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Rising Home Values and Ownership Trends in Clever, Missouri: A Decade of Growth
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Clever, Missouri, a small but rapidly growing community in the southwestern part of the state, has experienced significant changes in its housing market over the past decade. These changes are characterized by notable shifts in homeownership rates, average home prices, and average rent prices. The homeownership rate in Clever has shown a fluctuating trend over the years. In 2013, the city had a high homeownership rate of 86%. This figure decreased to 77% by 2016, indicating a shift towards renting. However, the trend reversed in recent years, with homeownership rising back to 81% in 2022. This fluctuation in homeownership rates correlates with changes in average home prices. In 2013, the average home price was $117,280, which steadily increased to $244,117 by 2022, representing a substantial 108% increase over nine years.
The relationship between federal interest rates and homeownership rates in Clever follows a generally expected pattern. When interest rates were at historic lows between 2013 and 2016 (ranging from 0.11% to 0.40%), homeownership rates initially declined. However, as interest rates began to rise moderately from 2017 to 2019 (1% to 2.16%), homeownership rates stabilized and even increased slightly. This trend suggests that other local factors, such as job market conditions or housing supply, may have played a significant role in influencing homeownership decisions alongside interest rates.
Renter percentages in Clever have mirrored the inverse of homeownership rates. The proportion of renters increased from 13% in 2013 to a peak of 21% in 2016, before decreasing to 18% in 2022. Interestingly, average rent prices have not shown a consistent correlation with renter percentages. In 2013, the average rent was $822, which rose to $909 in 2014 but then fluctuated over the years, settling at $846 in 2022. This suggests that factors beyond supply and demand, such as local housing policies or economic conditions, may influence rent prices in Clever.
In 2023 and 2024, Clever's housing market continued to evolve. The average home price reached $255,999 in 2023 and further increased to $261,338 in 2024, representing a steady growth in property values. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions and mortgage affordability for residents.
Looking ahead, predictive models suggest that average home prices in Clever are likely to continue their upward trajectory over the next five years, albeit at a potentially slower rate due to higher interest rates. Average rent prices are also expected to increase moderately, driven by population growth and potential shifts in housing preferences.
In summary, Clever has experienced significant changes in its housing market over the past decade. The city has seen a resurgence in homeownership rates in recent years, coupled with substantial increases in average home prices. The rental market has remained relatively stable, with fluctuations in both renter percentages and average rent prices. As the city continues to grow, these housing trends will play a crucial role in shaping its future development and community dynamics.
