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Rising Home Values and Ownership in Upper Rattlesnake: A Decade of Change in Missoula's Nature-Adjacent Neighborhood
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Upper Rattlesnake: A Decade of Housing Market Dynamics Upper Rattlesnake, a neighborhood in Missoula, Montana, has experienced significant changes in its housing market over the past decade. Known for its proximity to outdoor recreation and scenic beauty, the area has seen notable shifts in homeownership rates and property values. This analysis examines the trends in average home prices, homeownership rates, and rental markets from 2013 to 2024, highlighting the interplay between these factors and external economic influences.
Homeownership and Home Price Trends The relationship between homeownership rates and average home prices in Upper Rattlesnake reveals interesting patterns. In 2013, the homeownership rate stood at 75% with an average home price of $331,826. As average home prices steadily increased, reaching $440,423 in 2019, the homeownership rate declined to 69%. However, a significant shift occurred in 2020, with homeownership jumping to 79% despite average home prices rising to $477,440. This trend continued into 2022, with homeownership at 80% and average home prices reaching $700,219.
Impact of Federal Interest Rates Federal interest rates have played a role in these homeownership trends. The period from 2013 to 2019 saw relatively low interest rates, ranging from 0.11% to 2.16%. Despite these favorable borrowing conditions, homeownership rates in Upper Rattlesnake declined. Interestingly, the sharp drop in interest rates to 0.38% in 2020 coincided with a significant increase in homeownership, suggesting that extremely low rates may have encouraged more buyers to enter the market despite rising home prices.
Rental Market Dynamics Renter percentages and average rent prices in Upper Rattlesnake have shown less dramatic fluctuations. In 2013, 25% of residents were renters, with an average rent of $1,277. The renter percentage peaked at 31% in 2019, with average rent at $1,272. However, by 2022, the renter percentage had decreased to 20%, while average rent remained relatively stable at $1,225. This suggests that rising home prices may have initially pushed more residents towards renting, but the trend reversed as homeownership became more attainable or desirable for some residents.
Recent Trends and Future Projections In 2023 and 2024, Upper Rattlesnake continued to see growth in average home prices, reaching $725,610 in 2023 and $751,371 in 2024. This represents a 7.3% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the neighborhood.
Looking ahead, predictive models suggest that average home prices in Upper Rattlesnake may continue to rise over the next five years, potentially reaching around $850,000 by 2029. Average rent prices are expected to show more moderate growth, possibly increasing to approximately $1,350 per month in the same period. These projections assume continued economic stability and sustained demand for housing in the area.
Conclusion Upper Rattlesnake has demonstrated resilience in its housing market, with homeownership rates rebounding despite rising home prices. The neighborhood has seen substantial appreciation in property values, particularly since 2020. While renting has become less prevalent in recent years, it remains an important component of the local housing landscape. The interplay between interest rates, home prices, and housing preferences will likely continue to shape the neighborhood's real estate dynamics in the coming years.
