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Rising Home Values and Ownership in Unionville, Missouri: A Decade of Housing Market Evolution
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
Unionville, a small city in Missouri, has experienced interesting shifts in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, providing insights into the city's real estate dynamics. Homeownership in Unionville has shown a notable increase in recent years. From 2013 to 2022, the percentage of owner-occupied homes rose from 68% to 72%. This upward trend in homeownership coincided with a significant increase in average home prices. In 2016, the average home price in Unionville was $100,789. By 2022, this figure had risen to $154,759, representing a substantial 53.5% increase over six years.
The relationship between federal interest rates and homeownership rates in Unionville presents an interesting pattern. Despite fluctuations in interest rates, homeownership rates have generally increased. For instance, when interest rates were at 0.08% in 2021, homeownership stood at 72%. This rate remained stable at 72% in 2022, even as interest rates rose to 1.68%. This suggests that local factors may have a stronger influence on homeownership in Unionville than national interest rate trends.
Renter percentages in Unionville have shown a corresponding decrease as homeownership increased. The proportion of renters declined from 32% in 2013 to 28% in 2022. Interestingly, average rent prices have not followed a consistent trend during this period. In 2013, the average rent was $521, which fluctuated over the years, reaching $517 in 2022. This relatively stable rent price, despite the decrease in renter percentage, could be attributed to the city's modest population growth, from 2,694 in 2013 to 2,714 in 2022.
Looking at the most recent data, average home prices in Unionville continued to rise, reaching $160,994 in 2023 and $166,090 in 2024. This represents a 7.3% increase from 2022 to 2024. Simultaneously, federal interest rates have increased significantly, standing at 5.02% in 2023 and 5.33% in 2024. These higher interest rates could potentially impact future homeownership trends in the city.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in Unionville will continue to rise, potentially reaching around $190,000 by 2029. This projection is based on the consistent upward trend observed since 2016. For rent prices, the forecast suggests a more modest increase, potentially reaching an average of around $580 by 2029, considering the historical fluctuations and recent stability in rent prices.
In summary, Unionville has experienced a notable increase in homeownership rates and average home prices over the past decade. Despite rising interest rates, the city's housing market has shown resilience, with continued growth in home values. The rental market has remained relatively stable, with a slight decrease in the percentage of renters. These trends suggest a strong local housing market with a preference for homeownership among residents.
