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Rising Home Values and Ownership Rates in Brady, Montana: A Decade of Housing Market Dynamics
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
Brady, Montana is a small community that has experienced notable fluctuations in population and housing dynamics over the past decade. The city has seen a general trend of increasing homeownership rates, coupled with significant growth in average home prices, particularly in recent years.
Homeownership rates in Brady have shown an overall upward trend, with some fluctuations. In 2013, the homeownership rate stood at 84%, which increased to 93% by 2018. However, there was a slight decline to 80% in 2022. This trend generally aligns with the rise in average home prices. The average home price in Brady saw substantial growth, increasing from $161,092 in 2015 to $300,223 in 2022, representing an impressive 86% increase over seven years.
The relationship between federal interest rates and homeownership rates in Brady doesn't always follow the typical inverse correlation. For instance, despite low interest rates between 2013 and 2016 (ranging from 0.09% to 0.4%), homeownership rates remained relatively stable. However, as interest rates began to rise from 2017 to 2019 (1% to 2.16%), homeownership rates actually increased, reaching a peak of 93% in 2018.
Renter percentages in Brady have generally decreased over time, with some fluctuations. In 2013, the renter-occupied rate was 15%, which dropped to 6% by 2018. However, there was an increase to 20% in 2022. Average rent prices have shown significant volatility. In 2020, the average rent was $296, which dramatically increased to $725 in 2022, representing a 145% increase in just two years. This surge in rent prices coincided with a slight increase in the renter population, possibly indicating increased demand for rental properties.
In 2023 and 2024, average home prices in Brady continued to rise, reaching $303,442 in 2023 and $313,456 in 2024. This represents a 4.4% increase from 2022 to 2024. Concurrently, federal interest rates rose significantly, from 1.68% in 2022 to 5.02% in 2023, and further to 5.33% in 2024. Despite these higher interest rates, home prices continued to appreciate, suggesting strong demand in the local housing market.
Looking ahead, based on the historical trends and current market conditions, we can project that average home prices in Brady may continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. A conservative estimate might suggest an annual appreciation of 3-5%, which could bring average home prices to around $360,000-$400,000 by 2029. Rent prices, having seen a sharp increase recently, may stabilize or see more moderate growth, potentially reaching an average of $800-$850 per month in the same timeframe.
In summary, Brady has experienced a notable increase in homeownership rates and significant growth in average home prices over the past decade. The rental market has seen volatility in both occupancy rates and prices. Despite rising interest rates, the housing market has remained robust, with continued price appreciation expected in the coming years, albeit potentially at a more moderate pace.
