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Rising Home Values and Ownership in Strafford, Missouri: A Decade of Housing Market Transformation
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
Strafford, Missouri, a small city in Greene County, has experienced steady growth over the past decade. This community has seen notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local dynamics. From 2013 to 2022, Strafford witnessed a significant increase in homeownership rates, rising from 75% to 85%. This trend coincided with a substantial rise in average home prices, which grew from $132,989 in 2013 to $285,039 in 2022, representing a 114% increase. The correlation between rising homeownership and increasing home values suggests a strong local housing market and growing demand for property in Strafford. The relationship between federal interest rates and homeownership rates in Strafford presents an interesting case. Despite fluctuations in federal interest rates, homeownership in Strafford continued to rise steadily. For instance, even as interest rates increased from 0.08% in 2021 to 1.68% in 2022, homeownership in Strafford still grew from 82% to 85%. This trend indicates that local factors may have played a more significant role in driving homeownership than national interest rates.
As homeownership increased, the percentage of renters in Strafford decreased from 25% in 2013 to 15% in 2022. Interestingly, average rent prices showed some volatility during this period. The median rent peaked at $843 in 2019 before declining to $740 in 2022. This decrease in rent prices, coupled with the declining percentage of renters, suggests a shift in the local housing market towards homeownership, possibly driven by favorable local economic conditions and housing affordability.
In 2023 and 2024, Strafford's housing market continued to show strength. The average home price rose to $293,691 in 2023 and further increased to $302,445 in 2024. This upward trend persisted despite the federal interest rate climbing to 5.02% in 2023 and 5.33% in 2024, indicating robust demand for housing in the area.
Looking ahead, based on historical trends and current market conditions, we can project that average home prices in Strafford will continue to rise over the next five years, potentially reaching around $350,000 by 2029. Rent prices, which have shown some volatility, may stabilize and gradually increase, potentially reaching an average of $850-$900 per month in the same timeframe.
In summary, Strafford has experienced a significant shift towards homeownership, with a corresponding increase in average home prices. The city's housing market has shown resilience, continuing to grow even in the face of rising interest rates. These trends suggest a strong local economy and an attractive living environment, positioning Strafford as a desirable location for potential homeowners in the coming years.
