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Rising Home Values and Ownership in Soulard: A Decade of Growth in St. Louis' Historic District
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
Soulard, a historic neighborhood in St. Louis, Missouri, known for its French colonial architecture and vibrant Mardi Gras celebrations, has experienced significant changes in homeownership rates and property values over the past decade. These shifts reflect broader economic trends and local market dynamics.
The percentage of owner-occupied homes in Soulard has increased steadily from 27% in 2013 to 37% in 2022. This rise in homeownership coincided with a substantial appreciation in average home prices, which grew from $202,687 in 2013 to $307,448 in 2022, representing a 51.7% increase over nine years.
The relationship between federal interest rates and homeownership rates in Soulard reflects broader economic patterns. From 2013 to 2016, when interest rates were exceptionally low (0.11% to 0.40%), homeownership in Soulard increased from 27% to 33%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. However, Soulard's homeownership rate continued to climb even as interest rates began to rise more steeply from 2017 onwards, suggesting other factors such as neighborhood development and local economic conditions were also influential.
The percentage of renters in Soulard has decreased from 73% in 2013 to 63% in 2022. Despite this decline in the renter population, average rent prices have shown a notable increase from $966 in 2013 to $1,144 in 2022, an 18.4% increase. This upward trend in rent prices, despite a decreasing renter population, could be attributed to factors such as improved neighborhood amenities, renovation of rental properties, or a shift towards higher-end rental units.
Recent data shows the average home price in Soulard reached $311,391 in 2023, indicating continued appreciation. However, in 2024, there was a slight dip to $309,886, coinciding with the federal interest rate rising to 5.33%, which may have slightly cooled the housing market. Despite this small decline, home values in Soulard remain significantly higher than a decade ago.
Predictive models forecast continued growth in both average home prices and rent prices in Soulard over the next five years, albeit at a potentially slower rate. Home prices are projected to reach approximately $340,000 by 2029, while average rent could approach $1,300. These projections assume a stable economic environment and continued interest in the neighborhood's historic charm and urban amenities.
In summary, Soulard has demonstrated a clear trend towards increased homeownership and property values over the past decade. The neighborhood has shown resilience in its real estate market, with home prices appreciating significantly despite fluctuations in interest rates. The rental market, while shrinking in terms of percentage, has seen steady increases in average rent prices. These trends point to Soulard's growing desirability as a residential area in St. Louis, balancing its historic character with modern urban living appeal.
