached $409,679 in 2023 and further increased to $431,229 in 2024, marking a 5.3% year-over-year growth. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions.
Looking ahead, based on historical trends and current market conditions, it's projected that average home prices in Ringwood will continue to rise over the next five years, potentially reaching around $500,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $2,000 per month within the same timeframe.
In summary, Ringwood has experienced a clear trend towards increased homeownership and rising property values over the past decade. The inverse relationship between homeownership rates and the renter population, coupled with rising home prices and rents, suggests a competitive and evolving housing market. The recent spike in interest rates may introduce new dynamics to these trends in the coming years.
