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Rising Home Values and Ownership Trends in Geyser, Montana: A Decade of Housing 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
Geyser, Montana, is a small community that has experienced fluctuations in its population and housing dynamics over the past decade. The city has shown a general trend of increasing homeownership rates, with some variability in average rent prices. While specific average home price data is limited, recent figures provide insight into the local real estate market.
The homeownership rate in Geyser has generally increased over the years, with some fluctuations. In 2013, the homeownership rate was 78%, which declined to 69% in 2017 but rebounded to 76% by 2022. This overall upward trend in homeownership suggests a growing preference for property ownership in the community. Without specific average home price data for most of the period, it's challenging to draw direct correlations between homeownership rates and home prices. However, the stability and gradual increase in homeownership rates indicate a relatively stable housing market.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period of low interest rates coincided with generally high homeownership rates in Geyser, supporting the well-established trend that lower interest rates encourage homeownership due to more affordable financing options. The slight dip in homeownership to 69% in 2017 occurred when interest rates began to rise, reaching 1% that year.
Renter percentages in Geyser have shown an inverse relationship to homeownership rates, naturally. The percentage of renters fluctuated between 22% and 30% from 2013 to 2022. Average rent prices have shown an overall increasing trend, rising from $456 in 2013 to a peak of $554 in 2019, before decreasing to $402 in 2022. The population of Geyser has remained relatively stable during this period, ranging from 488 to 553 residents, which suggests that changes in rent prices were more likely influenced by local economic factors rather than significant population shifts.
In 2023 and 2024, we observe a significant increase in average home prices in Geyser. The average home price in 2023 was $294,781, rising to $313,315 in 2024, representing a 6.3% increase. This substantial rise in home prices coincides with higher federal interest rates, which were 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, which typically discourage home buying, the increase in home prices suggests strong demand in the local real estate market.
Looking ahead, we can forecast potential trends for the next five years. If the current pattern continues, we might expect average home prices in Geyser to continue rising, potentially reaching around $375,000 by 2029. Average rent prices, which have shown volatility in recent years, may stabilize and potentially increase again, possibly reaching $500-$550 per month by 2029. However, these projections are subject to various economic factors and local market conditions.
In summary, Geyser has demonstrated a resilient housing market with a general trend towards increased homeownership. The recent significant rise in average home prices, despite higher interest rates, indicates strong local demand for housing. While rent prices have fluctuated, they have remained relatively affordable compared to the increasing home values. These trends suggest a growing preference for homeownership in Geyser, potentially driven by the stability of the community and the long-term investment potential of real estate in the area.
