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Rising Home Values and Ownership Trends in Logan, Ohio: A Decade of Housing Market 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
Logan, Ohio, is a charming community with a rich history and a dynamic real estate market. Over the past decade, the city has experienced notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local market conditions. The homeownership rate in Logan has shown a slight decline followed by a recent uptick. In 2013, 69% of residents owned their homes. This figure decreased to 62% by 2017 but has since rebounded to 67% in 2022. This trend correlates interestingly with average home prices, which have seen substantial growth. In 2013, the average home price was $111,278, rising steadily to $210,344 by 2022, representing an impressive 89% increase over this period.
Federal interest rates have played a significant role in shaping homeownership trends in Logan. The period from 2013 to 2016 saw historically low interest rates, ranging from 0.11% to 0.40%. This coincided with a slight decrease in homeownership, possibly due to other economic factors outweighing the benefits of low borrowing costs. However, as interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), we observed a stabilization and eventual increase in homeownership rates, suggesting a rush to purchase homes before further rate increases.
Renter percentages in Logan have fluctuated inversely to homeownership rates, peaking at 38% in 2017 before decreasing to 33% in 2022. Average rent prices have shown volatility, with notable changes year-over-year. In 2013, the average rent was $712, rising to a peak of $743 in 2014 before experiencing a significant drop to $583 in 2017. Since then, rent prices have rebounded, reaching $649 in 2022. This trend suggests a complex interplay between housing affordability, local economic conditions, and population dynamics.
The years 2023 and 2024 have brought significant changes to Logan's housing market. Average home prices continued their upward trajectory, reaching $220,043 in 2023 and climbing further to $236,802 in 2024. This represents a 12.6% increase from 2022 to 2024. Concurrently, federal interest rates have risen dramatically, hitting 5.02% in 2023 and 5.33% in 2024, levels not seen since before the 2008 financial crisis. These higher rates are likely to impact homebuying decisions and affordability in the coming years.
Looking ahead, predictive models suggest that average home prices in Logan may continue to rise, albeit at a potentially slower pace due to higher interest rates. Over the next five years, we might see average home prices approach or exceed $280,000, assuming current trends persist. Rent prices are also expected to increase, potentially reaching around $750-$800 per month on average, as demand for rental properties may grow if homeownership becomes less attainable due to higher purchase prices and borrowing costs.
In summary, Logan's real estate market has demonstrated resilience and growth over the past decade. The recent surge in home prices, coupled with rising interest rates, presents both opportunities and challenges for residents and potential homebuyers. The interplay between homeownership rates, housing prices, and rental market dynamics will likely continue to shape the city's housing landscape in the coming years, with affordability remaining a key concern for many residents.
