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Rising Home Values and Ownership Trends in Absarokee, Montana: A Decade of Real Estate Dynamics
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Absarokee, a small community nestled in Montana, has experienced fluctuating trends in homeownership rates and housing prices over the past decade. This charming town, known for its proximity to the Absaroka Range, has seen interesting shifts in its real estate market, reflecting broader economic patterns and local dynamics.
The homeownership rate in Absarokee has shown a general upward trend from 2013 to 2022, despite some fluctuations. In 2013, the homeownership rate was 72%, which increased to 82% by 2019, marking a significant rise. However, there was a slight decline to 76% by 2022. Concurrently, average home prices have seen a steady increase. In 2012, the average home price was $177,043, which rose to $396,744 by 2022, representing a substantial 124% increase over a decade.
The relationship between federal interest rates and homeownership rates in Absarokee shows some correlation. For instance, when interest rates were relatively low between 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership rates increased from 72% to 84%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in Absarokee have inversely mirrored the homeownership trends, decreasing from 28% in 2013 to 24% in 2022. Average rent prices, however, have shown a consistent upward trend. In 2013, the average rent was $546, which increased to $852 by 2022, representing a 56% increase. This rise in rent prices occurred despite fluctuations in the town's population, which peaked at 1,216 in 2013 and stood at 869 in 2022.
In 2023, the average home price in Absarokee reached $400,799, with interest rates at 5.02%. Moving into 2024, the average home price further increased to $420,377, while interest rates slightly rose to 5.33%. This continued upward trend in both home prices and interest rates suggests a robust real estate market in the area, potentially impacting affordability for prospective homebuyers.
Looking ahead, predictive models suggest that average home prices in Absarokee may continue to rise over the next five years, potentially reaching around $500,000 by 2029 if current trends persist. Rent prices are also expected to follow this upward trajectory, potentially approaching $1,000 per month on average within the same timeframe.
In summary, Absarokee has experienced a notable increase in homeownership rates and a significant rise in both average home prices and rent over the past decade. The town's real estate market has shown resilience and growth, with recent data indicating continued appreciation in property values. These trends, coupled with fluctuating interest rates, paint a picture of a dynamic housing market in this Montana community.
