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Rising Home Values and Ownership: St. Clairsville's Evolving Housing Market
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
St. Clairsville, Ohio, a small city in Belmont County founded in 1796, has experienced significant changes in its housing market over the past decade. As of 2022, the city had a population of 8,482 and covered an area of 2.42 square miles. The housing market in St. Clairsville has reflected broader economic trends and local market dynamics, with notable shifts in homeownership rates and housing prices.
The homeownership rate in St. Clairsville has fluctuated over the years, showing a general upward trend from 2013 to 2018, followed by a slight decline. In 2013, the homeownership rate was 68%, rising to a peak of 76% in 2018. By 2022, it had decreased to 72%. Concurrently, average home prices in the city have consistently increased. From 2013 to 2022, average home prices rose from $138,779 to $201,871, representing a substantial 45.5% increase over this period.
The relationship between federal interest rates and homeownership rates in St. Clairsville aligns with established economic principles. As interest rates remained low between 2013 and 2016, hovering around 0.1%, homeownership rates increased from 68% to 72%. This trend continued until 2018 when homeownership peaked at 76%, coinciding with interest rates of 1.83%. However, as interest rates began to rise more sharply from 2019 onwards, reaching 1.68% in 2022, homeownership rates showed a slight decline, settling at 72% in 2022.
Renter percentages in St. Clairsville have generally decreased as homeownership rates increased. In 2013, 32% of residents were renters, which decreased to 24% by 2018. However, this trend reversed slightly in recent years, with the renter percentage increasing to 28% by 2022. Average rent prices have shown significant growth, particularly in recent years. From 2013 to 2019, average rent increased modestly from $722 to $899. However, there was a sharp rise in 2020 and 2021, with average rent reaching $1,020 in 2021, before slightly decreasing to $892 in 2022.
In 2023 and 2024, St. Clairsville's housing market continued to evolve. Average home prices rose to $205,938 in 2023 and further increased to $209,269 in 2024, representing a steady upward trend. Concurrently, federal interest rates climbed significantly, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership rates and housing affordability in the city.
Looking ahead, based on historical trends and current market conditions, it is projected that average home prices in St. Clairsville will continue to rise over the next five years, albeit at a potentially slower rate due to higher interest rates. Average home prices could reach approximately $230,000 to $240,000 by 2029. Average rent prices are also expected to increase, potentially reaching $1,100 to $1,200 per month by 2029, driven by housing demand and overall economic factors.
In summary, St. Clairsville has experienced significant changes in its housing market over the past decade. The city has seen a general trend towards increased homeownership, rising home values, and growing rent prices. These trends reflect both local market dynamics and broader economic factors, including interest rate fluctuations. As the city moves forward, it will likely continue to see evolving patterns in housing affordability and ownership, influenced by economic conditions and demographic shifts.
